Agrivoltaics Market Size to Reach USD 12.26 Billion by 2034
Agrivoltaics Market Size
The global agrivoltaics market was worth USD 4.65 billion in 2024 and is anticipated to expand to around USD 12.26 billion by 2034, registering a compound annual growth rate (CAGR) of 10.18% from 2025 to 2034.
What is the Agrivoltaics Market?
Agrivoltaics, also known as agrophotovoltaics, refers to the simultaneous use of land for both agriculture and solar power generation. It is an innovative approach that integrates photovoltaic (PV) panels with traditional farming, offering dual benefits of crop cultivation and renewable energy production. By utilizing the same land for agriculture and energy, agrivoltaics maximizes land efficiency and boosts economic value.
Why is Agrivoltaics Important?
With the increasing demand for renewable energy and the pressure on agricultural land, agrivoltaics presents a sustainable solution to address both food and energy security challenges. The concept not only contributes to the decarbonization of the energy sector but also enhances agricultural productivity by creating microclimates that protect crops from excessive sunlight and drought. Moreover, it aids in optimizing land usage, particularly in regions with limited arable land.
Agrivoltaics Market Growth Factors
The agrivoltaics market is witnessing substantial growth driven by several factors, including increasing investments in renewable energy, rising awareness of sustainable farming practices, and supportive government policies promoting solar energy adoption. The integration of solar technology with agriculture is also encouraged by advancements in solar panel efficiency, reduced installation costs, and the growing global emphasis on achieving carbon neutrality.
Get a Free Sample: https://www.cervicornconsulting.com/sample/2595
Top Companies in the Agrivoltaics Market
SunAgri
- Specialization: Dynamic agrivoltaic systems
- Key Focus Areas: Crop protection, yield optimization, energy production
- Notable Features: Adaptive solar tracking technology
- 2024 Revenue (approx.): $85 million
- Market Share (approx.): 12%
- Global Presence: France, Italy, Spain, and other European countries
Namaste Solar
- Specialization: Community solar and commercial agrivoltaic projects
- Key Focus Areas: Sustainable solar solutions, community partnerships
- Notable Features: Cooperative ownership model
- 2024 Revenue (approx.): $60 million
- Market Share (approx.): 8%
- Global Presence: United States
Insolight SA
- Specialization: High-efficiency agrivoltaic modules
- Key Focus Areas: Precision solar technology, crop-friendly designs
- Notable Features: Semi-transparent panels for optimal sunlight distribution
- 2024 Revenue (approx.): $40 million
- Market Share (approx.): 5%
- Global Presence: Switzerland and Europe
Next2Sun Technology GmbH
- Specialization: Vertical bifacial solar panels
- Key Focus Areas: Land optimization, dual-sided energy generation
- Notable Features: East-west orientation for maximized sunlight capture
- 2024 Revenue (approx.): $50 million
- Market Share (approx.): 7%
- Global Presence: Germany, Austria, France
BayWa AG
- Specialization: Agrivoltaic project development and management
- Key Focus Areas: Renewable energy solutions, agricultural innovation
- Notable Features: Large-scale solar farm projects
- 2024 Revenue (approx.): $150 million
- Market Share (approx.): 18%
- Global Presence: Germany, Netherlands, Italy, United Kingdom
Leading Trends and Their Impact
The agrivoltaics market is shaped by several emerging trends, including:
- Integration of Smart Technology: Utilization of IoT and AI to monitor crop growth and energy production.
- Vertical Farming and Solar Synergy: Increasing adoption of vertical bifacial solar panels to optimize sunlight absorption and land use.
- Collaborative Projects: Partnerships between agricultural cooperatives and solar technology firms are becoming common to enhance productivity and profitability.
- Government Incentives: Subsidies and grants encouraging agrivoltaic installations to support both energy and food security goals.
These trends are driving innovation and helping stakeholders achieve sustainable growth while maintaining environmental balance.
Successful Examples Around the World
- Japan: The Nagashima Solar Plant integrates solar panels with tea farming, demonstrating successful crop yield alongside energy production.
- France: Sun’Agri’s vineyards project uses dynamic agrivoltaic systems to protect grapevines from excessive sunlight and frost.
- United States: Jack’s Solar Garden in Colorado combines solar panels with vegetable cultivation, creating a community-driven agrivoltaic model.
- Germany: Next2Sun’s vertical solar panel installations optimize land use by allowing livestock grazing between panel rows.
Regional Analysis Including Government Initiatives and Policies Shaping the Market
North America
Governments in the United States and Canada are investing heavily in renewable energy projects, including agrivoltaics. Policies like the Investment Tax Credit (ITC) and grants under the USDA’s Renewable Energy for America Program (REAP) are boosting adoption rates.
Europe
The European Union’s Green Deal and various national policies are promoting the integration of agrivoltaic systems. France and Germany are leading the charge with supportive incentives, including feed-in tariffs and research funding.
Asia-Pacific
Countries like Japan and China are adopting agrivoltaics as part of their renewable energy strategies. Japan’s FIT scheme and China’s rural solar projects are key drivers.
Latin America
Agrivoltaics is gaining traction, especially in Brazil and Chile, where abundant sunlight and agricultural activities converge. Policies aimed at increasing renewable capacity while promoting agricultural efficiency are helping the market grow.
Middle East and Africa
The region’s focus on sustainable agriculture and energy transition is fostering agrivoltaic initiatives. Countries like the UAE and Morocco are investing in solar farms integrated with traditional farming practices.
To Get Detailed Overview, Contact Us: https://www.cervicornconsulting.com/contact-us
Read Report: Fertilizer Market Trends, Growth Insights, and Forecast to 2033
