The global solar farmmarket size reached US$ 79.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 196.7 Billion by 2028, exhibiting a growth rate (CAGR) of 14.93% during 2023-2028.
A solar farm is a location that has multiple solar panels set up to collect solar energy and produce electricity. A large collection of photovoltaic (PV) solar panels collects energy from the sun, converts it into electricity, and sends that electricity to local and national grids for distribution and consumption. Located in an open area of the neighborhood, the solar panels on the solar farm receive maximum sunlight exposure. Unlike rooftop solar and commercial solar power systems, they use ground-mounted solar panels to power buildings, commercial buildings, and electric grids. The solar farms operate as power plants or PV power stations to produce electricity for consumers, which are also known as solar parks and solar power stations.
Solar Farm Market Trends:
The market is majorly driven by the escalating demand for photovoltaic (PV) technology across numerous end-use industries. This can be attributed to the augmenting need for renewable energy resources for power generation to minimize the dependency on conventional fuels. In line with this, a considerable rise in the depletion of fossil fuels is resulting in higher installations of solar farms on the global level. Moreover, favorable government initiatives promoting the production and distribution of energy from renewable sources to minimize the emission of pollutants are propelling the market. Apart from this, increasing investments by the major market players in the solar energy industry are also impacting the market positively. Continual technological advancements, along with the reduction in the production cost of photovoltaic panels, are further providing an impetus to the market. Some of the other factors creating a positive market outlook include the rising consumer awareness regarding solar water farming, growing environmental concerns, inflating disposable income levels and extensive research and development (R&D) activities conducted by market players with an enhanced focus on sustainable development.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar farmmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and end use industry.
Breakup by Type:
Breakup by End Use Industry:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being First Solar Inc, JA SOLAR Technology Co. Ltd., JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd, Hanwha Q CELLS GmbH, RenewSys India Pvt. Ltd, Sharp Corporation, Shenzhen Topray Solar Co. Ltd, Tata Power Solar System Inc, The Solaria Corporation, Trina Solar Co. Ltd. and Vikram Solar Ltd.
Base Year of the Analysis
Type, End Use Industry, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
First Solar Inc, JA SOLAR Technology Co. Ltd., JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd, Hanwha Q CELLS GmbH, RenewSys India Pvt. Ltd, Sharp Corporation, Shenzhen Topray Solar Co. Ltd, Tata Power Solar System Inc, The Solaria Corporation, Trina Solar Co. Ltd. and Vikram Solar Ltd.
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Key Questions Answered in This Report
The global solar farm market was valued at US$ 79.6 Billion in 2022.
We expect the global solar farm market to exhibit a CAGR of 14.93% during 2023-2028.
The rising need for renewable energy resources to minimize the dependency on conventional fuels is primarily driving the global solar farm market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous installation activities for solar panels, thereby negatively impacting the global market for solar farms.
Based on the type, the global solar farm market has been segregated into surface suction, utility-scale, distributed generation, microgrids, and others. Among these, utility-scale currently exhibits a clear dominance in the market.
Based on the end use industry, the global solar farm market can be bifurcated into residential, commercial, and industrial. Currently, the commercial industry holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global solar farm market include First Solar Inc, JA SOLAR Technology Co. Ltd., JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd, Hanwha Q CELLS GmbH, RenewSys India Pvt. Ltd, Sharp Corporation, Shenzhen Topray Solar Co. Ltd, Tata Power Solar System Inc, The Solaria Corporation, Trina Solar Co. Ltd., and Vikram Solar Ltd.
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