According to the global solar farm market report by IMARC Group, the market reached a value of US$ 79.6 Billion in 2022, and it is projected to reach a value of US$ 196.7 Billion by 2028, exhibiting a CAGR of 14.93% during 2023-2028.
What are Solar Farm?
A solar farm refers to a location that has numerous solar panels set up to collect solar energy and produce electricity. An extensive collection of photovoltaic (PV) solar panels gather energy from the sun, convert it into electricity, and send it 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, electric grids, etc. Solar farms operate as power plants or PV power stations to produce electricity for consumers, which are also called solar parks and solar power stations.
What Are The Growth Prospects And Trends In The Solar Farm Industry?
The rising demand for photovoltaic (PV) technology across several end-use sectors is primarily stimulating the solar farm market. Furthermore, the increasing need for renewable energy resources for power generation to minimize the dependency on conventional fuels is positively influencing the global market. Besides this, the widespread adoption of solar farms, owing to the depletion of fossil fuels, is acting as another significant growth-inducing factor.
Moreover, the launch of various favorable initiatives by government bodies to promote the production and distribution of energy from renewable sources for minimizing the emission of pollutants is also propelling the market growth. Apart from this, the growing investments by key market players in the solar energy sector are further augmenting the global market. Additionally, continuous technological advancements and the reduction in the production cost of photovoltaic panels are expected to fuel the solar farm market over the forecasted period.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Surface Suction
- Distributed Generation
Breakup by End Use Industry:
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- 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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