Solar farms market is anticipated to grow at a CAGR of 14.5% during the forecast period (2024-2031). The market growth is driven by the rising investment in solar energy production, increasing government efforts for energy diversification. The declining cost of solar electricity generation infrastructure by substantial government support through policies, subsidies, and schemes, and global emission reduction targets are other contributors to the global market growth.
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In recent years, the global energy production and supply market has recorded a shifting trend toward the adoption of renewable energy sources for energy production including hydro, wind, and solar. The carbon footprint reduction targets of major countries, the high rate of adoption of solar energy by fossil fuel-dependent countries, and the reduction in prices of renewable energy infrastructure are driving the demand for solar farms. For instance, as per the International Energy Agency, Solar PV generation increased by a record 270 TWh (up 26.0%) in 2022, reaching almost 1,300 TWh. It demonstrated the largest absolute generation growth of all renewable technologies in 2022, surpassing wind for the first time in history. This generation growth rate matches the level envisaged from 2023 to 2030 in the Net Zero Emissions by 2050 Scenario. Continuous growth in the economic attractiveness of PV, massive development in the supply chain, and increasing policy support, especially in China, the US, the European Union, and India, are expected to further accelerate capacity growth in the future.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Solar Farms Market by Type
- Utility-Scale
- Community Scale
- Distributed Generation
- Microgrids
- Others (Agrovoltaic Systems, Floating Solar Farms)
Global Solar Farms Market by End-User
- Residential
- Commercial
- Industrial
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Cypress Creek Renewables, LLC
- Enel Green Power S.p.A.
- First Solar, Inc.
- GruppoSTG
- Iberdrola, S.A.
- ib vogt GmbH
- Invenergy LLC
- Ja Solar Holdings Co. Ltd
- JinkoSolar Holding Co., Ltd.
- Sharp Corp.
- Shenzhen Topray Solar Co., Ltd.
- SunPower Corp.
- Tata Power Solar Systems Ltd
- Trina Solar
- TotalEnergies SE
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global solar farms market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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