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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The significant cost-reduction in PV solar cells, inverters, and related infrastructure has significantly increased the adoption of solar farms in various countries across residential, commercial, and industrial setups. For instance, the National Renewable Energy Laboratory (NREL) in the US reported a dramatic, though now sustained, drop in costs over the last decade (2010-2020), driven mostly by photovoltaic (PV) module efficiencies (2020 19.5%, up from 19.2% in 2019) and hardware and inverter costs. Since 2010, the costs of residential, commercial rooftop, and utility-scale PV systems have decreased by 64.0%, 69.0%, and 82.0%, respectively. As in prior years, soft costs continue to account for a significant share of installation costs for both solar and storage systems, particularly commercial and residential systems. Also, according to World of Global Data, electricity from utility-scale solar photovoltaics cost $359.0 per megawatt hour in 2009. Within a decade, the price dropped by 89.0%, and the relative price flipped: the electricity price required to break even with the new average coal plant is now significantly more than the cost of establishing a wind or solar plant.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Solar Farms Market by Type
- Utility-Scale
- Community Scale
- Distributed Generation
- Microgrids
- Others (Agrovoltaic Systems, Floating Solar Farms)
Global Solar Farms Market by End-User
- Residential
- Commercial
- Industrial
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Cypress Creek Renewables, LLC
- Enel Green Power S.p.A.
- First Solar, Inc.
- GruppoSTG
- Iberdrola, S.A.
- ib vogt GmbH
- Invenergy LLC
- Ja Solar Holdings Co. Ltd
- JinkoSolar Holding Co., Ltd.
- Sharp Corp.
- Shenzhen Topray Solar Co., Ltd.
- SunPower Corp.
- Tata Power Solar Systems Ltd
- Trina Solar
- TotalEnergies SE
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ 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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