Allied Market Research
Loading...
0

Solar Farm Market Expected to Reach $261.0 Billion by 2027

 

Report Code : A10242

quote Sun-based farms are ideal for creating sun-powered energy, which, in turn, aid in reducing greenhouse gas emissions. Solar farms require ample space, and the cost of constructing is considerably high. Furthermore, the maintenance of solar farms incurs additional cost. An average of 30% of the solar output is wasted due to infrastructure issues in China. One of the proposed solutions to deal with the issue is developing super grids that can take energy from solar farms and distribute it to larger metropolitan areas. The number of solar farms across the world is anticipated to grow, which acts as a potential opportunity for the expansion of the global market during the forecast period. quote

Eswara Prasad
Manager, Energy and Power at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled “Solar Farm Market by Type, End-user Industry, and Region: Opportunity Analysis and Industry Forecast, 2020–2027,” The global solar farm market was valued at $61.4 billion in 2019, and is projected to reach $261.0 billion by 2027, registering a CAGR of 19.8% from 2020 to 2027. The growth of the global solar farm market growth is driven by adoption of renewable electricity generation methods along with focus on carbon emission reduction. In addition, rise in concern from governments across the globe on increased global warming issues is expected to augment the demand for solar farms. Governments across different countries are offering new rebate and incentive schemes on installation of solar farms. Such tax incentive programs are expected to encourage commercial as well as industrial end users to install solar farms, thereby contributing toward the growth of the global market.

The global solar farm market analysis is done based on type, end-user industry, and region. On the basis of type, the market is divided into utility-scale, distributed generation, microgrids, and others. The utility-scale segment was the highest contributor in the market.   The power generated is bought to utility consumers by power purchase agreement (PPA) or often the farm can be owned by the utility. Utility businesses can then distribute the power to business or residential clients that are related to their utility grid. Surge in investments in grid expansion and integration of technologies such as UV storage are expected to drive the growth of the market.

By end-user industry, the solar farm market trends are studied across Residential, Commercial and Industrial. The commercial segment was the highest contributor to the market, and is estimated to grow at a CAGR of 20.3% during the forecast period. Rise in construction activities around the world and increase in urbanization have led to shortage of electricity supply. The use of solar energy by commercial buildings such as offices, malls, and airports help reduce the load on traditional fossil fuel power plants and further decreases the carbon footprint. With growing use of solar photovoltaics, the use of solar farm is expected to rise to generate electricity in an efficient way, owing to surge in use of solar photovoltaics.

Region wise, the solar farm market size is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor, and is estimated to grow with a CAGR of 19.5%. The growth of the Asia-Pacific solar PV farm market is driven by increase in government initiatives, such as Akshay Urja, which involves electrification of rural areas. These initiatives are expected to increase the demand for PV energy, as governments would distribute solar lightning systems in rural areas, thereby contributing toward the growth of the market.

The key players operating in the global solar farm industry are Trina Solar, Sharp Corporation, TATA Power Solar Systems Ltd. , First Solar, Inc., BrightSource Energy, Inc., Shenzhen Topray Solar Co., Ltd., and JA Solar Holdings Co. Ltd.

Impact of COVID-19 on global solar farm market 

The outbreak of COVID-19 has led to shortage of manpower in solar industry and loss of components & gadgets. It is expected that social distancing will be followed for a couple of months, and public transport, particularly trains and buses will take time to resume their operations. This has led to disruption of supply chain of solar industry, due to the lockdown implemented by the governments. 

Key Findings Of The Study

  • The distributed generation segment is estimated to grow at a CAGR of 20.3% during the solar farm market forecast period.
  • The commercial segment is expected to register a CAGR of 20.3% in the near future.
  • Europe is anticipated to reach a CAGR of 21.1%. The U.S. and Mexico collectively accounted for around 91.2% solar farm market share in 2019, with the former constituting around 49.8% share.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Solar Farm Market by Type (Utility-scale, Distributed Generation, Microgrids, and Others) and End User Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 4,224 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Solar Farm Market"
Purchase Enquiry