Global Solar Farms Market – Industry Trends and Forecast to 2030

Solar Farms Market Analysis and Size

Solar farm has gained colossal popularity due to the low cost of PV panels and the market's strong presence of solar water farm manufacturers. Additionally, consumer awareness of solar water farming is rising as a result of government policies that encourage the generation of energy from renewable sources in order to lessen reliance on fossil fuels and to reduce pollution emissions. Increased demand from developing nations is expected to drive the market growth during the forecast period 2023-2030.

Data Bridge Market Research analyses that the global solar farms market was valued at USD 1,509.37 million in 2022 and is expected to reach the value of USD 15,907.17 million by 2030, at a CAGR of 34.23% during the forecast period of 2023 to 2030.  “Utility-scale” segment is expected to dominate the market due to beneficial features of solar farms. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Solar Farms Market Scope and Segmentation

Market Definition

Solar farms are locations with plenty of solar panels set up to gather solar energy and produce power. These are distinct from rooftop solar and commercial solar power systems and are made up of widely dispersed, ground-mounted panels deployed to supply electricity to buildings, commercial buildings, and electric grids.

 Global Solar Farms Market Dynamics

Driver

• Beneficial Features of Solar farms

The shingles are adaptable and durable, which further adds to their attractiveness and enables them to be employed on a range of buildings The CIGS thin-film solar farm is drawing more interest from homeowners because it is portable, adaptable, and flexible. The solar farms also further eliminate the necessity for a large installation area that traditional solar panels require. These elements are anticipated to have a positive impact on the expansion of the global market for solar farms. They can mix in with an old or new roof because they are more flexible and lower in weight. As a result, these benefits offered by solar farms further accelerates their demand, thus propelling the overall market growth.

Opportunity

• Implementation of Favourable Government Regulations

The implementation of government regulations to promote production of energy from renewable sources to reduce dependency on fossil fuels and to minimize the emission of pollutants are estimated to further extend profitable opportunities to the market players in the forecast period of 2023 to 2030. The government has enacted policies including net metering and community solar, according to the U.S. Solar Energy Industries Association (SEIA), to encourage the use of photovoltaic technology to produce power.

Restraint/Challenge

• High Installation Costs

Solar farms require huge costs to install the solar panels. As per the estimates, within US, the price to install a solar panel approximately ranges from US$ 10,000 to US$ 15,000, and the price to install a solar farm will further require many solar panels, which is further estimated to increase the installation costs for the solar farms. This is anticipated to have a negative impact on the global market for solar farms during the forecast period since high costs further creates affordability issues.

This global solar farms market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global solar farms market Contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In October 2020, the total Solar Distributed Generation (DG) will build a solar rooftop on Danones plant in Klaten, Indonesia, that is the largest in Central Java, with the capacity of roughly 3,000 kWp. Total Solar DG developed, installed, and operates the rooftop solar systems, which include around 8,340 the solar panels covering the area of the 16,500 sqm
• In August 2020, Canadian Solar announced that it has begun construction of one of Malaysia's largest commercial and industrial rooftop solar projects in conjunction with Antah Solar Sdn. Bhd. and Eleaps Sdn. Bhd. The 5 MWp project, located in Penang, Malaysia, will cover an area of more than 26,000 m2

Global Solar Farms Market Scope

The global solar farms market is on the basis of type and end user industry. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Utility-scale
• Distributed Generation
• Microgrids
• Others

End User Industry

• Residential
• Commercial
• Industrial

Global Solar Farms Market Regional Analysis/Insights

The global solar farms market is analyzed and market size insights and trends are provided by country, type and end user industry as referenced above.

The countries covered in global solar farms market are North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the global solar farms market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. The increased growth of the market as the favorable regulations encouraging the installation of solar farm and increased consumer spending on home upgrades and retrofits within the region in the forecast period of 2023-2030.

North America, on the other hand, is estimated to show lucrative growth over the forecast period of 2023-2030 due to the increased efforts toward sustainable development and larger paying capacities within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Solar Farms Market Share Analysis

The global solar farms market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global solar farms market.

Some of the major players operating in the global solar farms market are:

• First Solar (U.S.)
• STR Holdings Inc. (U.S.)
• HANGZHOU FIRST APPLIED MATERIAL CO., LTD. (China)
• Dow (U.S.)
• DuPont (U.S.)
• Mitsubishi Chemical Corporation (Japan)
• Cambiosolar (Spain)
• Kuraray Europe Gmbh (Germany)
• 3M (U.S.)
• RenewSys India Pvt. Ltd (India)
• VIKRAM SOLAR LTD. (India)
• Jinko Solar (China)
• Jinko Solar (U.S.)
• Q CELLS (South Korea)
• SunPower Corporation (U.S.)
• Trina Solar (China)
• Canadian Solar (Canada)
• JA SOLAR Technology Co., Ltd., (China)
• The Solaria Corporation (U.S.)

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