Solar Farm Market Size, Share, and Industry Analysis By Type (Utility-Scale Solar Power, Distributed Generation, and Microgrids), By End-User (Residential, Commercial, and Industrial), and Regional Forecast, 2024-2032

Solar farms are areas with large solar panels installed to capture solar energy and generate electricity. Many photovoltaic (PV) solar panels collect solar energy, transform it into electricity, and transmit that to regional and global grids for distribution and use. The solar panels on the farm take the most sunlight exposure as they are located in an open neighborhood space.

Solar systems are one of the best renewable energy sources and are used widely worldwide. The requirement for energy efficiency and renewable sources is boosting the demand for solar farms. Additionally, the market is being driven by impressive government initiatives that encourage the production and supply of energy from renewable sources to reduce the emission of impurities.

• The government of India has launched the scheme for the consumers. As per the Ministry of New & Renewable Energy, a capacity of 39,285 MW has been approved in 13 states as per 2022 data; in addition, the approved parks are at various stages of execution.

In addition, solar farms offer numerous advantages over other energy sources. Solar systems are adaptable and durable, adding to their attractiveness and enabling them to be active in various buildings. Solar farms also further eliminate the necessity for a large installation area that traditional solar panels require.

The COVID-19 pandemic had a contrary impact on the solar farm market, as it led to multiple lockdowns at various levels and delayed operations in many sectors. The market scenario for solar farms saw a significant disturbance at the same time, which kept safety requirements and mobility constraints significantly impacting the trade for all renewable energy firms. The COVID-19 pandemic disrupted the global solar market by suspending operations and delays in projects.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Solar farm market


• Key Industry Trends


• Regulatory Landscape for the Solar farm market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

SEGMENTATION

 ANALYSIS BY TYPE

Based on location, the global market for solar farms has been further categorized into utility-scale solar power, distributed generation, and microgrids. The utility scale segment is expected to dominate over the forecast period. The utility-scale type of solar farms is beneficial in generating a generous amount of electricity that can power large cities and regions. Distributed generation and microgrids are among the fastest-growing segments in solar farms due to the rising implementation of solar-based renewable energy systems.

ANALYSIS BY END-USER

Based on end-user, the global market for solar farms has been further segmented into residential, commercial, and industrial. The commercial segment is estimated as the highest contributor to solar farms as solar energy is widely used in commercial buildings such as offices, shopping malls, supermarkets, and infrastructure of airports and railway stations. The residential segment is one of the fastest growing consumers due to rising awareness of energy efficiency and adaptability of solar panels. These factors are driving the demand for solar farms over the forecast period.

REGIONAL ANALYSIS

By region, the solar farm market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The Asia Pacific is the dominating region due to several factors, such as the rising population of India, which requires rich renewable energy sources, and solar farms playing an important role. In addition, the rising government initiatives for the betterment of the future, such as the Pradhan Mantri Kisan Urja

Suraksha evam Utthaan Mahabhiyaan (PM KUSUM), aim to deliver solar-based renewables to the farmers and others.

North America is expected to be one of the fastest-growing regions in solar farms due to the adaptation of photovoltaic technology in multiple countries. The rapid urbanization in the European region is driving the market for solar farms over the forecast period. Latin America and the Middle East & Africa have also grown gradually in recent years due to the adaptation of renewable energy sources and energy efficiency. In addition, solar farms are the preferable source for catering to the energy demand in the region.

KEY PLAYERS COVERED

The report includes the profiles of key players such as STR Holdings Inc., Brightsource Energy, Inc, First Solar, DuPont, Himin Solar Energy, JA Solar Holdings Co. Ltd, Sharp Corporation, Jinko Solar, Tata Power Solar Systems Ltd, and Trina Solar.

KEY INDUSTRY DEVELOPMENTS

• In May 2023, European Energy shared plans to install Italy’s Biggest Solar Farm with 250 MW Capacity. The solar power farm would be built in the municipality of Vizzini near Catania in Sicily, which can source power for 130,000 households.


• In May 2023, Japan announced its strategy against the energy crisis: solar farms in space by 2025. The country could get fast in the race to transmit solar energy from space to Earth and is planning a great experiment with satellites in 2025, a specific technology as striking as it is expensive.