The Global Solar Farm Market is presently worth USD 88.4 billion and is poised to amplify at a CAGR of 19.8% over 2022-2030, thereby amassing a valuation of USD 449.3 billion by end of the assessment timeline.
Solar Farm Systems Market are locations with plenty of solar panels set up to gather solar energy and produce power. These are distinct from rooftop solar systems and commercial solar power systems and are made up of widely dispersed, ground-mounted panels that are deployed to supply electricity to buildings, commercial buildings, and electric grids.
Government policies that are supportive of the use of photovoltaic technology are a major driver of the global market for solar farms. However, pricey installation limits market expansion. On the other hand, the increase in demand for renewable energy opens up new prospects.
Additionally, the industry is driven by consumers' fast growing awareness of solar farming and the need to transition the economy away from fossil fuels and toward renewable energy sources.
The industry will also be boosted in the future years by growing efforts by governments of various nations to encourage the generation of solar energy, reduce reliance on fossil fuels, and, ultimately, minimise carbon emissions.
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For instance, the Solar Energy Industries Association (SEIA) in the US has put regulations in place such as net metering community solar to promote PV (solar panel) technology for the generation of energy. With the help of net metering, residential and business users who use solar energy can sell the excess electricity back to the grid. On the other hand, community solar gives everyone, regardless of who owns their houses or businesses, access to the financial and environmental advantages of solar energy generating.
For instance, the Solar Energy Industries Association (SEIA) in the US has put regulations in place such as net metering community solar to promote PV (solar panel) technology for the generation of energy. With the help of net metering, residential and business users who use solar energy can sell the excess electricity back to the grid. On the other hand, community solar gives everyone, regardless of who owns their houses or businesses, access to the financial and environmental advantages of solar energy generating.
The China Solar Industry Association reports that in 2018, China's photovoltaic energy capacity increased by 34% year over year. Compared to 136 gigawatts in 2017, the total installed PV capacity topped 170 gigawatts at the end of 2018. The adoption of photovoltaic technology is encouraged by these regulations. Therefore, these laws are anticipated to have a favourable effect on the market for solar farms. In addition, with the rising usage of photovoltaic technology, the need for solar farms is anticipated to increase dramatically.
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Global Solar Farm Market- Segmental assessment
By Type
- Surface suction
- Utility scale
- Distributed generation
- Microgrids
The utility segment holds the largest market share and is projected to grow more in the upcoming years. In 2021, the utility-scale market segment held the largest market share (45%) in the market for solar farms worldwide. Utility-scale solar farms are large-scale photovoltaic arrays that cover many acres of land and can provide up to 1 GW of electricity.
By End-User industry
- Residential
- Commercial
- Industrial
Due to their extensive need for green energy, businesses are among the main consumers of solar PV panels. The demand for solar farms to use alternative sources to satisfy their large-scale energy needs is surging due to the quickly rising construction activities and the rising electricity consumption by established commercial firms.
Frequently Asked Questions
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