Allied Market Research published a research report on the solar farm market. The findings of the report state that the global market for solar farm generated $61.4 billion in 2019, and is expected to garner $261.0 billion by 2027, witnessing a CAGR of 19.8% from 2020 to 2027.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
The report offers an in-depth analysis of drivers, restraitns, and opportunities to help market players in devising strategies and capitalizing on potential market opportunities. Government rules that encourage the use of photovoltaic technology drive the growth of the global solar farm market. However, high installation cost of solar farms impedes the market growth. On the contrary, rise in demand for renewable energy is anticipated to pave the way for new opportunities in the industry.
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The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the solar farm market across the globe.Due to the lockdown imposed in several countries, solar farm manufacturing has come to a halt. In addition, raw materials shortage has also arisen which impacted the manufacturing units. China is the world’s largest supplier of solar panels, and closure of its boundaries harmed the global industry, particularly in the United States and Southeast Asia.Some solar farm projects have been delayed or canceled as a result of the prolonged pandemic’s economic uncertainties.
The report offers detailed segmentation of the global solar farm market based on type, end user industry, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
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By type, the utility-scale segment led the market in terms of revenue, accounting for around half of the global solar farm market in 2019, and is anticipated to maintain its lead position throughout the forecast period. This is owing to increase in investments in grid expansion and integration technologies. However, the distributed generation segment is expected to grow at the highest CAGR of 20.3% from 2020 to 2027.
By end-use industry, the commercial segment dominated the market share in 2019, contributing tonearly three-fifths of the global solar power plant market, and is projected to maintain its leadership status by 2027. Moreover, the same segment is expected to witness the fastest CAGR of 20.3% from 2020 to 2027, owing to global economic growth, urbanization, and the use of solar energy by commercial buildings to reduce carbon emissions.
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By region, Asia-Pacific, followed by North America, held the largest market share in 2019, accounting for more than two-thirds of the market, and is anticipated to maintain its dominant position by 2027. This is owing to an increase in government efforts that enhance demand for PV electricity and solar illumination systems in rural areas.However, Europe is anticipated to grow at the fastest CAGR of 21.1% from 2020 to 2027, owing to increase in solar energy output, rise in construction activity that resulted in the installation of BIPV systems to generate electricity, and strict environmental rules to minimize carbon emissions.
Leading players in the global solar farm market discussed in the research include Shenzhen Topray Solar Co., Ltd.,First Solar, Inc., Trina Solar, TATA Power Solar Systems Ltd., BrightSource Energy, Inc., Sharp Corporation, and JA Solar Holdings Co. Ltd.
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