Government rules that encourage the use of photovoltaic technology drive the growth of the global solar farm market. By end-use industry, the commercial segment dominated the market share in 2019. By region, Asia-Pacific, followed by North America, held the largest market share in 2019, accounting for more than two-thirds of the market.
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.
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Eswara Prasad, a Manager, Energy & Power at Allied Market Research, stated, “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 construction is considerably high. Furthermore, the maintenance of solar farms incurs additional costs. 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.”
Covid-19 Scenario
· Manufacturing of solar farms had been hindered due to the lockdown in many countries worldwide. Furthermore, there had been a shortage of raw materials.
· China, being a crucial supplier of solar panels worldwide, affected the global market as the production activities were stopped in the country during the lockdown. The supply of solar panels were also hindered to especially the U.S. and South-East Asia.
· Owing to economic uncertainties, some of the solar farm projects were either canceled or postponed.
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The report provides detailed segmentation of the global solar farm market based on type, end-user industry, and region.
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. 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.
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. However, Europe is anticipated to grow at the fastest CAGR of 21.1% from 2020 to 2027.
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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