Technavio analyzes that the Agrivoltaics Market is expected to grow at a CAGR of 10.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.99 billion.There are various factors that contribute to the growth of the market. Agrivoltaics, the integration of agriculture and photovoltaics, offers numerous benefits. This innovative approach not only generates renewable energy but also enhances agricultural productivity. The shading provided by solar panels can reduce water evaporation and soil temperature, benefiting crops, especially in arid regions. Moreover, the panels can act as windbreaks, protecting crops from harsh winds. Additionally, the land under solar panels remains usable for agriculture, providing an opportunity for dual revenue streams from energy generation and farming. This sustainable solution addresses the challenges of food production and energy security while minimizing environmental impact.
In the realm of sustainable agriculture and renewable energy, fixed panel agrivoltaics represent a strategic solution for optimizing solar energy capture while allowing agricultural activities to coexist. These systems involve the installation of solar panels at a fixed angle above the ground, enabling uninterrupted farming practices below. The setup is characterized by its simplicity in installation and maintenance, though careful planning is essential to ensure adequate sunlight for crops. Fixed panel agrivoltaics are commonly adopted as they offer dual benefits: enhanced energy production and improved agricultural productivity. The panels provide shade, which can positively impact animal welfare and support the growth of permanent flora and grasslands.
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Agrivoltaics Market Segmentation
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The food crisis and soil degradation are major concerns for agro-based economies worldwide. Traditional agricultural practices, including the heavy use of chemical fertilizers, have contributed to soil degradation and increased greenhouse gas emissions. Agrivoltaics, a farming technique that integrates solar energy production with crop cultivation, offers a potential solution. Agrivoltaics combines the installation of solar panels, such as photovoltaics (PVs), with agriculture. This dual-use approach provides several benefits, including water retention through rainwater harvesting, improved soil moisture, and a microclimate that can enhance crop production. Root crops, in particular, thrive in the shade created by solar panels. Agrivoltaics can also help mitigate the effects of droughts and climate change by reducing the need for irrigation and providing shade to crops. The use of monofacial solar panels, single-axis tracking, and fixed array configurations in agrivoltaics can maximize land efficiency while maintaining crop yields. Ground-mounted PV plants and utility-scale solar farms can be integrated into agricultural practices, making renewable energy production a viable option for farmers. Agrivoltaics is an innovative approach to agriculture that addresses the challenges of food production, soil degradation, and energy production in a sustainable way. By integrating solar energy into agricultural practices, agrivoltaics offers a promising solution for a more efficient, sustainable, and resilient food system.
The global renewable electricity market encompasses businesses involved in the production and distribution of electricity derived from renewable sources. This market's scope extends to independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Additionally, it covers manufacturers of raw materials and equipment essential to the solar power sector. The expansion of the global renewable electricity market is propelled by supportive policies and ambitious targets for renewable power deployment, which have fueled a substantial increase in renewable energy adoption over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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