IMARC Group, a leading market research company, has recently releases report titled “Solar Farm Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Solar Farm market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big Is The Solar Farm Market?

The global solar farm market size reached US$ 79.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 196.7 Billion by 2028, exhibiting a growth rate (CAGR) of 14.93% during 2023-2028.

What are Solar Farm?

A solar farm represents a specified area equipped with multiple solar panels designed to harness energy and generate electricity. These instruments, which consist of an extensive collection of photovoltaic (PV) panels, capture sunlight and convert it into electrical power. This electricity is transferred to local and national power grids for widespread distribution and utilization. The solar panels installed on the solar farm are strategically positioned in an open space within the neighborhood to maximize exposure to sunlight. In addition to this, unlike the rooftop variants and commercial energy systems, solar farms utilize ground-mounted panels to power residential and commercial buildings and electric grids. As a result, solar farms function as power plants or PV energy stations that generate electricity for consumers. 

What Are The Growth Prospects And Trends In The Solar Farm Industry?

The escalating demand for PV technology across various industries, owing to the rising necessity for renewable energy resources to reduce reliance on conventional fuels for power generation, is among the primary factors driving the solar farm market. Besides this, the high installation of these areas across countries, on account of the increasing depletion of fossil fuels, is further augmenting the market growth. Moreover, the inflating investments by the leading players in the solar energy industry, continuous advancements in technology, and the decreasing production costs of photovoltaic panels are also catalyzing the global market. Apart from this, the elevating consumer awareness toward solar energy farming, growing environmental concerns, and the rising disposable income levels are acting as significant growth-inducing factors. Furthermore, the launch of several policies by the government bodies that promote the production and distribution of energy from renewable sources to minimize pollutant emissions is anticipated to propel the solar farm market over the forecasted period.  

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

  • Surface Suction
  • Utility-scale
  • Distributed Generation
  • Microgrids
  • Others

Breakup by End Use Industry:

  • Residential
  • Commercial
  • Industrial

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

  • First Solar Inc
  • JA SOLAR Technology Co. Ltd.
  • JinkoSolar Holding Co. Ltd.
  • LONGi Green Energy Technology Co. Ltd
  • Hanwha Q CELLS GmbH
  • RenewSys India Pvt. Ltd
  • Sharp Corporation
  • Shenzhen Topray Solar Co. Ltd
  • Tata Power Solar System Inc
  • The Solaria Corporation
  • Trina Solar Co. Ltd.
  • and Vikram Solar Ltd.

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