The global solar farm market size reached US$ 63.7 Billion. Looking forward, IMARC Group expects the market to reach a value of US$ 169.36 Billion by 2027 exhibiting a CAGR of 16.30% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
A solar farm refers to a location that has numerous solar panels set up to collect solar energy and produce electricity. An extensive collection of photovoltaic (PV) solar panels gather energy from the sun, convert it into electricity, and send it to local and national grids for distribution and consumption.
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Located in an open area of the neighborhood, the solar panels on the solar farm receive maximum sunlight exposure. Unlike rooftop solar and commercial solar power systems, they use ground-mounted solar panels to power buildings, commercial buildings, electric grids, etc. Solar farms operate as power plants or PV power stations to produce electricity for consumers, which are also called solar parks and solar power stations.
Solar Farm Market Trends and Drivers:
The rising demand for photovoltaic (PV) technology across several end-use sectors is primarily stimulating the solar farm market. Furthermore, the increasing need for renewable energy resources for power generation to minimize the dependency on conventional fuels is positively influencing the global market. Besides this, the widespread adoption of solar farms, owing to the depletion of fossil fuels, is acting as another significant growth-inducing factor.
Moreover, the launch of various favorable initiatives by government bodies to promote the production and distribution of energy from renewable sources for minimizing the emission of pollutants is also propelling the market growth.
Apart from this, the growing investments by key market players in the solar energy sector are further augmenting the global market. Additionally, continuous technological advancements and the reduction in the production cost of photovoltaic panels are expected to fuel the solar farm market over the forecasted period.
Solar Farm Report Scope
Market size value in 2021
US$ 63.7 Billion
Market forecast in 2027
US$ 169.36 Billion
CAGR of 16.30% from 2022 to 2027
Base year for estimation
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Type And End Use Industry
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Key companies profiled
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.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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The report has been segmented the market into following categories:
Breakup by Type:
- Surface Suction
- Distributed Generation
Breakup by End Use Industry:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are 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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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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