The United States agrivoltaics market provides a solution for farmers to generate solar power while still being able to utilize their land for agriculture. Agrivoltaic systems incorporate solar panels installed above crop fields or grazing land so that farmers can continue farming activities beneath the solar panels. The panels generate clean energy from the sun while providing partial shading and sheltering crops and livestock from harsh climatic conditions.
The United States Agrivoltaics Market is estimated to be valued at US$ 323.6 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the United States agrivoltaics are Enel Green Power S.p.A.,Boralex,Sunrise Power Solutions,McIntosh Energy Japan Co., Ltd.,SolarEdge. The demand for agrivoltaic systems is growing in the region as they allow dual use of land for energy production and agriculture. Many farmers are adopting these systems to generate additional income from their fields. Moreover, with supportive policies and incentives by the government, companies are increasingly investing in agrivoltaic projects and expanding their presence across states in the United States.
Market Key Trends
One of the major trends in the United States agrivoltaics market is the introduction of bifacial solar panels. Bifacial solar panels can generate electricity from both sides- the front and backsides. They help capture a larger portion of light and increase power generation by 15-20% compared to conventional monofacial panels. As a result, many manufacturers are developing innovative bifacial modules suitable for agrivoltaic applications. This is expected to provide major performance improvements and drive the adoption of agrivoltaics among farmers going forward.
Porter’s Analysis
Threat of new entrants: High capital requirements and presence of major companies, but opportunities in renewables adoption.
Bargaining power of buyers: High for major utilities, but individual buyers have less influence.
Bargaining power of suppliers: Major panel manufacturers can influence costs but many suppliers provides competitive options.
Threat of new substitutes: Emerging renewable technologies like floating solar offer alternatives but agrivoltaics has land and energy production synergies.
Competitive rivalry: Competition driving down costs and increasing efficiency of agrivoltaic solutions as major players target capacity additions in coming years.
The United States agrivoltaics market is currently concentrated in the western and southwestern states where abundant solar resources can power agrivoltaic installations. California accounts for over 30% of the country’s total value due to its leadership in renewable energy mandates and incentives supporting adoption on agricultural lands. The Midwest region is expected to be the fastest growing market during the forecast period driven by states promoting agrivoltaics to support local agriculture and energy independence goals. Initiatives in states like Indiana aim to foster rural economic development through integrated solar and farming applications.
Geographical Regions
The United States agrivoltaics market is currently concentrated in the western and southwestern states where abundant solar resources can power agrivoltaic installations. California accounts for over 30% of the country’s total value due to its leadership in renewable energy mandates and incentives supporting adoption on agricultural lands. The Midwest region is expected to be the fastest growing market during the forecast period driven by states promoting agrivoltaics to support local agriculture and energy independence goals. Initiatives in states like Indiana aim to foster rural economic development through integrated solar and farming applications.
What Are The Key Data Covered In This United States Agrivoltaics Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the United States Agrivoltaics’s growth between 2024 and 2031.
:- Accurate calculation of the size of the United States Agrivoltaics and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- United States Agrivoltaics Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of United States Agrivoltaics vendors
FAQ’s
Q.1 What are the main factors influencing the United States Agrivoltaics?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top United States Agrivoltaics companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the United States Agrivoltaics’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile