Solar Farm Systems Market Size, Industry Analysis Report By type (Surface suction, Utility scale, Distributed generation, Microgrids), By end-user industry (Residential, Commercial, Industrial) & Region - Forecasts By 2033
- PUBLISHED ON
- 2024-10-08
- NO OF PAGES
- 208
- CATEGORY
- Energy & Power
Market Overview
The Global Solar Farm Market is presently worth USD 88,400 million and is poised to amplify at a CAGR of 19.8% over 2023-2033, thereby amassing a valuation of USD 449,300 million by end of the assessment timeline.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 88,400 Million |
Market Forecast in 2033 | USD 449,300 Million |
CAGR % 2023-2033 | 19.8% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product type, end-user industry, company share, company heatmap, company Material Technology type capacity, growth factors and more |
Segments Covered | Type, End-User industry |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Trina Solar, First Solar, Inc., TATA Power, Sharp Corporation, BrightSource Energy, Inc., Solar Systems Ltd., Shenzhen Topray Solar Co., Ltd., and JA Solar Holdings Co. Ltd. |
Solar Farm Market: Description
Solar farms are larger-scale energy production facilities powered by solar cells. The adoption of renewable electricity generating techniques and a focus on carbon emission reduction are driving the market expansion of the solar farm. Solar farms are locations with plenty of solar panels set up to gather solar energy and produce power. These are distinct from rooftop solar systems and commercial solar power systems and are made up of widely dispersed, ground-mounted panels that are deployed to supply electricity to buildings, commercial buildings, and electric grids.
Because PV panels are inexpensive and there are many manufacturers of solar water farms, the market for such farms has been growing quickly. Additionally, consumer awareness of solar water farming is rising as a result of government policies that encourage the generation of energy from renewable sources in order to lessen reliance on fossil fuels and to reduce pollution emissions.
In nations like the United States, Spain, and France, consumers can use photovoltaic energy for their personal electrical needs and sell the excess solar energy they do not use. In comparison to other nations, the Chinese solar photovoltaic industry has experienced substantial expansion throughout the years.
The government has put into place some laws like net metering and commMWy solar to encourage the use of photovoltaic technology to produce electricity, according to the U.S. Solar Energy Industries Association. In nations like the United States, Spain, and France, consumers can use photovoltaic energy for their personal electrical needs and sell the excess solar energy they do not use. Compared to any other nation, China's solar photovoltaic industry has experienced remarkable expansion.
The China Solar Industry Association reports that in 2018, China's photovoltaic energy capacity increased by 34% year over year. Compared to 136 gigawatts in 2017, the total installed PV capacity topped 170 gigawatts at the end of 2018. The adoption of photovoltaic technology is encouraged by these regulations. Therefore, these laws are anticipated to have a favorable effect on the market for solar farms. In addition, with the rising usage of photovoltaic technology, the need for solar farms is anticipated to increase dramatically.
Solar Farm Market- Segmental Analysis:
Type Insights
The utility segment holds the largest market share and is projected to grow more in the upcoming years. In 2021, the utility-scale market segment held the largest market share (45%) in the market for solar farms worldwide. Utility-scale solar farms are large-scale photovoltaic arrays that cover many acres of land and can provide up to 1 GW of electricity.
End-User industry Insights
Due to their extensive need for green energy, businesses are among the main consumers of solar PV panels. The demand for solar farms to use alternative sources to satisfy their large-scale energy needs is surging due to the quickly rising construction activities and the rising electricity consumption by established commercial firms.
Regional Insights
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, Asia-Pacific is projected to capture a substantial revenue share, primarily because different nations in the Asia-Pacific are placing an increasing emphasis on lowering GHG (Green House Gas) emissions and promoting sustainable development in the region.
Competitive Analysis
The prominent companies defining the competitive terrain of this marketplace are Trina Solar, First Solar, Inc., TATA Power, Sharp Corporation, BrightSource Energy, Inc., Solar Systems Ltd., Shenzhen Topray Solar Co., Ltd., and JA Solar Holdings Co. Ltd.
Solar Farm Market- Segmental Analysis
By Type
· Surface suction
· Utility scale
· Distributed generation
· Microgrids
· Others
By End-User industry
· Residential
· Commercial
· Industrial
· Others
1.      Global Solar Farm Systems Market Introduction and Market Overview
1.1.  Â
Objectives of the Study
1.2.  Â
Global Solar Farm Systems
Market Scope and Market Estimation
1.2.1.Global Solar
Farm Systems Overall Market Size, Revenue (US$ Mn) and Volume (Units), Market
CAGR (%), Market forecast (2023 - 2033)
1.2.2.Global Solar
Farm Systems Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033
1.3.  Â
Market Segmentation
1.3.1.Type of
Global Solar Farm Systems Market
1.3.2.End Use
of Global Solar Farm Systems Market
1.3.3.Region
of Global Solar Farm Systems Market
2.      Executive Summary
3.      Market Factor Analysis
3.1.  Global Solar Farm Systems
Market Application Trends under COVID-19 Outbreak
3.1.1.Global
COVID-19 Status Overview
3.1.2.Influence
of COVID-19 Outbreak on Global Solar Farm Systems Market Application
Development
3.2.  Market Dynamics
3.2.1.Drivers
3.2.2.Limitations
3.2.3.Opportunities
3.2.4.Impact
Analysis of Drivers and Restraints
3.3.  Value Chain/ Ecosystem
Analysis
3.3.1.Manufacturers
/ Vendors
3.3.2.Distributors
3.3.3.Buyers /
End-users
3.3.4.Forward
Integration & Backward Integration of Key Stakeholders
3.4.  Global Solar Farm Systems
Market - Pricing Trends Analysis & Average Selling Prices (ASPs)
3.5.  Porter’s Five Forces
Analysis
3.5.1.Bargaining
Power of Suppliers
3.5.2.Bargaining
Power of Buyers
3.5.3.Threat
of Substitutes
3.5.4.Threat
of New Entrants
3.5.5.Competitive
Rivalry
3.6.  PEST Analysis
3.6.1.Political
Factors
3.6.2.Economic
Factors
3.6.3.Social
Factors
3.6.4.Technological
Factors
3.7.  Impact of Russia Ukraine
War on Solar Farm Systems Market
3.8.  Impact of Economic
Downturn on Solar Farm Systems Market
3.9.  Solar Farm Systems Production
Capacity, by Major Countries
3.10. Market Investment
Opportunity Analysis (Top Investment Pockets), By Segments & By Regions
4.      Global Solar Farm Systems
Market Estimates & Forecast Trend Analysis, by Type
4.1.  Â
Global Solar Farm Systems
Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Type, 2019 to 2033
4.1.1. Surface suction
4.1.2.Utility scale
4.1.3.Distributed generation
4.1.4. Microgrids
4.1.5.Others     Â
5.      Global Solar Farm Systems
Market Estimates & Forecast Trend Analysis, by Application
5.1.  Â
Global Solar Farm Systems
Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Application, 2019 to 2033
5.1.1.   Residential
5.1.2.Commercial
5.1.3. Industrial
5.1.4.Others
6.      Global Solar Farm Systems
Market Estimates & Forecast Trend Analysis, by
Region
6.1.  Â
Global Solar Farm Systems
Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Region,
2019 to 2033
6.1.1.North
America
6.1.2.Europe
6.1.3.Asia
Pacific
6.1.4.Middle East & Africa
6.1.5.South
America
7.      North America Solar Farm Systems Market:
Estimates & Forecast Trend Analysis
7.1.   North America Solar Farm Systems Market Assessments & Key
Findings
7.1.1.Solar
Farm Systems Market Introduction
7.1.2.Solar
Farm Systems Market Size Estimates and Forecast (US$ Million & Units) (2019
– 2033)
7.1.2.1. Â
By Application
7.1.2.2. Â
By Type
7.1.2.3. Â
By Country
7.1.2.3.1.   Â
The U.S.
7.1.2.3.2.   Â
Canada
7.1.2.3.3.   Â
Mexico
8.      Europe Solar Farm Systems Market:
Estimates & Forecast Trend Analysis
8.1.  Â
Europe Solar Farm Systems
Market Assessments & Key Findings
8.1.1.Solar
Farm Systems Market Introduction
8.1.2.Solar
Farm Systems Market Size Estimates and Forecast (US$ Million & Units) (2019
– 2033)
8.1.2.1. Â
By Application
8.1.2.2. Â
By Type
8.1.2.3.      Â
By Country
8.1.2.3.1.   Â
Italy
8.1.2.3.2.   Â
Germany
8.1.2.3.3.   Â
U.K.
8.1.2.3.4.   Â
France
8.1.2.3.5.   Â
Spain
8.1.2.3.6.   Â
Rest of Europe
9.      Asia Pacific Solar Farm Systems Market:
Estimates & Forecast Trend Analysis
9.1.  Â
Asia Pacific Market Assessments
& Key Findings
9.1.1.Solar
Farm Systems Market Introduction
9.1.2.Solar
Farm Systems Market Size and Volume Estimates and Forecast (US$ Million & Units)
(2019 – 2033)
9.1.2.1. Â
By Application
9.1.2.2. Â
By Type
9.1.2.3.      Â
By Country
9.1.2.3.1.   Â
China
9.1.2.3.2.   Â
Japan
9.1.2.3.3.   Â
India
9.1.2.3.4.   Â
Australia
9.1.2.3.5.   Â
South Korea
9.1.2.3.6.   Â
ASEAN
9.1.2.3.7.   Â
Rest of Asia Pacific
10.  Middle East & Africa Solar Farm Systems Market: Estimates & Forecast Trend Analysis
10.1. Middle East & Africa Market Assessments & Key Findings
10.1.1. Â
Solar Farm Systems Market
Introduction
10.1.2. Â
Solar Farm Systems Market Size
and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)
10.1.2.1.  Â
By Application
10.1.2.2.  Â
By Type
10.1.2.3.  Â
By Country
10.1.2.3.1. U.A.E.
10.1.2.3.2. Saudi Arabia
10.1.2.3.3. Egypt
10.1.2.3.4. South Africa
10.1.2.3.5. Rest of Middle East & Africa
11.  South America Solar Farm Systems Market:
Estimates & Forecast Trend Analysis
11.1. South America Market Assessments & Key Findings
11.1.1. Â
Solar Farm Systems Market
Introduction
11.1.2. Â
Solar Farm Systems Market Size and
Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)
11.1.2.1.  Â
By Application
11.1.2.2.  Â
By Type
11.1.2.3.  Â
By Country
11.1.2.3.1. Brazil
11.1.2.3.2. Argentina
11.1.2.3.3. Colombia
11.1.2.3.4. Rest of South America
12. Â
Competition Landscape
12.1. Solar Farm Systems Market Competition Matrix & Benchmarking, by
Leading Players / Innovators / Emerging Players / New Entrants
12.2. Solar Farm Systems Market Competition White Space Analysis, By End-user
12.3. Solar Farm Systems Market Competition Regional Intensity Map
Analysis, By Geographies Served
12.4. Solar Farm Systems Market Concentration & Company Market Shares
(%) Analysis, 2022
13. Â
Company Profiles
13.1.Trina Solar
13.1.1.  Â
Company Overview & Key
Stats
13.1.2.  Â
Financial Performance &
KPIs
13.1.3.  Â
Product Portfolio
13.1.4.  Â
Business Strategy & Recent
Developments
* Similar details would be provided for all the players
mentioned belowÂ
13.2.First Solar, Inc
13.3.TATA Power,
13.4.Sharp Corporation
13.5.BrightSource Energy, Inc.
13.6.Solar Systems Ltd.
13.7.Shenzhen Topray Solar Co., Ltd
13.8.JA Solar Holdings Co. Ltd. Â
13.9. Others**
14. Â
Research Methodology
14.1.    Â
External Power
Outputs / Databases
14.2.    Â
Internal
Proprietary Database
14.3.    Â
Primary
Research
14.4.    Â
Secondary
Research
14.5.    Â
Assumptions
14.6.    Â
Limitations
14.7.    Â
Report
FAQs
15. Â
Research Findings & Conclusion
Â
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The Global Solar Farm Market is presently worth USD 88,400 million and is poised to amplify at a CAGR of 19.8% over 2023-2033, thereby amassing a valuation of USD 449,300 million by end of the assessment timeline.
What are the drivers shaping various markets?
Government Incentives and Policies: The adoption of solar farm systems is greatly aided by government incentives, subsidies, and advantageous policies. Tax credits, feed-in tariffs, and renewable portfolio standards are a few examples of the incentives that can be used to promote the construction of solar farms.
Who are the key competitors of market Players?
Some of the major players operating within the market are Trina Solar, First Solar, Inc., TATA Power, Sharp Corporation, BrightSource Energy, Inc., Solar Systems Ltd., Shenzhen Topray Solar Co., Ltd., and JA Solar Holdings Co. Ltd.
What are the top performing segments, and countries / regions of each of the markets?
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, Asia-Pacific is projected to capture a substantial revenue share, primarily because different nations in the Asia-Pacific are placing an increasing emphasis on lowering GHG (Green House Gas) emissions and promoting sustainable development in the region.
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