Global Solar Farm Market Overview (2022-2027)

• Historical Market Size (2021): US$ 63.7 Billion
• Forecast CAGR (2022-2027): 16.30%
• Forecast Market Size (2027): US$ 169.36 Billion

What are the growth prospects of the Solar Farm Industry?

The global solar farm market size reached US$ 63.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 169.36 Billion by 2027, exhibiting a growth rate (CAGR) of 16.30% during 2022-2027.

What is a Solar Farm ?

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. 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.

Impact of COVID-19:

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.

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What are the major market drivers in the Solar Farm Market ?

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.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Type:

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

Breakup by End Use Industry:

• Residential
• Commercial
• Industrial

By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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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