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Global Solar Farm Market Size, Share, Analysis, Forecast: By Type: Distributed Generation, Utility-scale, Microgrids, Others; By End User: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Global Solar Farm Market Outlook
The global solar farm market size was approximately USD 98.07 billion in 2023. The market is projected to grow at a CAGR of 13.1% between 2024 and 2032, reaching a value of around USD 309.01 billion by 2032.
Key Trends in the Market
Solar farms involve the large-scale collection of photovoltaic (PV) panels for absorbing solar energy and converting it to electricity for use in various end-use sectors. Solar farms are decentralised and are generally ground-mounted solar panels installed across large areas. They are available in all shapes and sizes.
- According to IEA, since March 2022, the government spending on clean energy has increased by more than USD 500 billion. The substantial government and private investments to support the transition to clean energy are acting as a catalyst for the solar power market, consequently aiding the solar farm market growth.
- Companies are increasingly investing in solar farms as they are a one-off investment with long-term returns. Solar farms require negligible maintenance, are long-lasting, and offer the same power output even after several years of usage.
- The solar farm market demand is being fuelled by increasing measures to reduce the reliance on fossil fuel-powered energy and the increasing awareness regarding the limitless possibility of solar energy, boosting the installation of solar farms.
Solar Farm Market Segmentation
Based on type, the market is segmented into distributed generation, utility-scale, and microgrids, among others. By end user, the market can be segregated into residential, commercial, and industrial. The major regional markets for solar farms are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global solar farm market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- JinkoSolar Holding Co. Ltd.
- Oersted A/S
- First Solar, Inc.
- Ciel et Terre International
- Hanwha Corporation
- JA Solar Technology Co., Ltd.
- KYOCERA Corporation
- LONGi Green Energy Technology Co., Ltd.
- Trina Solar Co.,Ltd.
- Wuxi Suntech Power Co., Ltd.
- Yingli Solar Development Co., Ltd.
- Others
Market Share by Type
Utility scale solar farms accounts for a significant solar farm market share as they contain solar installations with up to 1 GW. The energy generated by utility-scale solar farms is distributed to utility buyers, making use of a power purchase agreement (PPA), or is owned by utilities.
Meanwhile, distributed generation includes a range of renewable technologies that produce electricity at or near the location where it is required. By generating power in multiple decentralised sites closer to end users, the approach enhances flexibility and resilience in the energy infrastructure.
The newer form of microgrids incorporates a combination of solar and battery storage, allowing them to operate even during outages due to severe weather conditions. The market for solar and storage-driven microgrids is expected to witness accelerated growth at both state and federal levels in the coming years, playing a vital role in addressing climate change and developing a more resilient energy grid.
Market Share by Region
As per the solar farm market analysis, the Asia Pacific is anticipated to hold a significant share of the global market for solar farms. In 2022, the Asia Pacific accounted for 52.5% of the global solar and wind capacity, majorly driven by India, China, and Vietnam.
The region is more prone to impacts of climate change such as sea level rise, extreme weather events, and threats to its biodiversity and water resources. The rising domestic energy consumption as a result of the rising population, combined with the push towards clean energy in infrastructure development and large manufacturing processes, is supporting the expansion of the market in Asia Pacific.
Competitive Landscape
Hanwha Corporation, based in South Korea, is a comprehensive green energy solutions provider known for its leading technology and excellence in quality. The company leads both residential and commercial solar module markets in the United States and is expanding its operations on a global scale.
JA Solar Technology Co., Ltd. is a Chinese photovoltaic power generation solution provider. The company specialises in multi-form photovoltaic (PV) power plants, including conventional centralised PV power plants, agri-voltaics, and floating solar PV power plants, among others.
LONGi Green Energy Technology Co., Ltd., established in 2000, is a global leader in the clean energy transition. The company provides a comprehensive range of solar PV solutions for several end-use sectors. It uses green manufacturing processes and sustainable solutions to create low-cost green energy products.
Other players operating in the solar farm market include JinkoSolar Holding Co. Ltd., Oersted A/S, First Solar, Inc., Ciel et Terre International, Hanwha Corporation, JA Solar Technology Co., Ltd., KYOCERA Corporation, LONGi Green Energy Technology Co., Ltd., Trina Solar Co.,Ltd., Wuxi Suntech Power Co., Ltd., and Yingli Solar Development Co., Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Solar Farm Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar Farm Historical Market (2018-2023)
8.3 Global Solar Farm Market Forecast (2024-2032)
8.4 Global Solar Farm Market by Type
8.4.1 Distributed Generation
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Utility-scale
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Microgrids
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Solar Farm Market by End User
8.5.1 Residential
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Commercial
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Industrial
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Solar Farm Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Solar Farm Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Solar Farm Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Solar Farm Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Solar Farm Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Solar Farm Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 JinkoSolar Holding Co. Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Oersted A/S
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 First Solar, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Ciel et Terre International
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hanwha Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 JA Solar Technology Co., Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 KYOCERA Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 LONGi Green Energy Technology Co., Ltd.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Trina Solar Co.,Ltd.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Wuxi Suntech Power Co., Ltd.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Yingli Energy Development Co., Ltd.
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Solar Farm Market: Key Industry Highlights, 2018 and 2032
2. Global Solar Farm Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Solar Farm Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Solar Farm Historical Market: Breakup by End User (USD Billion), 2018-2023
5. Global Solar Farm Market Forecast: Breakup by End User (USD Billion), 2024-2032
6. Global Solar Farm Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Solar Farm Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Solar Farm Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 98.07 billion.
The market is projected to grow at a CAGR of 13.1% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 309.01 billion by 2032.
The major market drivers include increasing government initiatives and policies supporting the adoption of solar energy, rising demand for solar energy in the residential sector, and the growing importance of sustainable energy with rising environmental concerns.
The major trends in the market include increasing technological advancements, increasing use of photovoltaic technologies, and growth of solar water farms.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different end users of solar farms include residential, commercial, and industrial.
The major players in the market include JinkoSolar Holding Co. Ltd., Oersted A/S, First Solar, Inc., Ciel et Terre International, Hanwha Corporation, JA Solar Technology Co., Ltd., KYOCERA Corporation, LONGi Green Energy Technology Co., Ltd., Trina Solar Co.,Ltd., Wuxi Suntech Power Co., Ltd., and Yingli Solar Development Co., Ltd., among others.
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