Global Solar Farm Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

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