Asia-Pacific Agrivoltaic Market Overview: 2023-28
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-28
The Asia-Pacific Agrivoltaic Market is projected to grow at a CAGR of around 35% during the forecast period, i.e., 2023-28. The region has shown commendable growth for the market in the historical period, i.e., 2018-2022. Some of the factors that have contributed to the development have been the rising concerns about climate change, shifting electricity production from non-renewable sources to renewable sources, government initiatives to assist the adoption of this technology, etc.
Markntel Advisor’s Asia-Pacific Agrivoltaic Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Asia-Pacific Agrivoltaic Market drivers, barriers, Asia-Pacific Agrivoltaic Market Trends, and Key Players in Asia-Pacific Agrivoltaic Market.
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Asia-Pacific Agrivoltaic Market Dynamics: 2023-28
Rising Water Scarcity Concerns & Rapid Climate Change - With the rapidly growing population of countries such as China, India, Pakistan, Indonesia etc., regional food production is expected to increase in the future. The rapid climate changes like rising temperature levels & reduced precipitation, coupled with mounting water scarcity concerns for agriculture sectors in the region, would surge the demand for agrivoltaics in future periods.
In addition, the shifting focus toward adopting this technology enables the effective use of sunlight for crop growth. Moreover, a grave effect of climate change has been faced by the farming sector in terms of either heavy rains or heat waves. Hence, the agrivoltaic industry offers several benefits in the agricultural sector & farmers' earnings from power generation & has positively influenced the overall market growth. For instance:
In 2022, the Central Arid Zone Research Institute (CAZRI) launched a project 'Agrivoltaics,' in Northern India, as high temperatures have damaged farm crops & increased weeds, pests, and fungi. After the implementation of the new system, the farm has seen an upsurge in wheat tillers per square meter from under the solar panels as compared to the rest of the field.
Moreover, with the swift climate changes, consumers used water for agricultural purposes, and there would not be enough water to meet the booming food requirements in the future. Therefore, ascending water scarcity is one of the crucial challenges that could hinder the growing demand for food production. As a result, there is an extreme need for an effective solution like agrivoltaics that helps to meet the desired food demand by overcoming the challenge of water scarcity, thus influencing the market growth in the following years.
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Asia-Pacific Agrivoltaic Market (2023-28): Segmentation Outlook
The market report has segmented the market into the following categories:
· By Placement
o Standalone
o Shading Nets
o Greenhouse
o Others (Solar Fence, Solar Windows, etc.)
· By Material Type
o Panels
o Paints
According to report, Panels have been the highlight of the market.
· By Cell Type
o Monocrystalline
o Polycrystalline
According to report, Monocrystalline Photovoltaic (PV) cell modules have gained notable market share during the historical period, owing to the greater efficiency provided by the monocrystalline over polycrystalline PV cell modules.
· By Crop Collaboration
o Vegetables
o Fruits
o Crops
o Others (Herbs, etc.)
· By Type of Agrivoltaic Plant
o Overhead Tilted
o Interspace
o Hybrid
· By Type of Solar Panel
o Opaque
o Semi Transparent
o Transparent
· By Power Output
o Upto 10 MWp
o 10.1 to 50 MWp
o More than 50 MWp
· By Countries
o China
o India
o South Korea
o Japan
o Australia
o Southeast Asia
o Rest of Asia-Pacific
Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.
Top Companies Operating in the Asia-Pacific Agrivoltaic Market:
- Enel Green Power
- JS Power
- Sun' Agri
- Solar Window
- BayWa r.e.
- Akira Nagashima
- REM Tec
- SolarFarm. Ltd.
- Next2Sun
- Others
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