Global Solar Farm Market Research Report 2023-2028

According to the latest report by IMARC Group, titled “Solar Farm Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global solar farm market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.

Global Solar Farm Market Research Report

The global solar farm market size reached US$ 79.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 196.7 Billion by 2028, exhibiting a growth rate (CAGR) of 16.30% during 2023-2028.

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 gathers energy from the sun, convert it into electricity, and sends 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.

Market Trends

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.

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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.

Who Are The Key Players/Companies In The Global Solar Farm Market?

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.

Report Segmentation:

The report has segmented the market into the 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)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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