Agrivoltaics Market Regional Analysis:
North American Market Insights
Agrivoltaics market in North America region is predicted to account for the largest share of 43% by 2035 impelled by the growing number of Agrivoltaics projects driven by increasing government funding. The U.S. Department of Energy (DoE) announced Funding for Megawatt-Scale Basic Agricultural Research (FARMS), providing over USD 5 million to around 5 solar energy research projects in states and the District of Columbia. The project aims to provide new economic opportunities for farmers and maximize benefits for farmers, rural communities, and the solar industry.
According to the National Renewable Energy Laboratory, there were around 314 agricultural solar projects in the United States as of March 2023. Particularly, there are lately more than 250 agricultural solar power systems in the United States.
APAC Market Insights
The Asia Pacific agrivoltaics market is estimated to be the second largest, during the forecast timeframe led by the increasing population. India is well on its way to becoming the world's most populous country, which is expected to drive the need for power and food, leading to a higher demand for Agrivoltaics. For instance, India's population is projected to exceed 1 billion by 2030 and over 1.5 billion by 2050.
