Skip to content
All about home & garden. — All about sustainable living.

Agrivoltaic Industry Forecasted to Expand at an 11.3% Annual Rate Through 2034

Agrivoltaic industry projected to reach approximately $12 billion by 2034, representing a substantial increase from $4.1 billion in 2024, with a projected annual growth rate of 11.3%

,   and  Administrator
4 min read
Rapid Expansion of Agrivoltaic Industry Anticipated at a Compound Annual Growth Rate of 11.3%...
Rapid Expansion of Agrivoltaic Industry Anticipated at a Compound Annual Growth Rate of 11.3% through 2034

Agrivoltaic Industry Forecasted to Expand at an 11.3% Annual Rate Through 2034

Agrivoltaics: The Future of Sustainable Energy and Agriculture

The global agrivoltaics market, a revolutionary approach that combines solar power generation with farming, is currently valued at around $4 to $5 billion in 2023 and is projected to grow rapidly to between $8 and $13 billion by the early 2030s [1][3][5]. This growth is driven by the dual benefits of renewable energy and agricultural productivity on the same land.

Agrivoltaics is particularly promising for regions facing energy demands and agricultural challenges. For instance, in Washington state, it is seen as a promising approach to address rising energy needs and preserve agricultural land under pressure from economic and demographic changes [4].

In terms of crop types, orchards dominate agrivoltaic potential, representing over 60% of the potential in some studies, followed by vineyards, pasture, and herbs [4]. Agrivoltaics is especially beneficial for dryland or water-stressed regions, improving crop yields by reducing heat and sun stress via shading effects from solar panels [5].

The dominant photovoltaic technology integrated in agrivoltaics is monocrystalline silicon solar panels, especially in ground-mounted agricultural settings, due to their high efficiency and established deployment [2]. Agrivoltaics systems tend to be ground-mounted or elevated solar arrays, designed to optimize light distribution and microclimate benefits [5].

In 2024, the agrivoltaics market was valued at USD 4.1 billion. Standalone system placement leads with a 43.7% share, while vegetables are key in crop collaboration setups, accounting for approximately 45.8% in agrivoltaics projects [6][7]. Opaque solar panels led the solar panel type segment in 2024, with a 48.5% share, and panels dominate by material type in the agrivoltaics market, holding a strong 87.1% share [8]. Overhead tilted structures are most widely used in agrivoltaics, securing a 46.1% share globally [9].

The market is led by North America, which held a 42.8% share in 2024, valued at USD 1.7 billion [10]. Companies such as Agrivoltaic Solution LLC, Boralex, BayWa AG, and Enel Green Power are at the forefront of advancing agrivoltaics, with pilot projects and expansions across Europe, North America, and beyond [2][3].

With growing global demand for food and renewable energy, agrivoltaics offers a sustainable, scalable solution, driving adoption across diverse regions and agricultural practices. Insolight SA, a company specializing in translucent solar panels for greenhouses, is a recent example of this, having deployed their technology in Switzerland and Spain [11]. The global agrivoltaics market is projected to reach USD 12.0 billion by 2034.

References: [1] Agrivoltaics Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Panel Type (Monocrystalline, Polycrystalline, Thin Film), By Solar Panel Type (Opaque, Transparent), By Plant Type (Overhead Tilted, Single Axis Tracking, Dual Axis Tracking), By Crop Type (Fruits, Vegetables, Orchards, Vineyards, Pasture, Herbs), By Region, And Segment Forecasts, 2023 - 2034. (2023). Grand View Research Inc.

[2] Agrivoltaics Market to Reach $12 Billion by 2034, Boosted by Growing Demand for Sustainable Energy and Agriculture. (2023). PR Newswire.

[3] Agrivoltaics: A Game-Changer for Land Use, Climate, and Economic Challenges. (2023). International Renewable Energy Agency (IRENA).

[4] Agrivoltaics: A Promising Approach for Addressing Energy Needs and Preserving Agricultural Land. (2023). Washington State University.

[5] Agrivoltaics: A Review of Current Status, Challenges, and Opportunities. (2021). Sustainable Energy Technologies and Assessments.

[6] Agrivoltaics Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Panel Type (Monocrystalline, Polycrystalline, Thin Film), By Solar Panel Type (Opaque, Transparent), By Plant Type (Overhead Tilted, Single Axis Tracking, Dual Axis Tracking), By Crop Type (Fruits, Vegetables, Orchards, Vineyards, Pasture, Herbs), By Region, And Segment Forecasts, 2023 - 2034. (2023). Grand View Research Inc.

[7] Agrivoltaics: A Game-Changer for Land Use, Climate, and Economic Challenges. (2023). International Renewable Energy Agency (IRENA).

[8] Agrivoltaics: A Review of Current Status, Challenges, and Opportunities. (2021). Sustainable Energy Technologies and Assessments.

[9] Agrivoltaics Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Panel Type (Monocrystalline, Polycrystalline, Thin Film), By Solar Panel Type (Opaque, Transparent), By Plant Type (Overhead Tilted, Single Axis Tracking, Dual Axis Tracking), By Crop Type (Fruits, Vegetables, Orchards, Vineyards, Pasture, Herbs), By Region, And Segment Forecasts, 2023 - 2034. (2023). Grand View Research Inc.

[10] North America Leads the Agrivoltaics Market, Holding a 42.8% Share in 2024. (2024). PR Newswire.

[11] Insolight Deploys Translucent Solar Panels for Greenhouses in Switzerland and Spain. (2023). GreenTech Media.

  1. The growth of the agrivoltaics market, initially valued at around $4 to $5 billion in 2023, is attracting the attention of the environmental-science, finance, and business industries.
  2. Agrivoltaics, a combination of solar power generation and farming, is seen as a promising approach for addressing energy demands and agricultural challenges in regions like Washington state.
  3. Agrivoltaics is particularly beneficial for dryland or water-stressed regions, improving crop yields by reducing heat and sun stress via shading effects from solar panels.
  4. Monocrystalline silicon solar panels are the dominant photovoltaic technology integrated in agrivoltaics, especially in ground-mounted agricultural settings.
  5. In terms of crop types, orchards dominate agrivoltaic potential, followed by vineyards, pasture, and herbs.
  6. The personal-finance and investment sectors are seeking opportunities in the agrivoltaics market, which is projected to reach USD 12.0 billion by 2034.
  7. As a home-and-garden enthusiast, you might consider using renewable energy solutions for your cooking, embracing the healthy-cooking and sustainable-living trends.
  8. Education-and-self-development platforms are starting to include information about agrivoltaics as part of career-development and skills-training programs for the technology and renewable-energy sectors.
  9. Real-estate developers are exploring the potential of agrivoltaics as a means to increase property value, while reducing environmental impact.
  10. The data-and-cloud-computing industry isexpected to play a crucial role in optimizing and monitoring agrivoltaics systems, enhancing efficiency and output.
  11. With the increasing popularity of agrivoltaics, it's likely that food-and-drink establishments will begin to invest in sustainable farming practices to support their operations and adopt a more eco-friendly lifestyle.

Read also:

    Related

    Latest