Agrivoltaics Market is to grow at a 10.2 % CAGR, with Europe leading the market through 2032

Agrivoltaics Market to Hit USD 9.66 Bn by 2032               

The Agrivoltaics Market was USD 4.44 Bn in 2024 and is expected to expand at a CAGR of 10.2 % from 2025 to 2032, reaching USD 9.66 Bn by 2032. Agrivoltaics provide a creative way to achieve food security and renewable energy goals at the same time. The dual use of the land made possible by Agrivoltaics helps alleviate competition between agriculture activities and solar power generation. Agrivoltaics aligns with green energy and sustainable farming goals, making it a desirable choice for government assistance. Technological advancements in solar panel efficiency, cost reduction, and the creation of bifacial panels, which gather sunlight from both sides, have made agrivoltaics systems more feasible and cost-effective. In 2024, the United States’ agrivoltaics installations have grown to 62,000 acres and have a total capacity exceeding 10 gigawatts (GW).

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Agrivoltaics Market Segmentation

By Cell Type: Monocrystalline panels generally have greater efficiency rates, from 17% to 22%, with some advanced models exceeding 24%. monocrystalline sector will account for around 60% of the market share for agrivoltaics. In contrast, polycrystalline panels typically have efficiency between 15% and 18%.

By Crop: Vegetables are the predominant crop category in agrivoltaics applications, mostly because of their quick growth cycles and ability to tolerate partial shade. Fruit crops occupy only about 11% of the agrivoltaics cultivation area. Root Crops such as carrots and potatoes offer special benefits in agrivoltaic systems. Other crops include tea, grapes, kiwi fruit, mushrooms, and medicinal plants.

Agrivoltaics Market Regional Analysis

United States: The Agrivoltaics market in the United States was valued at approximately $1.25 billion in 2024 to $3.29 billion by 2032, with a CAGR of 10.7%. By January 2025, there will be over 500 operational agrivoltaic facilities in the United States, contributing a total of 9 GW of solar capacity to the grid. Enel Green Power S.p.A., and BayWa AG are the dominating key players in North America.

Germany: The total capacity of Germany’s 21 agrivoltaic installations as of March 2023 was 81.67 MWp. By the end of 2024, projections indicate a considerable rise, with an estimated 382.59 MWp. In 2024, 72.4% of German farmers are considering agrivoltaic projects, motivated by additional income from solar power. Agrivoltaics for Baden-Wurttemberg was launched by the German government and involves 13 partners developing pilot plants across various locations.

China: China has launched more than 500 agrivoltaic projects, including greenhouses, tea plantations, aquafarming, agriculture production, and cattle grazing. In Gutian County, Fujian Province, agrivoltaic projects have resulted in the construction of mushroom-growing facilities with a 30.746 MW installed capacity.

Agrivoltaics Market Competitive Landscape

TotalEnergies SE: In December 2024, TotalEnergies acquired a 100% stake in the German renewable energy company VSB Group. In July 2024, Lewis Energy Group sold a 45% share in dry gas-producing properties in the Eagle Ford basin of Texas to TotalEnergies.

Enel Green Power S.p.A.: The 640 MW of solar PV and wind assets in Enel Green Power India’s portfolio were acquired by Waaree Energies, an Indian maker of solar modules. Macquarie Asset Management acquired a 50% share in Enel Green Power Hellas, the company’s renewable energy business in Greece, for €980 million.

BayWa AG: In February 2025, Energy Infrastructure Partners (EIP) raised its ownership in BayWa, BayWa AG’s renewable energy subsidiary, from 49% to 65%, with a €150 million investment.

 Recent Developments:

• The U.S. Department of Agriculture has provided funds to investigate agrivoltaic systems that generate clean energy and agricultural products simultaneously, demonstrating the promise of this dual-use strategy.
• A system with grooved glass plates was shown, which may provide benefits over conventional fixed systems.

Conclusion

• Agrivoltaics offers a viable way to promote sustainable agriculture and renewable energy production at the same time.
• Despite the market’s quick expansion, persistent growth and acceptability will depend on resolving issues with prices and land use efficiency.

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