Market Insights and Analysis: Asia-Pacific Agrivoltaic Market Overview and Projections (2023-2028)
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.
Top leading companies in the Asia-Pacific Agrivoltaic Market includes:
Enel Green Power, JS Power, Sun' Agri, Solar Window, BayWa r.e., Akira Nagashima, REM Tec, SolarFarm. Ltd., Next2Sun, Others.
Asia-Pacific Agrivoltaic Market Possible Restraint:
High Initial Cost of Installation - The initial cost of installation of solar panels is very high compared to other renewable energy sources. Solar panels require inverters & storage batteries to convert direct current to alternating current to generate electricity. Installing a solar panel is cheap, but the setup of other equipment, such as energy batteries, is expensive. The average cost of a 1MW plant in India is approximately USD537,320, including 13.8% taxes. Therefore, extra expenses are incurred as additional insurance costs. In addition, the land space required to install solar plants with solar panels is vastly greater compared to other renewable energy sources. Solar panels require considerable maintenance as they are fragile & can easily be damaged.
Moreover, this includes paying for solar panels, inverters, batteries, wiring, and installation. Solar energy storage is expensive & around a 3-10kW solar system with a 5kWh battery size & cost is approximately USD6,684 or more & reduces consumers' power bills by at least 50%. These batteries are used in off-the-grid solar systems & are charged during the day so that the energy is used at night. Furthermore, as solar technologies are developing worldwide, it is assumed that prices would go down in the forecast years.
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Report Segmentation:
The market is categorized into the following segments in the report:
By Placement
-Standalone
-Shading Nets
-Greenhouse
-Others (Solar Fence, Solar Windows, etc.)
By Material Type
-Panels
-Paints
By Cell Type
-Monocrystalline
-Polycrystalline
By Crop Collaboration
-Vegetables
-Fruits
-Crops
-Others (Herbs, etc.)
By Type of Agrivoltaic Plant
-Overhead Tilted
-Interspace
-Hybrid
By Type of Solar Panel
-Opaque
-Semi Transparent
-Transparent
By Power Output
-Upto 10 MWp
-10.1 to 50 MWp
-More than 50 MWp.
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Asia-Pacific Agrivoltaic Market Geographic Reach:
The Geographic Reach of the Asia-Pacific Agrivoltaic Market evaluates the spread and significance of Asia-Pacific Agrivoltaic market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
- China, India, South Korea, Japan, Australia, Southeast Asia, Rest of Asia-Pacific.
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