Solar Farm: Demands and Benefits

As solar farms have been widely used in the Asia-Pacific region giving opportunities for the industry to grow. This is mostly due to an increase in demand for renewable power.

The global solar farm market size accounted for USD 62.7 billion in 2021 and is projected to reach around USD 267.8 billion by 2030, growing at a CAGR of 17.51% every year.


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The rapid growth of the solar farm market in recent years can be attributed to the low cost of photovoltaic panels and the large number of companies producing solar water farms. With the implementation of government regulations that aim to reduce dependence on fossil fuels and minimize pollution, consumer awareness of solar water farming is increasing. SEIA claims that the federal government has enacted policies and legislation such as community solar and net metering to encourage the use of photovoltaic technology to generate electric power.

Government Regulations and Solar Energy Investments Drive the Global Market

There are several countries where consumers can use photovoltaic energy to meet their energy needs and then sold back to the grid for a profit. The solar photovoltaic industry in China has grown at an unprecedented rate compared to any other country over the past few decades. Photovoltaic

energy generated in China increased by 36% year on year, according to China Photovoltaic Industry Association. These rules encourage the adoption of photovoltaic technology. As a result, solar farms are expected to benefit from these new regulations. The demand for solar farms is expected to rise significantly as photovoltaic technology becomes more widely used in the future.

Several businesses are installing renewable energy plants due to environmental regulations. Solar is a competitive renewable energy source. Thus, many countries have begun investing in solar energy. This remarkable annual solar capacity installation helps the global market grow.

Growing Demand for Renewable Energy Creates Tremendous Opportunities

The IEA reports rising demand for renewable energy. The increased demand for P.V. Technology is due to the need for sustainable energy, a reduction in reliance on conventional fuels, and a reduction in carbon emissions. Increased energy demand from developing countries in Asia-Pacific, such as India, China, and Thailand, has led to significant growth in solar photovoltaic (P.V.), a form of wind and hydro energy. This is why solar P.V. has grown in recent years. Industrialization and urbanization are accelerating. In addition, strict government regulations to reduce carbon emissions from conventional fuels have increased the use of photovoltaic technology to generate electricity. As demand for renewable energy rises, so will demand for solar farms.

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Solar farms are areas where numerous solar panels are installed to collect solar energy & generate electricity. These are different from rooftop solar systems & commercial solar powers systems and consist of decentralized ground-mounted panels extensively installed across the land to provide power across houses, businesses, and electric grids. Over the last few years, the solar water farm market has been developing at a considerable pace attributable to low cost of PV panels and strong presence of solar water farm producers. Furthermore, awareness toward solar water farming is increasing among consumers, due to implementation of government regulations to promote production of energy from renewable sources to reduce dependency on fossil fuels and to minimize the emission of pollutants.

According to the U.S. Solar Energy Industries Association (SEIA), the government has implemented laws such as net metering and community solar to promote the use of photovoltaic technology to generate electricity. The market growth principally attributes to the low cost of PV (Photovoltaic) panels entwined with the availability of numerous solar farm producers investing substantially in the market to generate eco-friendlier energy and cause less pollution than generated by fossil fuels.

In countries such as the U.S., Spain, and France, consumers can utilize photovoltaic energy for their own electricity need and sell the remaining solar power that they do not use. The Chinese solar photovoltaic industry has witnessed significant growth as compared to any other countries over the years. According to the China Photovoltaic Industry Association, China's capacity for photovoltaic energy grew by 34% year-on-year in 2018. Total installed PV capacity surpassed 170 gigawatts at the end of 2018 compared to 136 gigawatts in 2017. These regulations are promoting the use of photovoltaic technology. Hence, it is expected that these regulations will have a positive impact on the solar pumps market. In addition, with increased use of photovoltaic technology, the demand for solar farm is expected to rise significantly."

VivoPower International PLC Announces Largest Solar Contract to Date for the 204MWdc Edenvale Solar Farm VivoPower International PLC (NASDAQ: VVPR) (the "Company") is pleased to announce that its wholly-owned subsidiary in Australia, J.A. Martin Electrical Pty Limited ("J.A. Martin"), has been awarded an A$11.7m contract to complete all electrical works for the 204MWdc Edenvale Solar Farm in Queensland, Australia.

Construction has already commenced with the project to be the fifth utility scale Australian solar farm completed by VivoPower's Aevitas business unit in Australia, bringing the completed and contracted solar farms to over 650MWdc. Once energised, the Edenvale Solar Farm will generate approximately 425,000MWh of clean energy per year and avoid the emission of 300,000 tonnes of carbon dioxide into the atmosphere, equivalent to the amount generated by approximately 83,000 internal combustion engine vehicles.

Kevin Chin, VivoPower's Executive Chairman and Chief Executive Officer, said: "Since establishing our solar solutions business in Australia, we have seen revenue grow at a 62% compound annual growth rate (CAGR) since FY2019 (based on actual and forecast contracted revenue through to June 30, 2022). In addition, over the past quarter, we have seen a step change increase in the pipeline of additional solar project opportunities across the Australian market and we are very well positioned to win and deliver on further contracts."

COVID-19 Impact Analysis

Due to the COVID-19 pandemic, investments in the solar energy sector decreased. As a result, it has hampered the growth of the solar farm market. The market has recorded a substantial decline due to supply chain disruptions and a halt in manufacturing activities. However, the market is expected to have outstanding potential in the coming years as investments in the sector have started to increase. China, which imports a large amount of solar panel material, was drastically affected by the pandemic. Thus, it negatively affected the global solar farm market.

Key market players in Solar Farm Market

  • Ciel & Terre International

  • Hanwha Group

  • JA SOLAR Technology Co. Ltd.

  • KYOCERA Corp.

  • LONGi Solar

  • Trina Solar

  • Vikram Solar Ltd.

  • Wuxi Suntech Power Co., Ltd.

  • Yellow Tropus Pvt. Ltd.

  • Yingli Solar


 

 

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