India Agrivoltaics Market Size More Than Doubles at Significant CAGR of 12.58% to Reach USD 204.58 Million by 2029

Published | 06 November 2023

India Agrivoltaics Market is flourishing due to the rising energy demand, land scarcity, government’s supportive initiatives, and an increasing focus on sustainable agriculture.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Agrivoltaics Market size at USD 102.01 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India Agrivoltaics Market size to grow at a CAGR of 12.3% reaching a value of USD 204.58 million by 2029. The Indian Agrivoltaics Market is expected to grow rapidly due to the country’s increasing energy requirements driving the adoption of agrivoltaics. Combining solar panels with agriculture can generate renewable energy while addressing energy needs. The limited availability of land for both agriculture and solar installations makes agrivoltaics an attractive solution. It optimizes land use by allowing crops and solar panels to coexist. Agrivoltaics promote sustainable farming practices by providing shade for crops, reducing evaporation, and improving overall crop yields. This aligns with India's emphasis on sustainable agriculture.

Opportunity: Government Initiatives Supporting Renewable Energy

The rising government initiatives such as the formation of alliance and projects are creating an opportunity for Agrivoltaics market in India. On October 30, 2023, a total of 12 organizations supported by the India Climate Collaborative and Bloomberg Philanthropies launched India Agrivoltaics Alliance (IAA). The National Solar Energy Federation of India serves as the secretariat of the IAA. The alliance works with the Ministry of New and Renewable Energy (MNRE) and the Ministry of Agriculture and Farmers Welfare, Government of India to encourage the adoption of agrivoltaics in the country. A recent compendium of 20-odd agrivoltaic projects in India, brought out by NSEFI and the Indo German Energy Forum shows that the total capacity of agrivoltaics in India is under 10 MW. The biggest of them is that of Cochin Airport, where plants are grown under 4 MW (out of its 42 MW). The NSEFI study says that by cultivating crops between panel arrays, Abellon Energy “has achieved” 0.86 tons per acre of ginger with net profit of INR 75,361 per acre and 1.16 tons per acre of bottle gourd earning net profit of INR 5,051 per acre.

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Segmental Information

India Agrivoltaics Market - By Crop

Based on Crop, India Agrivoltaics Market is divided into Vegetables, Fruits, Crops and Others. The crops segment dominates the India Agrivoltaics market. The escalating occurrence of severe weather conditions exerts a more significant influence on agriculture than on nearly any other economic domain. These conditions may include periods of excessive heat and drought or sudden and destructive hailstorms. This is where photovoltaic systems come into play. They offer protection to crops by mitigating excessive sun exposure, preventing dehydration, and intercepting hailstones to minimize damage.

Impact of COVID-19 on India Agrivoltaics Market

The impact of the COVID-19 pandemic on the market was minimal, primarily because the market had not yet achieved widespread commercialization. This emerging concept is still not widely adopted by farmers and lacks sufficient supporting data. In contrast, the COVID-19 pandemic significantly disrupted the Indian renewable solar and power sector, affecting supply chains and businesses, and posing a significant obstacle to the transition to sustainable energy. The renewable energy sector faces several challenges, including weak power demand from industrial and commercial customers, high transmission and distribution losses, delayed payments from state-owned power distribution companies, and lending bottlenecks.

Competitive Landscape

The India Agrivoltaics Market is fragmented, with numerous players serving the market. The key players dominating the India Agrivoltaics market include Gujarat Industries Power Company Ltd, Abellon CleanEnergy Limited, Mahindra Susten Private Limited, Jain Irrigation Systems Ltd, and WTWH Media, LLC. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the India Agrivoltaics Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Agrivoltaics Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Agrivoltaics Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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