United Kingdom Agrivoltaic Market
United Kingdom Agrivoltaic Market Size Booming at Robust CAGR of 12% to Touch USD 284 Million by 2029
Published | 11 April 2023
United Kingdom agrivoltaic market is gaining traction because of the increasing demand for renewable energy and sustainable agriculture practices in the country and rising awareness among farmers and landowners about the benefits of agrivoltaic systems.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the United Kingdom agrivoltaic market size at USD 128.96 million in 2022. During the forecast period between 2023 and 2029, the United Kingdom agrivoltaic market size is projected to grow at an impressive CAGR of 11.96% reaching a value of USD 283.83 million by 2029. The growing need for food production, decreased water use in agriculture, and higher efficiency of power production are all expected to contribute to the increased need to focus on tackling climate change as well as humanity issues using agrivoltaic solutions. These enhanced benefits are expected to drive the demand for agrivoltaics during the period in analysis.
United Kingdom Agrivoltaic Market – Overview
The term "Agrovoltaic" or "Agrivoltaic" refers to the combined development of a single land area for solar photovoltaic energy and agriculture, enabling the cohabitation of two important industries. Agrivoltaic structures have panels set on cables or structures that are a few meters above the ground to give access to agricultural equipment. Based on a mathematical model that uses information from the sensors located on the land, the system may also change the angle of the panels to increase their effectiveness.
United Kingdom Agrivoltaic Market – By Application
Based on application, the United Kingdom agrivoltaic market is segmented into electricity generation, crop production, and dual-use (electricity generation and crop production). Due to the growing emphasis on and investments in renewable energy sources as well as the increased need for solar energy to minimize carbon footprint, electricity generation makes up the largest portion of the UK agrivoltaic market. The crop production segment also covers a substantial market share owing to the rising demand for agricultural production as well as increasing concerns surrounding deforestation for creating farmlands.
Impact of COVID-19 on the United Kingdom Agrivoltaic Market
With millions of cases, the United Kingdom was among the countries that were most severely impacted by the COVID-19 pandemic. The pandemic, which led to the lockdown, had a detrimental effect on the expansion of the agrivoltaic business in the United Kingdom. During the lockdown, renewable energy initiatives were temporarily delayed in order to direct resources to the health sector. Additionally, the market expansion was constrained by the suspension of the supply chains, production, and importation of the cells and other components required to set up agrivoltaic systems.
Major players operating in the United Kingdom agrivoltaic market include Solarcentury Holdings Ltd, Lightsource BP, Eden Renewables, Solitude Solar Limited, Agrivert, Ecotricity, SolarTech Ltd, Sunstore Solar Ltd, Green Energy UK, and BNRG Renewables Ltd.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the United Kingdom Agrivoltaic Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United Kingdom Agrivoltaic Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- United Kingdom Agrivoltaic Market - By Cell Type (Monocrystalline, Polycrystalline); By Placement (Elevated Structures, Greenhouses or Shade Nets, Ground); By Application (Electricity Generation, Crop Production, Dual-Use (Electricity Generation & Crop Production)), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: April 2023
An increasing demand for renewable energy and sustainable agriculture practices in the United Kingdom and government support and incentives for solar energy and sustainable agriculture are expected to boost the growth of United Kingdom agrivoltaic market during the forecast period between 2023 and 2029.
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