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Agrivoltaics Market to Grow by USD 1.99 Billion (2024-2028) as Agrivoltaic Benefits Drive Growth; AI-Redefined Market Landscape Report – Technavio

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NEW YORK, Oct. 30, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global agrivoltaics market size is estimated to grow by USD 1.99 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.7% during the forecast period. Benefits of agrivoltaics is driving market growth, with a trend towards rising opportunities for agrivoltaics energy projects. However, limited commercial reach of agrivoltaics poses a challenge. Key market players include BayWa r.e. AG, Enel SPA, Insolight, Jacks Solar Garden, JinkoSolar Holding Co. Ltd., Mackin Energy Japan Co. Ltd., Mirai Solar, Next2Sun, Ombrea SAS, REM TEC srl, sandbox solar llc, SunAgri, Svea Solar, Tse Energy Ltd, and ZIMMERMANN PV-Agri.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Agrivoltaics Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 10.7%

Market growth 2024-2028

USD 1994.5 million

Market structure

Concentrated

YoY growth 2022-2023 (%)

8.3

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 36%

Key countries

US, Germany, China, France, and Japan

Key companies profiled

BayWa r.e. AG, Enel SPA, Insolight, Jacks Solar Garden, JinkoSolar Holding Co. Ltd., Mackin Energy Japan Co. Ltd., Mirai Solar, Next2Sun, Ombrea SAS, REM TEC srl, sandbox solar llc, SunAgri, Svea Solar, Tse Energy Ltd, and ZIMMERMANN PV-Agri

Market Driver

The agrivoltaics market is experiencing significant growth due to progressive policies and substantial investments in various countries. France leads the way, implementing the Act APER in March 2023, which supports solar power projects on farmlands while maintaining agricultural production. By 2050, France aims to reach 100 gigawatts of solar energy, with agrivoltaics playing a crucial role. The legal framework has already generated a market turnover of USD121 million and is instrumental in France’s goal of 40% renewable energy by 2030. Turkey is also advancing in agrivoltaics, with a new project under the ODTU-GUNAM Center for Solar Energy Research and Applications. This initiative focuses on developing crop-specific tracker systems, enhancing efficiency and productivity. The first agrivoltaics research project in Turkey was inaugurated in December 2023. These developments underscore the expanding opportunities in the global agrivoltaics market, driven by innovative policies, investments, and the dual benefits of solar energy and agriculture production. As more countries adopt similar frameworks, the agrivoltaics sector is set for substantial growth, contributing to sustainable energy and agricultural practices worldwide. This trend is expected to positively impact the market during the forecast period. 

Agrivoltaics, the fusion of agriculture and photovoltaics, is gaining momentum in the global market. This innovative approach allows for the co-location of solar panels and crop production, maximizing land use efficiency. Dual-use solar, also known as agrophotovoltaics, benefits various crop types, including vegetables, fruits, and even livestock grazing. Data analytics plays a crucial role in optimizing crop production and solar energy output. Soil moisture and water retention are enhanced through rainwater harvesting and the use of organic and chemical fertilizers. Agrivoltaics addresses soil degradation, food crisis, and power crisis concerns. Fixed solar panels and dynamic agrivoltaics, featuring microcrystalline, polycrystalline, and monocrystalline PVs, are utilized in diverse agricultural landscapes. Translucent photovoltaic technology supports grassland farming and horticulture. The energy transition towards sustainable farming practices increases crop efficiency, food demand satisfaction, and biodiversity preservation. Utility-scale solar farms and ground-mounted PV plants employ array configurations like fixed and single-axis tracking, monofacial and bifacial solar panels. Agrivoltaics: a sustainable solution for the future of agriculture and solar energy. 

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 Market Challenges

The global agrivoltaics market is currently facing challenges in achieving widespread commercial adoption due to the limited variety of crops and agricultural settings tested in pilot projects. In India, for instance, agrivoltaics pilots primarily focus on a narrow range of crops and specific farming conditions. A major concern among farmers is the potential reduction in crop yield due to shading from solar panels. While some pilot projects have reported increased yields for certain crops like medicinal crops and leafy vegetables, the overall acceptance of agrivoltaics remains cautious. Crops such as pepper, coffee, cardamom, brinjal, cabbage, tomato, potato, beans, lentils, geranium, spices, medicinal plants like chili, cumin, aloe vera, lemon grass, and coriander have been tested in India. However, the commercial scalability of these projects is constrained by the specific requirements of different crops. To overcome these challenges, it is essential to expand the scope of agrivoltaics research to include a broader range of crops and diverse agricultural settings. This will help in identifying optimal conditions for various crops and enhance the commercial viability of agrivoltaics systems. Addressing these limitations is crucial for the global agrivoltaics market to achieve its full potential and contribute to sustainable agricultural and energy solutions. The limited commercial reach of agrivoltaics will negatively impact the market during the forecast period.Agrivoltaics, the fusion of solar energy and agricultural practices, presents exciting opportunities for renewable energy production and agricultural output. However, implementing this innovative solution comes with challenges. Utility-scale solar farms and ground-mounted PV plants require careful array configuration, with options between fixed and single-axis tracking systems. Monofacial solar panels versus bifacial or translucent photovoltaic technology impact crop yields and land efficiency. For farmers, integrating Agrivoltaics into grassland farming, horticulture, and indoor farming can provide dual-revenue streams. Yet, challenges include pollinator habitat, carbon sequestration, and greenhouse gas emissions. Solar panels can influence microclimate, affecting crop types like root crops. Dynamic panels versus fixed panels impact solar energy generation and agricultural productivity. Irrigation solutions, energy demand, transmission losses, cold storage, and market challenges related to renewable capacity and agricultural output also need consideration. Tracking equipment and soil sensors are essential for optimizing Agrivoltaics, addressing climate change, and ensuring sustainable farming practices. By overcoming these challenges, Agrivoltaics can contribute to a more sustainable future, balancing energy production and agricultural productivity while minimizing environmental impact.

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Segment Overview

This agrivoltaics market report extensively covers market segmentation by

Type 1.1 Fixed panel1.2 Dynamic panelApplication 2.1 Outdoor farming2.2 Indoor farming2.3 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Fixed panel- Fixed panel agrivoltaics is a growing segment in the agrivoltaics market, where solar panels are installed at a fixed angle above agricultural land to optimize solar energy capture. These systems are elevated above the ground, enabling farmers to continue their agricultural activities below. Fixed panel installations are common in large-scale projects exceeding 5 MW due to their simplicity in design and installation, as well as their cost-effectiveness. The integration of solar panels with agriculture provides shade, improving animal welfare and supporting the growth of permanent flora and grassland, which can be used for grazing. Fixed panel systems also offer economic benefits by providing farmers with an additional revenue stream from energy production. Their ability to protect crops from harsh weather conditions and maximize land use efficiency makes them a popular choice for regions with limited arable land. The ongoing development and optimization of fixed panel agrivoltaics systems are expected to drive further adoption, contributing to sustainable energy production and agricultural resilience. In summary, fixed panel agrivoltaics systems offer practical and efficient solutions for integrating solar energy production with agriculture, enhancing land use efficiency, supporting agricultural productivity, and providing economic benefits. These factors will continue to drive the growth of the fixed panel agrivoltaics segment and the agrivoltaics market as a whole.

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Research Analysis

Agrivoltaics, also known as agricultural photovoltaics, is an innovative approach that combines solar energy production with agricultural practices. This system allows the co-location of ground-mounted PV plants and crops, maximizing land efficiency. The array configuration can be fixed or use single-axis tracking to optimize solar energy production. Monofacial solar panels are commonly used in agrivoltaics. Crop yields can benefit from the shade provided by solar panels, particularly for root crops and other temperature-sensitive plants. Agrivoltaics also offers advantages in water management, with potential for rainwater harvesting and soil moisture retention. Organic fertilizers can replace chemical fertilizers, reducing greenhouse gas emissions and mitigating soil degradation. In agro-based economies, agrivoltaics can contribute to climate change mitigation and renewable energy production. The microclimate created by the solar panels can help protect crops from extreme temperatures and droughts. Overall, agrivoltaics is a promising solution for increasing energy production while maintaining crop production and addressing food security concerns.

Market Research Overview

Agrivoltaics, the integration of solar energy production and agricultural practices, is revolutionizing the renewable energy landscape. By installing solar panels on agricultural land, farmers can generate electricity while maintaining crop yields and even enhancing land efficiency. Utility-scale solar farms and ground-mounted PV plants are common configurations for agrivoltaics, with array configurations including fixed and single-axis tracking. Monofacial and bifacial solar panels, translucent photovoltaic technology, and dynamic panels are used. Agrivoltaics benefits various agricultural practices such as grassland farming, horticulture, and indoor farming, while providing pollinator habitats and contributing to carbon sequestration and environmental conservation. Dual-revenue streams from energy production and agricultural output make agrivoltaics an attractive option for agro-based economies facing climate change. Agrivoltaics also addresses challenges like droughts, irrigation solutions, and energy demand, while reducing greenhouse gas emissions and transmission losses. Crop types and agricultural landscapes vary, with photovoltaics (PVs) used for dual-use solar, crop production, and soil moisture management. Organic and chemical fertilizers, soil sensors, data analytics, and crop types are all important considerations in agrivoltaics. The market faces challenges like renewable capacity expansion, agricultural output, tracking equipment, and soil degradation, but the potential benefits for food and power crises make it a promising solution for the energy transition and sustainable farming.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeFixed PanelDynamic PanelApplicationOutdoor FarmingIndoor FarmingOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Technology

MOIN Successfully Complete POC for Cross-Border Tuition Payments, Paving the Way for Solution Commercialization

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October 31, 2024

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SEOUL, South Korea, Oct. 30, 2024 /PRNewswire/ — MOIN, a leading cross-border remittance service provider, has successfully collaborated with Visa to address a long-standing challenge in cross-border payments: the inability to seamlessly transmit detailed non-financial data alongside financial transactions. The Proof of Concept (POC), developed in collaboration with Visa, enables enhanced transparency and efficiency in tuition payments for international students. Following the POC’s success, MOIN is now working towards the commercialization phase of the solution.

MOIN, known for its innovative approach to remittance services, has long specialized in offering cross-border payment solutions tailored to individuals and businesses. By combining MOIN’s expertise with Visa’s real-time money movement platform, Visa Direct, the POC sought to resolve the critical issue of limited data transmission in international payments. Currently, when cross-border payments are sent through traditional banking systems, the sender is restricted by the limited text field available within the SWIFT network, which often fails to capture vital information, such as student identification numbers or the purpose of payment. These limitations create inefficiencies in payment reconciliation and financial management, particularly for educational institutions that rely on accurate data for administrative processes.

The Solution: Comprehensive Data Transfer with Payments

The POC successfully demonstrated a new solution that allows for the transmission of comprehensive, detailed non-financial data alongside the financial transaction itself. For example, when an international student sends a tuition payment to a university, the transaction is now accompanied by essential details such as the student’s ID number, a description of the payment purpose (e.g., tuition, dormitory fees, meal plans), the expected delivery date, the exact amount, the applied foreign exchange (FX) rate, and the status of the transfer. This not only facilitates smoother and quicker financial management for universities but also improves the student’s administrative experience by minimizing payment-related delays.

MOIN acts as both the originating remittance service provider and the reconciliation entity, ensuring that the right data reaches the right parties at each step. Visa Direct’s secure and fast network plays a critical role in the transmission of both the funds and the associated data, overcoming the data transmission restrictions previously faced by the SWIFT network.

Addressing a Growing Market Need

With over 6.4 million international students globally and an estimated tuition payment volume of approximately $128 billion(Source : Project Atlas, 2023), there is a clear need for more efficient and transparent payment solutions. This newly tested POC addresses a significant market gap, providing universities with all the necessary information they need to accurately and efficiently reconcile incoming tuition payments. The benefits extend beyond educational institutions, offering improvements across various sectors where cross-border payments are crucial, including healthcare, housing, and business transactions.

MOIN’s Role and Expertise: A Dual Function in the POC

MOIN’s expertise and experience in cross-border remittance played a pivotal role in this POC, particularly in managing transactions involving international students. MOIN not only facilitated the sending of payments from students but also took on the additional responsibility of validating and reconciling the received payments at universities. Specifically, MOIN’s system allows universities to easily access transaction details tied to a unique reference ID through a user-friendly dashboard. This provides clear visibility into which student made the payment and the exact purpose of the funds, enabling universities to manage and reconcile payments efficiently. This dual role showcases MOIN’s ability to manage both sides of the transaction process—sending and receiving—while ensuring transparency and efficiency.

Visa Direct was integral to this success. It enabled faster, more cost-effective cross-border payments with the added benefit of carrying detailed transaction data. MOIN’s deep understanding of the needs of international students and educational institutions, particularly in Korea—one of the world’s largest markets for study abroad—helped tailor the solution to meet these unique requirements. As a result, the POC has proven that MOIN’s technical capabilities are not only on par with global payment industry standards but also lead the field in innovative remittance solutions.

Looking Ahead: Global Commercialization

Following the successful completion of the POC, MOIN is now focused on bringing this solution across markets with high penetration of overseas students. While the initial test was conducted between Korea and Europe, the commercialization phase will extend to markets in North America, Asia, and beyond. The POC has already attracted the interest of major global acquirers, who are preparing to join the new reconciliation payment network, further expanding its reach.

MOIN will continue to play a key role as both a sending and reconciliation partner in this network, demonstrating its ability to handle large-scale cross-border transactions with unmatched efficiency and accuracy. The company’s technological prowess has been solidified through this partnership, setting the stage for future collaborations with global payment and remittance firms.

A Word from MOIN’s CEO

MOIN’s CEO, ILSEOK SUH, expressed his enthusiasm for the success of the POC, stating, “This collaboration with Visa has allowed us to solve a critical issue in cross-border remittances and payments. The ability to seamlessly transmit detailed non-financial data alongside payments is a major step forward, not only for students and educational institutions but for the entire remittance and payments industry. We are excited to build on this success and continue expanding our global partnerships.”

SUH further added that MOIN is now positioned to broaden its partnerships globally, collaborating with a diverse range of companies and payment networks across different regions.

As the demand for more efficient, transparent, and cost-effective payment solutions continues to grow, MOIN’s expertise will remain at the forefront of this evolution.

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SOURCE Moin

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Just Flow Events & Marketing Grows Team with the Addition of Three New Staff Members

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October 31, 2024

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Just Flow Events & Marketing, a full-service strategic marketing agency, has expanded its Manchester-based team with the addition of three new staff members.

MANCHESTER, N.H., Oct. 30, 2024 /PRNewswire-PRWeb/ — Just Flow Events & Marketing, a full-service strategic marketing agency, has expanded its Manchester-based team with the addition of three new staff members.

The positive impact of having Mairead, Sarah and Heather on board is already noticeable. They each bring deep expertise, strategic marketing approaches and insightful ideas to the table. We are excited to elevate our client services with the addition of these integral team members.

Mairead Fregeau of Manchester serves as Account Manager, working closely with the agency’s clients to manage their marketing plans and strategies from inception to completion. She brings more than a decade of experience in public relations, social media and multichannel ad campaign content development to the role. Fregeau holds a Bachelor of Arts degree in Communications, with specializations in advertising and digital media, from Loyola University Maryland.

Sarah Harkness is Just Flow Events & Marketing’s Social Media Specialist. The Epsom resident executes and manages the social media marketing campaigns of the agency’s clients, including strategic development, graphic design and analytics. She has nearly five years of experience as a freelance social media specialist for local hospitality companies, in addition to serving as a kindergarten teacher. Harkness is a graduate of Plymouth State University with a Master of Education in Special Education. She also earned a Bachelor of Arts in Communications from Southern New Hampshire University.

Heather Lockwood of Auburn is the agency’s Marketing Coordinator. She supports the team by leveraging data-driven marketing strategies and executing the tactics that make them successful. She has more than 15 years of marketing experience, most recently as a Marketing Manager for a multi-rooftop dealership. Lockwood graduated from Southern New Hampshire University with Master of Science and Bachelor of Science degrees in Marketing.

“The positive impact of having Mairead, Sarah and Heather on board is already noticeable. They each bring deep expertise, strategic marketing approaches and insightful ideas to the table,” says Ami D’Amelio, CEO & President of Just Flow Events & Marketing. “We are excited to elevate our client services with the addition of these integral team members.”

To learn more about Just Flow Events & Marketing, visit justflownh.com.

About Just Flow Events & Marketing
Supporting clients since 2010, Just Flow provides event planning and management, strategic marketing and branding, social media management, website design development, graphic design, copywriting, and other related corporate communication services. Just Flow offers extensive experience in a variety of industries, including education, fine arts, healthcare and medical, high tech, hospitality and dining, manufacturing, membership organizations, professional services and more. With headquarters in downtown Manchester, the full-service agency provides services for clients across New Hampshire and throughout the Northeast. For more information, visit justflownh.com.

Media Contact

Ami D’Amelio, Just Flow Events & Marketing, 603-703-5588, ami@justflownh.com, https://justflownh.com/

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SOURCE Just Flow Events & Marketing

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BRICS Summit safeguards the stability of greater BRICS collaboration

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59 mins ago

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October 31, 2024

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BEIJING, Oct. 30, 2024 /PRNewswire/ — A news report by China.org.cn on the 16th BRICS Summit:

 

Recently, the 16th BRICS Summit concluded in Kazan, an ancient city by the Volga in Russia. As the bloc’s first meeting since its expansion of five new members in BRICS, the event drew attendees from more than 30 countries, safeguarding the stability of greater BRICS collaboration in the long run.

BRICS, first proposed as the term “BRICs” in 2001, has been evolving along the way. But the enlargement of BRICS membership last year, and the beginning of the greater BRICS cooperation have garnered much more attention from the international community than any previous iterations. Among them, many developing countries have spoken highly of it, which can be proven by over 30 countries wishing eagerly to join BRICS.

Data and examples speak for themselves. Nine years into the establishment of the New Development Bank, it has approved about 35 billion USD worth of loans. It was exactly such loans that funded over 100 projects including urban railway tracks in India and green wind power facilities in Brazil. Under the BRICS cooperation mechanism, Shanghai customs has opened “green lanes” for tangerines from South Africa, enabling clearance into China on the day of arrival; China launched the MisrSat-2 for Egypt, which has been fulfilling the latter’s needs in agriculture, forestry, urban construction and so on. The BRICS mechanism has achieved fruitful results in advancing South-South Cooperation and improving global governance.

After BRICS expanded its membership, the ten members together account for about 30% of global GDP, and one-fifth of global trade volume, and they sure will continue to function as a powerful driver of global economic growth.

China Mosaic 
http://chinamosaic.china.com.cn/index.htm
BRICS Summit safeguards the stability of greater BRICS collaboration
http://www.china.org.cn/video/2024-10/30/content_117515649.htm

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SOURCE China.org.cn

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