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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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TIER IV’s AI Pilot system certified for Level 4 autonomous bus service in Nagano Prefecture

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53 mins ago

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October 31, 2024

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TOKYO, Oct. 30, 2024 /PRNewswire/ — TIER IV, the pioneering force behind the world’s first open-source software for autonomous driving, is proud to announce Level 4*1 certification for the AI Pilot*2 system powering an autonomous bus service in Shiojiri, Nagano Prefecture. This certification marks the first-ever Level 4 certification in Japan to operate up to 35 km/h on public roads shared by pedestrians and general traffic, specifically along the route between Shiojiri Station and Shiojiri City Hall.

Developed by TIER IV, AI Pilot comprises the open-source software Autoware*3, sensors, a computer and an in-vehicle infotainment system, and it can be integrated into various vehicle models.

The recent Shiojiri certification is part of TIER IV’s ongoing support for the Japanese government’s drive to promote the deployment of autonomous vehicles nationwide, and it follows Level 4 certification secured at GLP ALFALINK Sagamihara in October 2023. TIER IV also continues to develop a certification framework as a solution for partners developing autonomous driving systems, contributing significantly to the rollout of autonomous driving.

“In Japan, it is increasingly difficult to sustain regional public transportation amid population decline and an aging society,” said TIER IV founder and CEO Shinpei Kato. “At TIER IV, we are committed to addressing these challenges with autonomous driving technology. The Level 4 certification in Shiojiri represents a major step forward in these efforts. Looking ahead, we will continue to drive research, development and proof of concept (PoC) tests to accelerate the widespread rollout of autonomous solutions.”

“Our city is striving to make the community safer and more convenient with next-generation transportation,” said Takashi Momose, mayor of Shiojiri City. “Since 2020, we have been partnering with TIER IV to explore autonomous driving services and conduct PoC tests. Last year, we began testing the TIER IV Minibus for Level 4 autonomous driving services. With the recent certification, we are nearing the implementation of Level 4 autonomous driving on public roads. Moving forward, we will continue working closely with TIER IV to promote Level 4 services. We hope this effort will spark a nationwide rollout, offering alternative transportation options that will help to reduce traffic accidents and revitalize local public transit.”

Residents of Shiojiri City have expressed great anticipation for the autonomous buses, with comments such as, “I’m thrilled to see autonomous driving and digital transformation progressing in Shiojiri, and I can’t wait to use the buses regularly,” “I hope efforts like this continue to create a more convenient transportation system,” “I fully support this initiative,” and “It’s an honor for us as citizens to use an autonomous bus that represents such advanced technology and dedication.”

*1 In Japan, Level 4 is considered to be fully driverless autonomous driving, which means that a vehicle can handle most driving situations independently, under specific conditions, on public roads.
*2 AI Pilot is a registered trademark of TIER IV.
*3 Autoware is a registered trademark of the Autoware Foundation.

About TIER IV

TIER IV stands at the forefront of deep tech innovation, pioneering Autoware, the world’s first open-source software for autonomous driving. Harnessing Autoware, we build scalable platforms and deliver comprehensive solutions across software development, vehicle manufacturing, and service operations. As a founding member of the Autoware Foundation, we are committed to reshaping the future of intelligent vehicles with open-source software, enabling individuals and organizations to thrive in the evolving field of autonomous driving.

Media Contact
pr@tier4.jp

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SOURCE TIER IV, Inc.

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Hyundai Motor Reveals Bold and Efficient Hydrogen FCEV Concept Previewing New Design Language

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2 hours ago

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October 31, 2024

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Hyundai unveils its INITIUM hydrogen fuel cell electric concept vehicle, reinforcing its clear commitment to hydrogen mobility and sustainabilityThe concept showcases the company’s new design language ‘Art of Steel’ and reflects the Hyundai Motor’s customer-centric approachTargeted driving range of over 650km[1] with a maximum motor output of 150 kWINITIUM previews new production FCEV coming in the first half of 2025Hyundai Motor to showcase INITIUM at the LA Auto Show and Auto Guangzhou in November 2024

SEOUL, South Korea, Oct. 30, 2024 /CNW/ — Hyundai Motor Company today unveiled its INITIUM hydrogen fuel cell electric vehicle (FCEV) concept at its ‘Clearly Committed’ event held at Hyundai Motorstudio Goyang.

INITIUM is a Latin word meaning ‘beginning’ or ‘first’, representing Hyundai Motor’s status as a hydrogen energy pioneer and its commitment to develop a hydrogen society.

INITIUM provides a preview of a new production FCEV that Hyundai Motor plans to unveil in the first half of next year. The concept encapsulates the company’s 27 years of hydrogen technology development and reflects its clear commitment to achieving a sustainable hydrogen society.

This unique hydrogen fuel cell-powered SUV concept also marks the debut of Hyundai Motor’s new design language – called ‘Art of Steel’ – embodying the character of HTWO, Hyundai Motor Group’s dedicated hydrogen value chain business brand.

“Hyundai Motor’s clear, unwavering commitment to hydrogen over the past 27 years is rooted in our belief in its potential as a clean, accessible and therefore fair energy source for everyone,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “We are dedicated to pioneering a future where hydrogen is used by everyone, in everything, and everywhere. We invite you to join us on this journey.”

What is Hyundai’s new ‘Art of Steel’ design language?

At the unveiling, SangYup Lee, Executive Vice President and Head of Hyundai and Genesis Global Design, presented the INITIUM concept and Hyundai’s new ‘Art of Steel’ design language.

“Our challenge began from the manufacturing stage, where we pushed the formability of steel to the extreme to create a form of art,” Lee said. “With INITIUM, we’ve crafted a more SUV-like design that is both solid and safe, reflecting our dedication to our customers through ‘customer-centric design’.”

INITIUM’s iconic design integrates the HTWO symbol, representing Hyundai Motor’s vision for a future driven by hydrogen. The ‘+’ inspired graphic as part of INITIUM’s lighting signature blends with the bumper, creating a distinctive FCEV-specific design cue marked by unique lighting, solid volumes and refined elegance.

INITIUM’s distinct SUV-like aesthetic seamlessly integrates city living functionality with outdoor adventure capability with its bold lines and solid structure, balancing sturdiness and sophistication. The concept’s 21-inch wheels complement the overall design, with the vehicle’s rugged roof rack adding practicality for those with both urban and outdoor lifestyles.

INITIUM advances FCEV performance, comfort and safety

INITIUM’s development focused on three primary aspects: superior driving range and enhanced performance, which are key strengths of hydrogen cars; a spacious interior and luggage area, making it ideal for families; and unique convenience and safety features distinctive to hydrogen cars.

Hyundai Motor fitted INITIUM with aerodynamic wheels to reduce drag wrapped in low rolling resistance tires, for a targeted driving range of more than 650 km between refueling (estimated driving range calculated with Hyundai Motor’s target fuel economy, when tested with 18-inch tire).

As for performance, INITIUM offers excellent acceleration and smooth overtaking capability. By further developing Hyundai’s fuel cell technology the company has increased the output of the stack and enhanced battery capacity, allowing for an electric motor output of up to 150 kW. This ensures drivers experience smooth driving in urban areas and at higher speeds on highways.

INITIUM delivers an impressive level of interior space and versatility suitable for a family SUV, with a large living space for second-row passengers that features seat backs with a large reclining angle for increased comfort. INITIUM’s wide body and large rear-door opening angle enhance convenience for rear-seat passengers when getting in and out of the car.

INITIUM includes a FCEV-specific route planner that addresses one of the biggest pain points for FCEV buyers: charging infrastructure. With this feature, users can easily plot an optimal route, finding charging stations along the way without having to access a separate app or make a phone call. Users can check the location accessibility and operating status of an identified charging station, as well as the number of waiting vehicles and therefore the possibility of charging.

Hyundai Motor plans to showcase INITIUM at the Los Angeles Auto Show and Auto Guangzhou in November, further solidifying its position in the global market as a hydrogen mobility leader. The production version of the INITIUM concept is set to launch in the first half of 2025.

[1] Estimated driving range calculated with Hyundai Motor’s target fuel economy, when tested with 18-inch tire.

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SOURCE Hyundai Motor Company

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OpenSSL Forms Business Advisory Committees: Shape the Future – Join Now!

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October 31, 2024

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NEWARK, Del., Oct. 30, 2024 /PRNewswire/ — The OpenSSL Foundation (primarily focused on non-commercial communities) and the OpenSSL Corporation (primarily focused on commercial communities) are pleased to announce the formation of Business Advisory Committees (BAC), inviting our communities – Distributions, Committers, Small Businesses, Large Businesses, Individuals, and Academics – to actively engage in shaping the future of OpenSSL. These advisory bodies are critical in enhancing our governance structure, ensuring that the decisions reflect the diverse stakeholders involved and that our Mission and Values stay aligned with the community’s needs.

On November 4, OpenSSL officially opens nomination for:

OpenSSL Foundation Business Advisory CommitteeOpenSSL Corporation Business Advisory Committee

Community members who are actively engaged with OpenSSL and for whom we have contact information will receive an invitation email to register for participation in the OpenSSL Communities and the right to participate in the Advisory Committee elections.

If you did not receive an invitation and would like to register as a community member, please create your account here or contact us at communities@openssl.org.

Upcoming Timeline

Registration: Open nowNomination: Opens November 4, 2024 (for four weeks)Voting Period: Opens December 2, 2024 (for two weeks)

Business Advisory Committees: Formation Process

Registration: Companies, groups, projects, or individuals register as community members of their respective communities.Nomination: Each community nominates individuals to represent them. Self-nominations are welcome, but community-backed nominations are encouraged.Candidate Vetting: Nominees will provide a brief statement explaining how they plan to represent the community on the BAC, which will be included when they are announced as candidates.Voting Period: Registered members of each community will vote online.
The voting period will last two weeks.Announcement: Elected representatives will be publicly announced with their profiles and vision statements.

Engagement and Impact

“We are pleased to see the enthusiasm around the BACs, as elected members will have significant influence in shaping OpenSSL’s direction,” noted Matt Caswell, President of the OpenSSL Foundation. “Each BAC will meet regularly online, with an annual in-person meeting in Europe at the OpenSSL Conference to address important issues and provide crucial updates. For transparency, meeting minutes will be published, and an annual report will capture the committee’s activities and recommendations, helping to guide decisions in line with OpenSSL’s Mission and Values, which are fundamental to our work, while keeping the communities informed and engaged.”

“Being on an OpenSSL BAC offers an opportunity to shape the future of a critical security project that impacts businesses worldwide,” said Tim Hudson, President of the OpenSSL Corporation. “Members will have significant influence on key decisions, helping to align actions with both business needs and OpenSSL’s Mission and Values, which are central to our work. They also gain valuable visibility and connections within the open-source and security communities. It is a chance to make a meaningful impact.”

For more information about the definition of our communities and the function of the Business Advisory Committees refer to the OpenSSL Communities website or contact us at communities@openssl.org.

Contact:
OpenSSL Foundation and OpenSSL Corporation
***@openssl.org

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SOURCE OpenSSL

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