Government Initiative to Promote the Global Solar Farm Market

Solar farm market is anticipated to grow at a CAGR of 14.5% during the forecast period (2024–2031). The solar farm market is expected to grow exponentially in the future, attributed to the increasing support by state-run organizations to develop and deploy solar projects in their respective regions. Major fossil fuel-dependent economies and developing regions are focusing on strengthening their solar-based energy production to diversify electricity production sources, reduce fossil fuel dependence, enhance energy security resources, and achieve carbon emission targets. Further, the push by several governments is based on the decreasing cost of PV (photovoltaic) cells and related infrastructure, which has enabled governments to invest in projects aligned towards providing electricity in remote areas and powering larger government infrastructure through solar energy.

Browse the full report description of “Solar Farms Market Size, Share & Trends Analysis Report by Type (Utility-scale, Community Scale, Distributed Generation, Microgrids, and Others), and by End-User (Residential, Commercial, and Industrial) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/solar-farms-market

Recent Developments

• In March 2024, SJVN Ltd, a Mini Ratna, Category-I and Schedule ‘A’ Central public sector enterprise under the administrative control of the Ministry of Power, Government of India, received Letters of Award for the development of Solar Power Projects of capacity 1,352 MW in Maharashtra. The projects will be developed through SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of SJVN, in four districts of the state, namely, Nashik, Solapur, Ahmednagar, and Pune. Chairperson & Managing Director, SJVN, Smt. Geeta Kapur has informed that these solar projects will be developed under Mukhya Mantri Saur Krushi Vahini Yojana 2.0, of the Government of Maharashtra.

• In June 2023, the US Environmental Protection Agency (EPA) launched a $7.0 billion grant competition as part of President Biden's Investing in America initiative to boost access to affordable, resilient, and clean solar energy for millions of low-income homes. Residential distributed solar energy would reduce family energy costs, provide high-quality jobs in underserved places, promote environmental justice, and address the climate issue. The Solar for All competition, created by the Inflation Reduction Act's Greenhouse Gas Reduction Fund (GGRF), will expand the number of low-income and disadvantaged communities primed for residential solar investment by awarding up to 60 grants to states, territories, Tribal governments, municipalities, and eligible nonprofits to create and expand low-income solar programs that provide financing and technical assistance.

Market Coverage  

· The market number available for 2024-2031 

· Base year: 2023 

· Forecast period: 2024-2031 

· Segment Covered- 

o By Type

o By Solution

· Regions Covered- 

o North America 

o Europe 

o Asia-Pacific 

o Rest of the World

• Competitive Landscape: Adani Group (Adani Green Energy Ltd.), AES Corp., Brookfield Corp. (Brookfield Renewable Partners LP), Canadian Solar Inc., and EDF Renewables among others.

Key questions addressed by the report 

• What is the market's growth rate? 
• Which segment and region dominate the market in the base year? 
• Which segment and region will project the fastest growth in the market? 
• Who is the leader in the market? 
• How are players addressing challenges to sustain growth? 
• Where is the investment opportunity? 

Global Solar Farm Market Report Segment 

By Type

• Utility-scale
• Community Scale
• Distributed Generation
• Microgrids
• Others (Agrovoltaic Systems, Floating Solar Farms)

By End-User

• Residential 
• Commercial 
• Industrial

Global Solar Farm Market Report Segment by Region 

North America 

· United States 

· Canada 

Europe 

· UK 

· Germany 

· Italy 

· Spain 

· France 

· Rest of Europe 

Asia-Pacific 

· China 

· India 

· Japan 

· South Korea 

· Rest of Asia-Pacific 

Rest of the World 

· Latin America

· The Middle East and Africa

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