A solar farm is a massive accumulation of solar panels that absorb solar energy and convert it into electricity. This electricity is then transferred to the power grid for distribution consumption among customers suppliers. According to MarkNtel Advisors, the Global Solar Farm Market is anticipated to grow at a CAGR of around 18.50% during 2022-27. The most prominent factors driving the market are:

• Growing need to combat carbon emissions and minimize dependency on fossil fuels for electricity generation
• Extensive investments in several RD activities to develop cost-effective energy
• Technological advancements like Artificial intelligence (AI)-based maximum power point tracking algorithms in the solar industry
• Raising awareness among people regarding using renewable energy

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The leading players in the market include Brightsource Energy, Inc, First Solar, Inc., Gruppostg, Himin Solar Energy Group, Ja Solar Holdings Co. Ltd., Sharp Corporation, Shenzhen Topray Solar Co., Ltd., Tata Power Solar Systems Ltd., Trina Solar, and Wuxi Suntech Power Co., Ltd.

While the Covid-19 pandemic catastrophically affected most industries, the solar farm market did not observe any direct impact. In fact, the solar farm installations in 2020 were reported higher than in 2019. Initially, the market underwent slight delays due to supply chain disruptions a shortage of human power raw materials like Silicon, which hiked the overall manufacturing prices.

Yet, in the later quarters of 2020, with the swift resumption of solar projects due to the lockdown upliftment, the production, sales, shipment of solar materials increased. As a result, the global market witnessed significant growth amidst the crisis, and the same trend is likely to be followed in the coming years.

The Global Solar Farm Market expands across various regions like Asia-Pacific, Europe, South America, North America, and Middle East Africa. However, Europe is projected to witness the fastest market growth in the coming years. The most prominent factors backing the market growth are listed below:

• Progressing solar energy production to replace the use of fossil fuels
• A growing number of construction activities with Building Integrated Photovoltaics (BIPV) installations for electricity generation
• Stringent regulations by the governments of several European countries to reduce carbon emissions

On the other hand, Asia-Pacific is projected to continue its market dominance in the coming years due to the following key factors:

• Increasing installation of solar farms for electricity generation, especially across rural areas
• Various policies by the governments for tax benefits incentives associated with solar farm installations

Hence, all the factors cited above indicate that the Global Solar Farm Market is projected to witness significant growth and generate remunerative opportunities for the leading players in the market in the coming years.