PUBLISHER: SkyQuest | PRODUCT CODE: 1321827
PUBLISHER: SkyQuest | PRODUCT CODE: 1321827
Solar Carport Market size was valued at USD 509.3 million in 2021 and is poised to grow from USD 533.24 million in 2022 to USD 770.01 million by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).
The solar carport market is a growing industry that integrates renewable energy and parking infrastructure. Solar carports are covered structures fitted with solar panels on their rooftops, allowing them to generate electricity from sunlight while providing shade and shelter to parked vehicles. This sustainable solution appeals to commercial properties, public spaces, and residential complexes, offering multiple benefits like reducing carbon emissions, lowering energy costs, and promoting clean energy adoption. As the world embraces sustainable practices, the solar carport market is expected to experience significant expansion in the coming years.
Top-down and bottom-up approaches were used to estimate and validate the size of solar carport market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Solar Carport Market Segmental Analysis
The solar carport market is segmented on the basis of by type, by application by design, and by region. Whereas, by type is sub segmented into the One-row vehicle arrangement carport, two row single slope vehicle slope vehicle arrangement and two row dial slope vehicle arrangement. By application is sub segmented into the commercial, non-profit, and others. The design is sub segmented into the cantilever design and W-frame design. By region, the Solar Carport Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The growing popularity of solar energy is a significant catalyst for the solar carport market's expansion. Increased awareness about the importance of solar power, being a free and renewable resource with diverse applications, is driving the adoption of solar carports. In various climates, solar carports offer practical benefits such as protection from ice and snow in cold areas, while keeping vehicles cooler in warmer regions. Additionally, solar carports enable the conversion of unproductive spaces into sustainable and productive investments, providing solar power without altering existing properties. In off-grid areas, the use of solar carports also contributes to market growth, especially with the integration of charging points for electric vehicles.
The solar carport market faces challenges that hinder its growth, primarily stemming from the high costs associated with installation and maintenance. Initial investments for PV systems can be substantial, acting as a deterrent for potential adopters. Additionally, the vulnerability of solar carports to adverse weather conditions, such as cloudy and rainy days, impacts their effectiveness in providing shade and solar energy generation. Moreover, the expense of storing solar energy in battery cells and the need for secure storage solutions further add to the restraints faced by the market.
As the global shift towards cleaner energy gains momentum, the demand for electric vehicles (EVs) is steadily increasing. This surge in EV adoption calls for the development of robust charging infrastructure, including charging stations and grids. Solar carports emerge as a promising solution, providing covered parking spaces equipped with canopies that shield parked EVs from sunlight. These carports offer an efficient and eco-friendly approach to EV charging, combining clean solar energy with user convenience. In addition, many solar carports incorporate level 2 charging stations, catering to single parking lots or large commercial areas. As the popularity of electric vehicles continues to soar, the installation and acceptance of solar carports are expected to rise in tandem to meet the growing energy demands of EVs.