According to the Comprehensive Report on the Global Solar Carport Market, Size, Share, Growth Analysis, Product and Application Insights for Industry Forecast 2023-2030,the solar carport market, valued at USD 509.3 million in 2021, is projected to experience substantial growth, with forecasts reaching USD 770.01 million by 2030, showcasing a compelling Compound Annual Growth Rate (CAGR) of 4.7%.
Positioned at the intersection of renewable energy and parking infrastructure, the solar carport industry is harnessing the sun’s power to revolutionize electricity generation while simultaneously providing essential shade and shelter for parked vehicles.
Amid a global embrace of sustainability, the solar carport market is on a robust upward trajectory, offering a multitude of advantages, including reduced carbon emissions, cost-effective energy solutions, and a significant push towards clean energy adoption.
Global Solar Carport Market Segmental Insights
A comprehensive segmentation of the solar carport market considers type, application, design, and region. Notably, the one-row vehicle arrangement carport emerges as a standout choice for its simplicity and effectiveness. This versatile structure can be seamlessly attached to existing buildings or function independently, making it a prime option for smaller parking areas.
In terms of applications, non-profit organizations have taken the lead in the market due to their ability to rapidly install solar garage systems with minimal upfront costs, making a substantial contribution to the segment’s growth.
Global Solar Carport Market Regional Highlights
North America has made significant strides in the solar carport market, exemplified by Six Flags Entertainment’s creation of California’s largest solar carport, solidifying their position as renewable energy leaders in the entertainment industry. The United States, in particular, is witnessing a surge in solar energy awareness and adoption.
In Europe, pioneering developments are taking place, with companies like Schindler Clean Energy Systems specializing in solar carports and powering electric vehicles. The combination of extended carports and commercial energy storage systems is providing a robust solution to meet the growing demand for electric cars.
Asia Pacific is fostering various solar projects, particularly in countries like India and Singapore, contributing to the expansion of the solar carport market. Sustainable energy practices are also gaining traction in the Middle East, with countries such as the United Arab Emirates and Saudi Arabia setting ambitious green energy targets.
Global Solar Carport Market Dynamics
Drivers: The solar carport market is being driven by the increasing popularity of solar energy. Growing awareness of solar power as a free and renewable resource with diverse applications is fueling the adoption of solar carports. These structures offer practical benefits, including protection from adverse weather conditions and the conversion of unproductive spaces into sustainable investments. Solar carports in off-grid areas, especially those equipped with electric vehicle charging points, are making a significant contribution to market growth.
Restraints: Challenges facing the solar carport market include high installation and maintenance costs, which may act as a deterrent to potential adopters. Adverse weather conditions, such as cloudy and rainy days, can impact the efficiency of solar carports. Additionally, the cost of storing solar energy in battery cells and the need for secure storage solutions present further hurdles to market expansion.
Global Solar Carport Market Competitive Landscape
The solar carport market is marked by fragmentation, with numerous small players catering to various countries. The increasing demand from the commercial building and construction sector is driving competition in the global carport market.
Solar Carport Market Recent Developments
In January 2022, Antai Technology Co. Ltd achieved a significant milestone by shipping a total of 5,036 MW of solar racking, establishing a record-high market share in the mainstream market.
The global shift towards cleaner energy sources is fueling the demand for electric vehicles (EVs). Solar carports are emerging as a promising solution to provide covered parking spaces equipped with canopies to shield EVs from sunlight. These carports offer an eco-friendly approach to EV charging by combining clean solar energy with user convenience. As the popularity of electric vehicles continues to grow, the installation and acceptance of solar carports are expected to rise in tandem to meet the energy demands of EVs.
Global Solar Carport Market Analysis
The flexibility and versatility of solar carports, which can generate electricity for domestic use and grid credits, are contributing to market expansion. Solar energy is becoming an integral part of the energy mix, further propelling the market’s growth. Additionally, the optimal placement of solar panels in solar carports enhances their effectiveness, making them a preferred choice for sustainable energy solutions.