Dublin, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Solar Carport Market Size, Share, Growth Analysis, By Product, By Application - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Solar Carport Market, which was valued at USD 509.3 million in 2021, is poised for remarkable growth, with projections soaring to USD 770.01 million by 2030, reflecting a compelling Compound Annual Growth Rate (CAGR) of 4.7%.
This burgeoning industry, at the crossroads of renewable energy and parking infrastructure, is harnessing the power of the sun to revolutionize the way we generate electricity while providing essential shade and shelter for parked vehicles.
As the world embraces sustainability, the solar carport market is on an upward trajectory, offering an array of benefits, including reduced carbon emissions, cost-effective energy solutions, and a significant push towards clean energy adoption.
Global Solar Carport Market Segmental Insights
The solar carport market can be dissected through a comprehensive segmentation that considers type, application, design, and region. Among the types, the one-row vehicle arrangement carport stands out with its simplicity and effectiveness. This versatile structure can be attached to existing buildings or stand independently, making it a prime choice for small parking areas.
In terms of applications, non-profit organizations have emerged as leaders in the market due to their ability to swiftly install solar garage systems with minimal upfront costs, contributing significantly to the segment's growth.
Global Solar Carport Market Regional Highlights
North America has made substantial strides in the solar carport market, exemplified by Six Flags Entertainment's creation of the largest solar carport in California, solidifying their position as renewable energy leaders in the entertainment industry. The United States, in particular, is experiencing a surge in solar energy awareness and adoption.
Europe is witnessing pioneering developments, 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, especially 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 like the United Arab Emirates and Saudi Arabia setting ambitious green energy targets.
Global Solar Carport Market Dynamics
Drivers
The solar carport market is propelled by the growing popularity of solar energy. The increasing awareness of solar power as a free and renewable resource with diverse applications is driving the adoption of solar carports. These structures offer practical benefits such as protection from adverse weather conditions and the conversion of unproductive spaces into sustainable investments. Furthermore, solar carports in off-grid areas, especially those equipped with charging points for electric vehicles, contribute significantly to market growth.
Restraints
Challenges faced by the solar carport market include high installation and maintenance costs, acting as a deterrent to potential adopters. Adverse weather conditions, such as cloudy and rainy days, can impact the effectiveness 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 characterized by its 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 milestone by shipping a total of 5,036 MW of solar racking, establishing a record-high market share in the mainstream market.
Market Trends
The global shift towards cleaner energy sources is driving 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, contribute 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.
A selection of companies mentioned in this report includes
- Envision Solar
- Solaire Generation
- SunPower Corporation
- Phoenix Solar AG
- Schletter Inc.
- Kokko Shisetsu Kogyo Co. Ltd.
- Martifer Solar
- Orion Solar Racking
- SolarCity Corporation
- Hanergy Holding Group Ltd.
- SunEdison Inc.
- S: FLEX GmbH
- Anyo New Energy
- Green Choice Solar
- Suncorp Energy
- Biohaus PV Handels GmbH
- Solibro GmbH
- Meridian Solar
- Solarsense UK Ltd.
- Terra Solar
For more information about this report visit https://www.researchandmarkets.com/r/915xwk
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