According to Fortune Business Insights, the global Solar Carport Market size is projected to grow from USD 415.63 Million in 2022 to USD 889.95 Million in 2030 at CAGR of 10.4% during forecast period.
Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The global solar carport market size was valued at USD 415.63 million in 2022 and is expected to reach a valuation of USD 443.96 million in 2023. The market is expected to reach USD 889.95 million by 2030 with a CAGR of 10.4% during the forecast period. One of the leading applications of solar technology, solar carports provide shade and protection for vehicles and charging for electric vehicles. An increasing number of government incentives for the adoption of solar energies is set to drive market growth. Fortune Business Insights™ shares this information in its report titled “Solar Carport Market, 2023-2030.” Carport Company
June 2022- Maruti Suzuki installs Asia’s largest 20 MWp solar carport in their plant at Manesar. The initiative will contribute 28,000 MWH2 annually to the company’s energy requirements.
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Solar Carport Market Size, Share & COVID-19 Impact Analysis, By Type (One-Row Vehicle Arrangement Carport, Two-Row Vehicle Arrangement Carport, and Two-row Dual Slope Vehicle Arrangement Carport), By Capacity (Less than 500 kW, 500 kW to 1 MW, and Above 1 MW), By Design (T-frame Structures and V-frame Structures), By Application (Commercial and Others) and Regional
Increasing Government Initiatives And Incentives To Drive Market Trajectory
North America solar carport market is also set to grow due to increasing number of electronic vehicles.
Increasing Government Initiatives And Incentives To Drive Market Trajectory
Increasing government initiatives and incentives is expected to drive solar carport market growth. Various governments and local authorities offer incentives and support for renewable energy projects, including solar carports. Numerous corporations have been shifting towards solar energy to reduce the carbon emissions which is expected to drive the product demand. Integration of these carports with energy storage systems opens up new market opportunities for the market industry.
However, space and structural constraints along with structural considerations is anticipated to hinder market development.
Travel Restrictions And Social Distancing Measures Led To The Delay Of Various Solar Carport Projects
The pandemic led to disruptions in global supply chains which affected the production and delivery of solar components and equipment. Due to lockdowns, travel restrictions and social distancing measures led to the delay of various solar carport projects. Some of the government had redirect their resources and attention causing delays or changes in renewable energy policies and incentives.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Two-Row Dual Slope Vehicle Arrangement To Lead Due As It Is Best Suited For Commercial Use
On the basis of type, the market is segmented into one-row vehicle arrangement carports, two-row vehicle arrangement carports, and two-row dual slope vehicle arrangement carports. Two-row dual slope vehicle arrangement to lead as it is best suited for commercial use as it occupies less space and can accommodate multiple vehicles.
Above 1 MW Had th Highest Share Due To Increasing Use in Commercial Sector
Based on capacity, the market is segmented into less than 500 KW, 500 KW to 1 MW, and above 1 MW. Above 1 MW accounted for highest share as it is majorly in commercial sector.
T-Frame To Lead Due To Major Adoption In Commercial Spaces
Based on design, the market is segmented into T-frame and V-frame. The T-frame is dominating due to major adoption in commercial spaces such as multi-story car parks and paid-for parking for customers.
Commercial Segment To Lead Due To Major Adoption Of Product In Various Institutions
Based on application, the market is segmented into commercial and other applications. The commercial segment is dominating due to adoption of product in institutions, including hotels and restaurants, educational institutes, healthcare facilities, and sports complexes.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Europe is leading region in the global solar carport market share due to increasing number of products by the commercial solar developers. These offerings are set for large project sizes and significant electricity savings. Furthermore, the market is growing due to the growing awareness of solar energy and its advantages.
North America solar carport market is also set to grow due to increasing number of electronic vehicles.
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Key Market Players Have Been Meeting The Demand In The Commercial And Industrial Sectors
The market is equipped with small and medium-sized key market players and they have been offering solar carports according to multiple applications. Key market players have been meeting the increasing demand for solar carports in the commercial and industrial sectors.
A List of Key Manufacturers Operating in the Global Market:
For example, Technology Co.Ltd (China)
Kokko Shisetsu Kogyo Co., Ltd (Japan)
Positive Energy Solar (U.S.)
SunPower Corporation (U.S.)
Quest Renewables, Inc. (U.S.)
Xiamen Mibet New Energy Co., Ltd (China)
KDC Solar LLC (U.S.)
Two-row dual slope vehicle arrangement Carport
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1. Introduction
2. Executive Summary
3. Market Dynamics
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.5. Impact of COVID-19 on the Solar Carport Market
5. Global Solar Carport Market (USD Million) Analysis, Insights, and Forecast, 2019-2030
5.2. Market Analysis, Insights and Forecast – By Design
5.3. Market Analysis, Insights and Forecast – By Capacity
5.4. Market Analysis, Insights and Forecast – By Type
5.4.3. Two-row dual slope vehicle arrangement Carport
5.5. Market Analysis, Insights and Forecast – By Application
5.6. Market Analysis, Insights and Forecast – By Region
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