Global Solar Carport Market Size, Share, Growth Analysis, By Product(commercial, non-profit), By Application(cantilever design and W-frame design) - Industry Forecast 2024-2031

Global Solar Carport Market size was valued at USD 533.24 million in 2022 and is poised to grow from USD 558.30 million in 2023 to USD 806.20 million by 2031, growing at a CAGR of 4.70% during the forecast period (2024-2031).

A solar carport canopy offers shading for parking spaces and presents an alternative to traditional rooftop solar panel installations by being separate structures. This type of solar system not only shades parked vehicles but also elevates solar panels for increased efficiency. Similar to ground-mounted solar panels, solar carports utilize angled panel modules on the ground without the need for additional land, making them advantageous in space utilization. With heightened efficiency compared to ground-mounted panels, solar carports are a viable option for maximizing space while minimizing constraints, driving their preference in various scenarios. As awareness of solar energy benefits grows, particularly in terms of flexibility and electricity generation with battery storage, the solar carport market continues to expand, fueled by factors such as optimized panel placement and market development associated with solar car advantages.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global 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 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.

Drivers of the Global Solar Carport Market

The primary catalyst behind this market's growth stems from the heightened awareness regarding the significance of solar energy. Solar energy, being both free and renewable, boasts a plethora of applications. Additionally, factors propelling market expansion include the practicality of solar carports across various climates. In colder regions, municipalities utilize these structures to shield vehicles from ice and snow, simultaneously mitigating the need for extensive planning. Conversely, in warmer climates, carports offer a cooler alternative to direct sunlight exposure. Furthermore, solar carports present an opportunity to repurpose unutilized spaces into sustainable investments, offering an avenue to integrate solar power seamlessly into properties without structural alterations, while also serving as sheltered parking spaces. Moreover, the integration of charging points for electric vehicles further enhances the appeal. Notably, the market is also driven by the necessity for energy solutions in off-grid areas, where solar carports serve as an invaluable resource.

Restraints in the Global Solar Carport Market

The substantial upfront investment required for installing solar carports, coupled with the ongoing expenses associated with maintenance, presents a notable obstacle to the expansion of the market. Beyond financial considerations, factors such as the vulnerability of solar carports to adverse weather conditions pose additional challenges. During cloudy or rainy periods, the efficacy of these structures in harnessing solar energy diminishes, impacting their overall utility. Moreover, the expense of storing solar energy in battery cells further adds to the cost burden, necessitating careful consideration of both investment and logistical factors, including suitable storage locations to prevent damage from moisture.

Market Trends of the Global Solar Carport Market

As the global transition towards cleaner energy sources gains momentum, the demand for electric vehicles (EVs) is surging, necessitating the expansion of infrastructure like charging grids. Solar carports, which provide covered parking equipped with canopies to shield EVs from sunlight, emerge as a promising solution. Offering versatility, clean energy, and convenience, solar carports integrate level 2 charging stations, catering to both individual parking lots and large commercial spaces. As EVs become increasingly popular, the installation and uptake of solar carports are poised to escalate, addressing the escalating energy needs of electric vehicles.