Solar Carport Market: Current Analysis and Forecast (2023-2030)

A solar carport is a structure designed to cover and protect vehicles while also harnessing solar energy through photovoltaic panels mounted on its roof. These innovative structures serve a dual purpose by providing shade and shelter for cars, while simultaneously generating clean, renewable electricity. Solar carports are becoming increasingly popular due to their numerous benefits. Not only do they offer a sustainable solution for generating power, but they also help reduce carbon emissions and lower electricity costs for businesses and homeowners. Additionally, solar carports contribute to the overall aesthetic appeal of a property, showcasing a commitment to environmental responsibility and modern technology.

The Solar Carport Market is expected to grow at a strong CAGR of 9.2% during the forecast period owing to the rising sales of solar panels and increasing investment in the renewable sector. By utilizing underutilized space for solar energy production, these structures maximize the efficiency of land use and promote a greener future. Overall, solar carports represent a smart and eco-friendly investment that combines functionality, sustainability, and energy efficiency in a single innovative solution. The market dynamics are influenced by various factors, including increasing solar panel installations globally, government initiatives promoting solar energy adoption, and the growing demand for electric vehicle charging stations.

Countries all around the world are heavily investing in renewable energy in order to meet their renewable energy targets, and the solar energy market is one of the prominent sources of energy that has seen a massive boom in the last decade. For instance, in the USA, one of the leading nations for solar power, solar has experienced an average annual growth rate of 33% in the last decade alone. Thanks to strong federal policies like the Solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sectors for clean electricity, there are now more than 140 gigawatts of solar capacity installed nationwide, enough to power 25 million homes.

Based on Type, the Solar Carport market is divided into T-shape and Cantilever segments. The Cantilever segment acquired a majority share in the Solar Carport market and is expected to showcase a higher growth rate during the forecast period. These are the most common type of solar carports and have a single column supporting the structure, leaving one side without any support. They are ideal for narrow spaces and can accommodate multiple vehicles. Moreover, These also include Semi-cantilevered solar carport structures that feature two columns supporting the structure instead of just one, offering added support and stability. This makes them a perfect choice for larger commercial installations. Thus, the increasing adoption of semi-cantilever solar carports in applications such as large parking lots, educational institutions, and corporate campuses is propelling the segment's growth.

Based on the application, the solar carport market is divided into residential, commercial, and Other segments. The commercial segment has acquired a majority share in the solar carport market and is expected to showcase a substantial growth rate during the forecast period. Commercial solar carports constitute a huge development for outdoor parking areas of commercial and industrial structures. Shopping centers, educational institutions, supermarkets, corporate buildings, and EV charging stations all over the world are predicted to install solar carports during the coming years. Moreover, commercial solar carports provide benefits such as enhanced parking experience for employees and customers, along with free advertising carriers. It boosts the company's green credentials. The numerous advantages of solar carports and rising sanctions on companies to reduce carbon emissions are expected to improve the segment's growth.

For a better understanding of the market adoption of the Solar Carport industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S.A., and the Rest of North America), Europe (Germany, Netherlands, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Rest of World. APAC registered the highest market share in the Solar Carport market and is expected to witness an influential CAGR in the forecasted period. This is mainly owing to many Solar carport projects taking place in China, India, Australia, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. For instance, In Australia, the Australian government will provide AUD 14 million to support 5B's AUD 33.4 million strategic technology innovation project through the Australian Renewable Energy Agency. In Japan, the Japanese government allocated 8 billion yen in the 2021 national budget to support the introduction of independent solar power generation equipment and storage batteries including electric vehicles through on-site PPA; and in India, the Government of India announced an additional capital infusion of Rs. 10 billion to the Solar Energy Corporation of India and Rs.15 billion to the Indian Renewable Energy Development Agency.

Some of the major players operating in the market include SunPower Corporation, Palmetto, Sunrun, SolarEdge, Orion Carport, Baja Carports, Solar Carports Direct, Quest Renewables, Inc., SunEdison., and Envision Solar.