Pune, India, Dec. 06, 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. Solar carports are widely adopted in various sectors such as commercial and industrial facilities, parking lots, and residential complexes. Integration of such carports with energy storage is set to drive market growth. Growing demand for renewable sources of energy to reduce carbon emissions is also set to propel the product demand. Fortune Business Insights™ shares this information in its report titled “Solar Carport Market, 2023-2030.”
Key Industry Development:
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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| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 10.4% |
| 2030 Value Projection | USD 889.95 Million |
| Base Year | 2022 |
| Market Size in 2022 | USD 415.63 Million |
| Historical Data for | 2019-2021 |
| No. of Pages | 210 |
| Segments covered | 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 |
| Growth Drivers | Integration Of The Systems In Energy Storage Systems To Drive Market Trajectory |
| Flexisolar Has Built Commercial Solar Carports For Bentley Motors' Manufacturing Center |
Drivers and Restraints:
Integration Of The Systems In Energy Storage Systems To Drive Market Trajectory
Integration of the systems in energy storage systems is expected to drive solar carport market growth. The installations of such carports have been increasing as they are more scalable and modular. The flexibility has made them suitable for numerous applications and site requirements. For example, in April 2023, Six Flags partnered with Solar Optimum & with DSD Renewables for the installation of a 12.37 MW solar-based carport and battery storage system in Los Angeles.
However, space and structural constraints along with structural considerations is anticipated to hinder market development.
COVID-19 Impact:
Uncertainty Due to Pandemic Affected The Confidence Of Solar Developers And Investors
The pandemic led to disruptions in global supply chains due to lockdowns, travel restrictions, and social distancing measures. Some governments redirected their resources and diverted their attention on pandemic which delayed various projects. Uncertainty around policy support affected the confidence of solar developers and investors.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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Report Coverage:
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.
Solar Carport Market Segmentation:
Two-Row Dual Slope Vehicle Arrangement To Lead As It Is Widely Used
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 one of the widely used solar carports.
Above 1 MW Had Th Highest Share Due To High Number Of Installations
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 due to their high number of installations across commercial sector.
T-Frame To Lead Due To Major Adoption In Multi-Story Car Parks
Based on design, the market is segmented into T-frame and V-frame. The T-frame is dominating due to high rate of adoption in multi-story car parks and paid-for parking for customers.
Commercial Segment To Lead Due To Major Adoption Of Product In Commercial 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.
Regional Insights:
Europe is leading region in the global solar carport market share due to growing due to the growing awareness of solar energy and its advantages. The increase in the production of electronic vehicles is an important factor boosting the market growth in Europe.
With rising number of research activities in countries such as China, India, and Japan in the Asia Pacific region is expected to exhibit a higher growth rate during the forecast period.
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Competitive Landscape:
Flexisolar Has Built Commercial Solar Carports For Bentley Motors' Manufacturing Center
Market players have been focusing on meeting the demand for solar carports across commercial and industrial sectors leading high competition. For instance, FlexiSolar has built commercial solar carports for Bentley Motors' manufacturing center in Crewe, Cheshire. It is one of the U.K.'s largest carports for solar energy. The company has used V-Frame Double Row Mono Pitch design which has an output of 2.7 MW and a supply of 24% of Bentley's electrical energy needs with the aim to reduce CO2 emissions by 3,300 tons annually.
A List of Key Manufacturers Operating in the Global Market:
- Tata Power (India)
- Antai Technology Co. Ltd (China)
- Kokko Shisetsu Kogyo Co., Ltd (Japan)
- Cenergy Power (U.S.)
- Positive Energy Solar (U.S.)
- CHIKOUSA (U.S.)
- RenEnergy Ltd. (U.K.)
- SunPower Corporation (U.S.)
- Flexisolar (U.K.)
- Schletter (Germany)
- Quest Renewables, Inc. (U.S.)
- Xiamen Mibet New Energy Co., Ltd (China)
- EvoEnergy (U.K)
- KDC Solar LLC (U.S.)
- Enova (UAE)
Solar Carport Market Segmentation:
By Type:
- One-Row Vehicle Arrangement Carport
- Two-Row Vehicle Arrangement Carport
- Two-row dual slope vehicle arrangement Carport
By Design:
- T-frame structures
- V-frame structures
By Capacity:
- Less than 500 kW
- 500 kW to 1 MW
- Above 1 MW
By Application:
- Commercial
- Others
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Solar Carport Market
5. Global Solar Carport Market (USD Million) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Design
5.2.1. T-frame structures
5.2.2. V-frame structures
5.3. Market Analysis, Insights and Forecast – By Capacity
5.3.1. Less than 500 kW
5.3.2. 500 kW to 1 MW
5.3.3. Above 1 MW
5.4. Market Analysis, Insights and Forecast – By Type
5.4.1. One-Row Vehicle Arrangement Carport
5.4.2. Two-Row Vehicle Arrangement Carport
5.4.3. Two-row dual slope vehicle arrangement Carport
5.5. Market Analysis, Insights and Forecast – By Application
5.5.1. Commercial
5.5.2. Others
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Latin America
5.6.5. Middle East & Africa
Continued…
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