Solar Carport Market

Solar Carport Market Synopsis

The Global Solar Carport Market was valued at USD 467.2 million in 2023 and is expected to grow from USD 510.3 million in 2024 to USD 1,1321.1 million by 2033, reflecting a CAGR of 9.2% over the forecast period.

The solar carport industry is expanding rapidly along with other segments in solar and electric vehicle infrastructure. Solar carports are elevated and covered with photovoltaic panels, often found in parking areas to give shade and harness solar energy. Roof gardens are used for both saving space and helping fulfill goals in renewable energy. The reasons for growth in this market are more people using clean energy, favorable policies from the government, plans by businesses to be more sustainable and a boost in electric vehicle sales which requires extra charging infrastructure. Big adopters include businesses, schools and municipalities, because solar carports lessen energy bills and display a commitment to the environment.

Solar Carport Market Driver Analysis

Growing Demand for Renewable Energy

Solar carports are being installed more often because of the growing importance of clean energy in fighting carbon emissions. With rising worry about the environment and climate, governments, companies and consumers are moving to use energy that is kinder to the planet. Solar power, due to being emission-free and renewable, is an important way to reach carbon neutrality targets and fulfill terms of the Paris Accord. Putting solar panels above vehicle parking with solar carports is an easy-to-install and space-saving approach in cities and on commercial land.

Solar Carport Market Restraint Analysis

Structural and Design Limitations

Due to certain parking lot and building rules, installing solar carports cannot always be done, hindering the rise of this sector. Deploying a solar carport successfully requires the area to be spacious, the carport to face the sun and conditions allowing it to be installed without affecting the ground. Due to the age or style of many older or urban areas, parking lots may not be even, may have fewer spots than necessary or may be cluttered by trees, utility poles or surrounding buildings, so solar panels are not convenient. The rules governing the construction and placement of solar carports can differ greatly from one region to another because of building codes, zoning and permits. Having to obey restrictions and fit within limited areas can make the project tougher, take longer and boost expenses which leads fewer people to adopt the technology in regulated or poor space conditions.

Solar Carport Market Opportunity Analysis

Integration with Smart Grids and Energy Storage

A solar carport can be paired with battery energy storage solutions to help people depend less on the grid and keep it stable. With energy storage, the solar-generated electricity can serve its purpose in peak demand, during outages or to supply energy at night. This both relies less on the electricity grid and helps people cut their energy bill by drawing less power when rates are high. In addition, collected solar energy can be sent to the grid to even out energy supply and help prevent too much stress on the electrical system. The combination is especially helpful for companies and towns because it provides dependable electricity and helps meet environmental goals.

Solar Carport Market Trend Analysis

Use of Bifacial and High-Efficiency Panels

Due to new technologies, the amount of energy that solar carports can provide is increasing, making them more attractive and affordable. Lightweight solar panels, panels capable of using light from both their top and bottom surfaces and ones that follow the sun are allowing more solar electricity to be generated in each square meter. Converting solar power into usable electricity with less energy loss is now possible because of improved inverters. Energy management systems are now able to do real-time monitoring, help with energy usage and assist with scheduling when maintenance needs to be done. They allow solar carports to perform better and result in lower overall costs for energy which encourages their use in both public and commercial sectors.

Solar Carport Market Segment Analysis

The Solar Carport Market is segmented on the basis of Design Type, Vehicle Arrangement, and Application.

By Design Type

o   T-Shape

o   L-Shape

o   V-Shape

o   Y-Shape

By Vehicle Arrangement

o   One-Row

o   Double-Row

By Application

o   Residential

o   Commercial

o   Industrial

o   Other Applications

By Region

o   North America (U.S., Canada, Mexico)

o   Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

o   Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

o   Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)

o   Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

o   South America (Brazil, Argentina, Rest of SA)

By Design Type, T-Shape Segment is Expected to Dominate the Market During the Forecast Period

The design types discussed in this research study, the T-shape segment is expected to account for the largest market share of solar carport market in the forecast period. The T-shaped design of these structures includes a single support column and panels on the sides which helps avoid blockages and makes the most of available space. It is chosen often in spacious commercial and institutional parking lots, because optimizing space for cars and generating power from sunlight matters a lot there. The easy-to-install, cost-effective design draws many administrators to choose wireless access points for use in huge quantities. Besides, the T-shape format helps with expansion and allows simple inclusion of EV charging and battery storage which draws more interest from companies aiming for sustainability in infrastructure.

By Vehicle Arrangement, the One-Row Segment is Expected to Held the Largest Share

The one-row segment is likely to dominate the market. The reason for its dominant use is that it is suitable for many properties, especially in office or apartment buildings, where there isn’t much room and where parking areas are simply laid out in a line. Compared to multi-row solar carports, one-row spaces are much easier to set up and involve fewer parts and less money at the start. Their small design lets them be easily placed into existing parking spaces without big changes. Standalone applications like schools, small offices and local shops use them to achieve the best balance between using renewable energy and looking after their budgets.

By Application, the Commercial Segment is Expected to Held the Largest Share

By application, the commercial segment is expected to hold the largest share of the solar carport market during the forecast period. The growth comes from more businesses, retail centers, office complexes and industrial facilities relying on sustainable energy. Big commercial companies can gain solar power and protection from the sun for employees and clients by installing carports in their huge parking lots. Financial benefits, for example, tax credits, lowered energy expenses and a better reputation thanks to responsible operations, motivate companies in the commercial sector.

Solar Carport Market Regional Insights

Asia Pacific is Expected to Dominate the Market Over the Forecast period 

Asia Pacific is expected to dominate the solar carport market over the forecast period, driven by rapid urbanization, strong government support for renewable energy, and increasing demand for sustainable infrastructure. China, Japan, India and South Korea are spending billions on solar energy to make up for their fast-growing energy demands and lower their use of fossil fuels. In addition, China and Japan have put in place ambitious solar goals and programs that motivate people to install solar panels on carports at commercial, industrial and public venues. Adding to this, the rise in electric vehicle (EV) sales in the region increases the demand for solar carports that offer EV charging stations. Because of the large population, more focus on the environment and carbon reduction promises, solar carports are becoming very popular in the region. Infrastructure development is on the rise in both developed and developing countries in the region and Asia Pacific is expected to lead in both the global number and global value of projects.

Recent Development

In April 2023, iSun, Inc. announced that it has secured a 2.2 MW contract to deliver a solar carport system for one of the largest financial institutions in the United States, located in Ohio. This project marks a significant step in expanding iSun’s electric vehicle (EV) infrastructure footprint into the Ohio market.

In January 2023, SunPower entered into a new agreement with Metonic to provide solar energy solutions for the Millennium Apartments in California. The project will feature around 2,200 solar panels, 18 solar carports, and multiple electric vehicle charging stations. In addition to supporting sustainability goals, the EV charging infrastructure could offer an additional revenue stream for the developer.

Active Key Players in the Solar Carport Market

o   SolarEdge

o   Array Technologies

o   SunPower

o   E3 Solar

o   GreenParking Solutions

o   Carport Solar

o   Shoals Technologies Group

o   SolarWorld

o   Akea

o   New England Solar Garden

o   Distributénergie

o   SunModo

o   Other Key Players

Global Solar Carport Market Scope