June 25, 2024

Solar Carport Market Size Will be USD 1,173.6 Million by 2033

The global solar carport market size is projected to be worth around USD 1,173.6 million by 2033 from USD 458.7 million in 2023, notable at a CAGR of 9.90% from 2024 to 2033.

Key Takeaways

  • North America contributed more than 32% of market share in 2023.
  • Asia-Pacific is estimated to expand the fastest CAGR between 2024 and 2033.
  • By application, the commercial segment has held the largest market share of 76% in 2023.
  • By application, the residential segment is anticipated to grow at a remarkable CAGR of 11.4% between 2024 and 2033.
  • By type, the T-shape segment generated 42% of market share in 2023.
  • By type, the semi-cantilever segment is expected to expand at the fastest CAGR over the projected period.
  • By vehicle arrangement, the two-row vehicle arrangement carports segment generated over 63% of the market share in 2023.
  • By vehicle arrangement, the one-row vehicle arrangement carports segment is expected to expand at the fastest CAGR over the projected period.

Solar Carport Market Size 2024 To 2033

Introduction

The Solar Carport market is witnessing a surge in prominence as the world seeks innovative solutions to address energy needs while reducing carbon footprints. A Solar Carport integrates solar panels into the structure of a carport, providing dual functionality by offering covered parking spaces while harnessing solar energy. This synergy between renewable energy and infrastructure aims to contribute to sustainable urban development and combat the environmental impact of traditional parking facilities. As the global focus on clean energy intensifies, the Solar Carport market is poised for substantial growth.

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Growth Factors

The growth of the Solar Carport market is fueled by multiple factors. Increased environmental consciousness, coupled with a growing emphasis on sustainable urban planning, is driving the adoption of solar carports as an eco-friendly alternative to conventional parking structures. Advancements in solar technology, including increased efficiency and reduced costs of solar panels, have enhanced the feasibility and attractiveness of solar carport solutions. Furthermore, supportive government initiatives, such as incentives, subsidies, and favorable regulations promoting renewable energy adoption, are accelerating the market’s expansion. As businesses and institutions prioritize renewable energy integration, solar carports present a viable solution to meet sustainability goals.

Solar Carport Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 9.90%
Global Market Size in 2023 USD 458.7 Million
Global Market Size by 2033 USD 1,173.6 Million
U.S. Market Size in 2023 USD 102.75 Million
U.S. Market Size by 2033 USD 267.7 Million
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Application, By Type, and By Vehicle Arrangement
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Recent Developments

  • In April 2023, The Port Authority of New York and New Jersey (PANYNJ) reveals a partnership with TotalEnergies to initiate the construction of New York’s most extensive solar carport project at John F. Kennedy International Airport in 2023.
  • In June 2022, Maruti Suzuki installs Asia’s largest 20 MWp solar carport at their Manesar plant, contributing 28,000 MWH2 annually to the company’s energy needs.
  • In January 2022, Antai Technology Co. Ltd achieves a groundbreaking milestone by shipping 5,036MW of solar systems, securing a significant share in the major solar industry market.
  • In April 2021, Sol Systems completes 6.5MW of solar arrays across seven Walmart stores in California, incorporating rooftop and parking lot carport solar panels. The energy generated will exclusively cater to the retail stores. Sol Customer Solutions, a joint venture with Capital Dynamics, developed the portfolio, with construction commencing in 2020.

Solar Carport Market Dynamics

Drivers

Several drivers propel the Solar Carport market forward. One of the primary drivers is the need for clean and renewable energy sources to mitigate climate change. Solar carports contribute to the reduction of greenhouse gas emissions by generating clean electricity to power both electric vehicles and conventional grid systems. The rising popularity of electric vehicles (EVs) is also a significant driver, as solar carports provide a convenient and sustainable charging infrastructure. Additionally, the resilience and adaptability of solar carports in diverse geographic locations make them an attractive solution for businesses, municipalities, and institutions seeking to enhance their environmental stewardship while meeting practical needs.

Restraints

Despite its promising outlook, the Solar Carport market faces certain restraints. High upfront costs associated with the installation of solar carports may deter potential adopters, especially in regions with limited financial incentives or subsidies. Challenges related to land availability and zoning regulations can also hinder widespread implementation. Intermittency in solar energy generation due to weather conditions poses a challenge that necessitates the integration of energy storage solutions for consistent power supply. Overcoming these restraints requires addressing cost barriers, advocating for supportive policies, and investing in technological advancements to improve the efficiency and reliability of solar carport systems.

Opportunity

The Solar Carport market presents a unique opportunity to align sustainable practices with functional infrastructure. The integration of solar carports into urban and commercial spaces not only addresses energy needs but also creates a visible commitment to environmental responsibility. The market offers opportunities for collaboration between solar technology providers, construction companies, and urban planners to develop customized solutions that cater to specific energy and parking requirements. As the demand for electric vehicles continues to rise, solar carports can play a pivotal role in establishing comprehensive and sustainable charging ecosystems.

Region Snapshot

The adoption of Solar Carports varies across regions, influenced by factors such as sunlight availability, regulatory support, and the prevalence of electric vehicles. In regions with abundant sunlight, such as parts of North America, the Middle East, and Australia, solar carports are gaining traction as viable renewable energy solutions. Government incentives and mandates in Europe, particularly in countries like Germany and the Netherlands, are driving the adoption of solar carports. Emerging markets in Asia, including China and India, are witnessing increased interest as urbanization and environmental concerns prompt a shift towards sustainable infrastructure. Regional dynamics, combined with the global push for renewable energy, position the Solar Carport market as a dynamic and evolving sector with considerable growth potential.

Read Also: Precision Viticulture Market Size to Reach USD 4,160 Million by 2033

Solar Carport Market Companies

  • Envision Solar
  • SunPower Corporation
  • Solar Electric Supply
  • Solaire Generation
  • Martifer Solar
  • Schletter Inc.
  • Orion Solar Racking
  • SolarCity (now part of Tesla)
  • Hanwha Q Cells
  • Phoenix Solar AG
  • Quest Renewables
  • Kokam Co., Ltd.
  • Ecolibrium Solar
  • Carport Solar
  • Premier Carports

Segments Covered in the Report

By Application

  • Residential
  • Commercial
  • Others (Government Agencies, Non-profit Organizations)

By Type

  • Cantilever Solar Carports
  • T-shape Solar Carports
  • Semi Cantilever Solar Carports
  • Others (Portable Solar Carports, Customized Solar Carports)

By Vehicle Arrangement

  • One-row Vehicle Arrangement Carports
  • Two-row Vehicle Arrangement Carports

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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