Solar Carport Market to Grow at CAGR of 10.07% through 2033; Surge in Demand for Sustainable & Renewable … – GlobeNewswire

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Newark, April 16, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 493.84 million in 2023 global solar carport market will reach USD 1,289.07 million by 2033. Integrating energy storage systems with solar carports presents a significant opportunity for the market. Energy storage technologies, such as batteries, allow solar energy developed during the day to be stored and utilized during periods of low sunlight, cold weather or high electricity demand, enhancing grid stability and enabling greater energy self-consumption for businesses and institutions. Importantly, advancements in Internet of Things (IoT) technology and smart grid infrastructure offer opportunities to develop smart carport solutions. Smart carports can incorporate sensors, data analytics, and automation to optimize energy production, monitor system performance, and dynamically adjust charging schedules for electric vehicles, improving overall efficiency and user experience. Furthermore, emerging financing models, such as solar leases, power purchase agreements (PPAs), and green bonds, make solar carports more accessible and affordable for businesses, municipalities, and institutions. These financing mechanisms reduce upfront capital costs and allow customers to pay for solar carport installations through long-term contracts or financing arrangements, driving market expansion.

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Additionally, hybrid renewable energy systems that unite solar power renewable energy sources with other, such as wind or biomass, present new opportunities for the solar carport market. By diversifying energy sources and optimizing resource utilization, hybrid systems can enhance energy reliability, reduce dependency on fossil fuels, and maximize energy yield in diverse geographical regions. Moreover, emerging markets and industry verticals, including healthcare, education, hospitality, and transportation, present untapped opportunities for solar carport installations. These sectors can benefit from reduced energy costs, enhanced sustainability, and regulatory compliance, driving increased adoption of solar carports globally.

Report Scope and Segmentation –

Report Coverage Details
Forecast Period 2024-2033
Forecast CAGR 10.07%
2033 Value Projection USD 1,289.07 Million
Market Size in 2023 USD 493.84 Million
Historical Data 2020-2022
No. of Pages 238
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered by Type, Vehicle Arrangement, Capacity, Application, Regions
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Solar Carport Market Growth Drivers Rising Awareness of Renewable Energy

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Key Insight of the global Solar Carport market

Asia Pacific is expected to witness the highest market growth over the forecast period.

The Asia Pacific region is experiencing rapid economic growth, driving increased demand for energy. As countries in this region continue to industrialize and urbanize, there is a growing need for sustainable energy solutions to meet rising energy demand while minimizing environmental impact. In addition, the region is experiencing rapid growth in the EV (electric vehicle) market, driven by government incentives, environmental regulations, and consumer awareness. Solar carports can serve as convenient and sustainable charging infrastructure for EVs, further driving their adoption and growth in the region. Importantly, the Asia Pacific region has abundant solar resources, including high solar irradiance levels in many areas. This abundance of sunlight makes solar energy an attractive and viable option for electricity generation, providing a strong foundation for the growth of the solar carport market. Furthermore, the Asia Pacific region is undergoing fast urbanization and population growth, boosting the need for infrastructure and energy services. Solar carports offer a dual benefit by providing renewable energy generation and parking infrastructure, making them well-suited for urban environments with limited space. Additionally, emerging nations in the Asia Pacific region, such as Japan, China, India and others, present significant growth opportunities for the solar carport market. These nations invest hugely in renewable energy infrastructure to resolve energy security concerns, reduce reliance on fossil fuels, and mitigate climate change.

In 2023, the T-shape solar carports segment held the largest market share at 41.83% and a revenue of 206.57 million.

The type segment is split into cantilever solar carports, T-shape solar carports, semi cantilever solar carports and others. In 2023, the T-shape solar carports segment held the largest market share at 41.83% and a revenue of 206.57 million.

In 2023, the two-row vehicle arrangement carports segment dominated the market with the largest share of 62.79% and revenue of 310.08 million.

The vehicle arrangement segment is divided into one-row vehicle arrangement carports and two-row vehicle arrangement carports. In 2023, the two-row vehicle arrangement carports segment dominated the market with the largest share of 62.79% and revenue of 310.08 million.

In 2023, the above 1MW segment dominated the market with the largest share of 45.31% and revenue of 223.76 million.

The capacity segment includes less than 500 kW, 500 kW to 1MW and above 1MW. In 2023, the above 1MW segment dominated the market with the largest share of 45.31% and revenue of 223.76 million.

In 2023, the commercial segment dominated the market with the largest share of 76.35% and revenue of 377.04 million.

The application segment is classified into residential, commercial and others. In 2023, the commercial segment dominated the market with the largest share of 76.35% and revenue of 377.04 million.

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Advancement in market

In July 2023: Brightworks Energy, a forward-thinking provider of sustainable energy solutions, joined forces with Audi Oakville, a leading Audi dealership, to pioneer Canada’s inaugural solar canopy project. This groundbreaking initiative significantly advances electric vehicle (EV) charging by incorporating cutting-edge bifacial solar panel technology.
In April 2023: iSun, Inc., a prominent player in the solar energy and clean mobility infrastructure sector, leveraging over five decades of experience in driving the adoption of cutting-edge electrical technologies, has disclosed securing a notable contract. Valued at USD 7.7 million, this contract entails the provision of a 2.2 MW solar carport to a major financial institution situated at a singular site in Ohio, USA.

Market Dynamics

Driver: Corporate sustainability initiatives.

Numerous corporations and institutions increasingly embrace sustainability as a core value, actively pursuing avenues to minimize their carbon footprint. One notable approach gaining traction is the installation of solar carports, which is a tangible manifestation of their dedication to renewable energy and environmental stewardship. By incorporating solar carports into their infrastructure, these entities showcase their commitment to leveraging clean energy sources while addressing climate change and resource depletion concerns. This proactive step aligns with broader sustainability goals and underscores a genuine commitment to fostering a greener future.

Restraint: Maintenance and durability.

Solar carports demand consistent maintenance to uphold their performance and longevity effectively. Various factors like dust, debris, and bird droppings tend to accumulate on the solar panels, gradually diminishing their efficiency over time. Consequently, routine cleaning becomes imperative to mitigate this decline and ensure optimal energy generation. Moreover, solar carports are exposed to environmental elements such as wind, hail, and snow, posing durability challenges. To counter these threats, they require robust construction and protective measures. Reinforced materials and structural designs are necessary to withstand harsh weather conditions and safeguard the integrity of the solar carport system.

Opportunity: Emerging markets and industries.

Emerging markets and industries, including healthcare, education, hospitality, and retail, offer promising opportunities for the widespread adoption of solar carport installations. These sectors stand to gain numerous benefits, such as cost savings, improved brand reputation and compliance with sustainability regulations. Moreover, implementing solar carports can significantly reduce energy costs for businesses operating within these sectors. Organizations can substantially lower their reliance on traditional grid-based electricity by converting solar energy to power their facilities and operations, resulting in significant long-term savings. In addition, adopting solar carports demonstrates a dedication to sustainability, which can boost brand image and appeal to environmentally conscious consumers. In today’s increasingly eco-aware market, consumers are more likely to support businesses that prioritize environmental responsibility, thereby driving customer loyalty and attracting new clientele. Also, many governments and regulatory bodies are implementing stringent sustainability regulations and incentives to encourage businesses to reduce their carbon footprint. By installing solar carports, healthcare, education, hospitality, and retail companies can ensure compliance with these regulations while capitalizing on available incentives and tax benefits. Overall, the potential benefits of solar carport installations make them attractive investments for businesses across various emerging markets and industries, positioning them as a viable and sustainable solution for energy needs while fostering positive environmental and economic outcomes.

Challenge: Grid infrastructure and integration challenges.

One significant technical challenge is ensuring grid stability, as fluctuations in solar power output can impact the all-around harmony between electricity supply and demand. This challenge becomes more pronounced with higher penetrations of solar generation, requiring advanced grid management strategies to maintain stability. Furthermore, voltage regulation is another critical consideration when integrating solar carports into the grid. Fluctuations in voltage levels caused by variations in solar output can disrupt the operation of electrical equipment and compromise grid reliability. Utilities may also face logistical challenges in accommodating distributed solar generation from numerous individual solar carport installations. This aspect may require upgrades to existing infrastructure, such as transformers and distribution lines, to handle the increased capacity and variability of solar generation.

Some of the major players operating in the global Solar Carport market are:

• ANTAI Technology Co., Ltd.
• Baja Carports
• Bluetop Solar Parking
• Brightworks
• Cenergy Power
• Envision Solar
• EvoEnergy
• Ecolibrium Solar
• Enova
• FlexiSolar
• Green Choice Solar
• Hanergy Solar
• Hangzhou Huading New Energy Co., Ltd.
• Hanwha Q Cells
• Inovateus Solar
• iSun Inc.
• Kokam Co., Ltd.
• KDC Solar
• Mibet New Energy
• Martifer Solar
• Mp-tec
• Orion Solar Racking
• Orix Corporation
• Orion Carport Systems and Construction Inc.
• Positive Energy Solar
• Patriot Solar Group
• Paladin Solar
• Paired Power, Inc.
• Premier Carports
• Phoenix Solar AG
• Quest Renewables
• RenEnergy UK
• RBI Solar Inc.
• Solar Electric Supply
• Solaire Generation
• Solarsense UK Limited
• SunPower Corporation
• Schletter
• SunEdison
• SolarCity (Tesla)
• Tata Power Solar Systems Ltd.
• Upsolar Group
• Versol Solar
• Xiamen Sunforson Power Co., Ltd.

Key Segments cover in the market:

By Type

• Cantilever Solar Carports
• T-shape Solar Carports
• Semi Cantilever Solar Carports
• Others

By Vehicle Arrangement

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

By Capacity

• Less than 500 kW
• 500 kW to 1MW
• Above 1MW

By Application

• Residential
• Commercial
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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