Solar Carport Market Research, 2032
The global solar carport market size was valued at $ 0.8 billion in 2022, and is projected to reach $1.7 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.
Report Key Highlighters
- The solar carport market growth studies more than 16 countries. The analysis includes a country-by-country breakdown analysis in terms of value ($million) available from 2022 to 2032.
- The research combined high-quality data, professional opinion, and research, with significant independent opinion. The research methodology aims to provide a balanced view of the global market, and help stakeholders make educated decisions to achieve ambitious growth objectives.
- The research reviewed more than 3,700 product catalogs, annual reports, industry descriptions, and other comparable resources from leading industry players to gain a better understanding of the market.
- The solar carport market share is marginally fragmented, with players such as Antai Solar, Enerparc, Ganges International, Mahindra Solarize, Positive Energy Solar, Reenergy, Schletter, Himzen, Quest Renewables, INC., and Mahindra Solarize. Major strategies such as contracts, partnerships, expansion, and other strategies of players operating in the market are tracked and monitored.
Impact of Russia-Ukraine War
The Russia-Ukraine war has the potential to significantly impact various industries, including the solar energy sector and projects such as solar carports. One immediate concern is the disruption of the global supply chain, as both Russia and Ukraine play crucial roles in supplying raw materials, components, and technologies essential for solar panels and related infrastructure. The interruptions in the supply chain could lead to delays or increased costs for solar carport projects. Moreover, the geopolitical uncertainty resulting from the conflict dampens investor confidence and financing for such projects, as investors adopt a more cautious approach amidst heightened instability. In addition, energy markets could experience volatility, affecting the price of fossil fuels and electricity, which in turn could influence the economic viability of solar energy projects, including carports.
Rise in Government Incentives
Solar carports and other renewable energy initiatives are supported and encouraged by numerous municipal and state governments. Tax credits, subsidies, discounts, and advantageous net metering laws are a few examples of these incentives that make PV carport installations financially appealing. For instance, a bill requiring solar panels in parking lots with at least 80 spaces was approved by the French Senate in 2020.
In July 2023, car parks with 80 to 400 spaces must meet this requirement within five years. Properties with more than 400 parking spaces must achieve this goal within three years from July 2023.
These government incentives play a crucial role in driving the adoption of solar carports and other renewable energy initiatives. Tax credits, subsidies, discounts, and favorable net metering laws are among the various incentives offered to make photovoltaic (PV) carport installations.
The solar carport market is segmented into Design Type, Vehicle Arrangement and Application.
By design type, the market is categorized into V-Shape, T-Shape, L-Shape and Y-Shape.
Competing Energy Sources are hindering the Solar Carport Market Demand
A cheap and easily accessible energy source is natural gas. It is a strong choice for companies trying to save energy expenses when combined with developments in natural gas technologies, such as Combined Heat and Power (CHP) systems. In areas with abundant and reliable wind resources, wind farms and turbines provide a sizable amount of electricity.
When it comes to renewable energy sources, solar carports and wind power are competitors for businesses looking to be sustainable. Particularly in places where electricity rates are low, a lot of businesses still rely on electricity supplied by the grid. For several businesses, grid electricity is a more practical and hassle-free choice. Some companies investigate bioenergy and biomass options, such as producing energy from organic materials.
By vehicle arrangement, it is bifurcated into one row and double row.
Renewable energy sources are substituted with these forms of energy. Businesses might see hydropower as a clean and dependable energy source in areas with access to water resources. There are benefits to hydropower in terms of energy stability and dependability. Cogeneration, another name for CHP systems, is the simultaneous production of appropriate heat and electricity. They are regarded as energy-efficient and are a desirable choice for companies looking to maximise their energy usage. Geothermal energy is an appropriate renewable energy source in areas with geothermal resources as it provides reliable power generation, independent of weather fluctuations.
On the basis of application, the market is classified into commercial, residential, and industrial.
Shift in Solar Energy to Cut Carbon Emissions
Rising number of industries, including parking lots, residential complexes, and commercial and industrial buildings, are implementing solar carports due to the need to maximise space utilisation and reduce carbon emissions through the use of renewable energy. As a result, solar-style carports have been incorporated into EV charging stations, allowing EV owners to comfortably charge their cars while utilizing solar electricity.
For instance, in April 2023, iSun, Inc., one of the leading solar energy and clean mobility infrastructure companies, received a 2.2 MW solar carport contract to one of the nation’s largest financial institutions in Ohio for $7.7 million.
The project highlighted Sun’s ability to originate projects and create value for new customers, including through turnkey engineering services with growing EV Infrastructure. It was scheduled to begin by the second quarter of 2023. Moreover, in September 2020, Tata Power entered into a power purchase agreement (PPA) with its entity Tata Motors to commission & install a solar carport at Tata Motor’s Chikali plant in Pune.
In addition, in April 2023, Six Flags installed a 12.37 MW solar-powered carport and battery storage system in Los Angeles in April 2023 in collaboration with Solar Optimum & DSD Renewables.
Region wise, the solar carport market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, Italy, Spain and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and Latin America (Brazil, Argentina and Rest of Latin America) and Middle East and Africa(Saudi Arabia, UAE, Israel and Africa).
Competitive Analysis
Competitive analysis and profiles of the major global solar carport market players that have been provided in the report include Antai Solar, Enerparc, Ganges International, Mahindra Solarize, Positive Energy Solar, Reenergy, Schletter, Himzen, Quest Renewables, INC., and Mahindra Solarize. The key strategies adopted by the major players of the global market are product launch and mergers & acquisitions.
Top Impacting Factors
The global solar carport industry is expected to witness notable growth registering a CAGR of 8.1%, owing to a rise in initiatives and investment by government. Shift in solar energy to cut carbon emissions creates lucrative solar carport market opportunity. On the other hand, competing energy sources are projected to hinder market growth.
Historical Data & Information
The global solar carport industry is fragmented, owing to the strong presence of existing vendors such as Antai Solar, Enerparc, Ganges International, Mahindra Solarize, Positive Energy Solar, Reenergy, Schletter, Himzen, Quest Renewables, INC., and Mahindra Solarize. Vendors of the global market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors as they cater to market demands, which are higher than the supply. The competitive environment in this market is expected to increase owing to technological innovations, product extensions, and different strategies adopted by key vendors.
Key Developments/Strategies in Solar Carport
- In March 2022, PowerPark installed their customized two-row PV carport with a capacity of 5.6kW, and the structure accommodates two vehicles. Based on this factor, the two-row vehicle segment will dominate the solar carport market forecast timeframe.
- In April 2023, iSun, Inc. announced that it had received a 2.2 MW contract to provide a solar carport to one of the nation’s largest financial institutions in Ohio. This contract expands iSun’s growing EV infrastructure presence into the Ohio market.
- In January 2023, SunPower signed a new agreement with Metonic to power the Millennium Apartments in California. This project includes approximately 2,200 solar panels, 18 solar carports, and dozens of electric vehicles charging stations, which could serve as an additional revenue stream for the developer. This 330-unit gated community will help meet the increasing demand for housing in and around the Coachella Valley.
- In April 2023, the port authority of New York and New Jersey (PANYNJ) announced a deal with Total Energies to begin constructing New York’s largest solar carport project at John F Kennedy International Airport in 2023.
- In June 2022, Maruti Suzuki installed 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.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the global solar carport market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall global solar carport market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global solar carport market forecast is quantitatively analyzed from 2022 to 2032 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in solar carport.
- The report includes the market share of key vendors and the global solar carport market.
Solar Carport Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 1.7 billion |
 Growth Rate | CAGR of 8.1% |
 Forecast period | 2022 - 2032 |
 Report Pages | 323 |
 By Design Type |
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 By Vehicle Arrangement |
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 By Application |
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 By Region |
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 Key Market Players | Quest Renewables, INC., Mahindra Solarize, Ganges International, Positive Energy Solar, Himzen, Enerparc, Schletter, Reenergy, Antai Solar |
T-Shape is the leading design type of Solar Carport Market.
The upcoming trends of Solar Carport Market include rise in initiatives and investment by government and shift in solar energy to cut carbon emissions.
The commercial segment is the leading application of Solar Carport Market.
Asia-Pacific is the largest regional market for solar carport.
The global solar carport market was valued at $ 0.8 billion in 2022.
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