Dublin, Dec. 14, 2023 (GLOBE NEWSWIRE) -- The "Solar Carport Market Size, Share & Trends Analysis Report By Type (Cantilever, T-shape), By Vehicle Arrangement (One-row, Two-row), By Capacity (Less Than 500 KW, 500 KW - 1MW), By Application, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering. The global solar carport market size is expected to reach USD 961.6 million by 2030, growing at a CAGR of 9.9% from 2023 to 2030. Increasing global focus on renewable energy and sustainability is driving the adoption of solar carports. In addition, increasing demand for solar carports with integrated electric vehicle charging stations is fueling the growth of the market. Supportive government policies and incentives for solar installations also play a significant role in fostering the growth of the market.
The increasing development and launch of solar-powered carport solutions by various market players across the globe is propelling the growth of the market. For instance, in July 2022, Canyon Solar, a manufacturer based in Sydney, Australia, introduced a modular solar photovoltaics (PV) shade structure designed for commercial carport applications. The company has claimed that the installation speed of this system is at least three times faster than that of traditional systems. In addition, as compared to rooftop solar PV, the structure offers superior cost-effectiveness on the basis of a dollar-per-watt structure. Furthermore, increasing government laws and regulations in the solar carport sector are propelling the growth of the market. In November 2022, the government of France enacted legislation mandating the installation of solar panels in all car parks containing more than 80 spaces. This initiative is part of a broader program that aims to utilize solar panels on abandoned lots, vacant land adjacent to roads and railways, and certain agricultural areas. This is anticipated to contribute 11 GW of power to the grid, equivalent to the energy output of 10 nuclear reactors. Such initiatives by various governments are expected to contribute to the market's growth. The COVID-19 pandemic had several impacts on the solar carport industry. The global deployment of various solar projects faced substantial delays during the pandemic due to factors such as disruptions in the supply chain and fluctuating raw material costs. In addition, government incentives and policies in response to the pandemic have influenced the pricing and demand of solar panels. As a result, many planned solar carport projects were postponed or slowed down. However, the pandemic highlighted the importance of sustainability and resilience. This increased awareness may have driven some businesses and individuals to prioritize renewable energy solutions, including solar panel carports. Solar Carport Market Report Highlights High-Quality Carport Product
Based on type, the T-shape segment accounted for the largest market share in 2022. The segment's growth is driven by the growing adoption of T-shaped solar carport structures owing to its major benefits, such as ease of access. This is particularly convenient for drivers during parking and retrieval, as there are no obstructed areas
Based on vehicle arrangement, the two-row segment is anticipated to emerge as the fastest-growing segment over the forecast period. Growing installation of two-row vehicle arrangement carports in commercial facilities such as office complexes, schools, colleges, and universities can be attributed to the segment's growth
Based on capacity, the above-1MW segment is expected to grow at the highest CAGR of 10.5% during the forecast period. Solar carports with a capacity above 1 MW have a large surface area for solar panels, allowing for high-energy generation
Based on application, the residential segment is expected to grow at the highest CAGR of 10.6% during the forecast period. The rising adoption of electric vehicles and installations of solar carports with integrated EV charging structures by several homeowners is boosting the segment's growth
Asia Pacific is anticipated to emerge as the fastest-growing region during the forecast period due to the growing generation of solar energy in countries such as India, China, Australia, Japan, and South Korea
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
Key Topics Covered: Chapter 1. Methodology and Scope Chapter 2. Executive Summary 2.1. Market Outlook 2.2. Segmental Outlook 2.3. Competitive Landscape Snapshot Chapter 3. Market Variables, Trends, and Scope 3.1. Market Lineage Outlook 3.2. Industry Value Chain Analysis 3.3. Market Dynamics 3.3.1. Market Driver Impact Analysis 3.3.1.1. Increasing solar panel installations across the world 3.3.1.2. Increasing government initiatives to adopt solar energy 3.3.2. Market Restraint Impact Analysis 3.3.2.1. High initial installation cost 3.3.3. Market Opportunity Impact Analysis 3.3.3.1. Growing adoption of electric vehicles and requirement for electric vehicles charging stations 3.4. Industry Analysis Tools 3.4.1. Porter's Analysis 3.4.2. PESTEL Analysis Chapter 4. Solar Carport Market: Type Estimates & Trend Analysis Chapter 5. Solar Carport Market: Vehicle Arrangement Estimates & Trend Analysis Chapter 6. Solar Carport Market: Capacity Estimates & Trend Analysis Chapter 7. Solar Carport Market: Application Estimates & Trend Analysis Chapter 8. Solar Carport Market: Regional Estimates & Trend Analysis Chapter 9. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/ern4jl
Carport Company About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.