Rise in number of government incentives is a major factor that drives the growth of the solar carport market.
PORTLAND, Ore. , May 23, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Solar Carport Market by Design Type (T-shape, V-shape, L-shape, and Y-shape), Vehicle Arrangement (One-row and Double-row), and Application (Commercial, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the solar carport market was valued at $0.8 billion in 2022, and is estimated to reach $1.7 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.
Prime determinants of growth
The global solar carport market is driven by factors such as rise in government incentives. Shift in solar energy to cut carbon emissions creates lucrative growth opportunities. On the other hand, competing energy sources hinder market growth.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$0.8 billion |
|
Market Size in 2032 |
$1.7 billion |
|
CAGR |
8.1 % |
|
No. of Pages in Report |
324 |
|
Segments covered |
Design Type, Vehicle Arrangement, Application, and Region. |
|
Driver |
Rise in government incentives |
|
Opportunity |
Shift in solar energy to cut carbon emissions |
|
Restraint |
Competing energy sources are restricting the market growth |
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The T-shape segment to maintain its leadership status throughout the forecast period.
By design type, the T-shape segment held the highest market share in 2022, accounting for more than two-fifths of the global solar carport market revenue and is estimated to maintain its leadership status throughout the forecast period.
The T-shape building provides plenty of shade and protection in addition to holding more cars. The T-shaped structure makes it simple for cars to enter and exit, which makes parking more convenient for drivers. As a result, the solar carport industry is experiencing a rise in the demand for such structures.
The double-row segment to maintain its leadership status throughout the forecast period
By vehicle arrangement, the one-row segment held the highest market share in 2022, accounting for around two-thirds of the global solar carport market and is estimated to maintain its leadership status throughout the forecast period. However, the double-row segment is projected to manifest the highest CAGR of 8.42% from 2023 to 2032. Moreover, the simplicity and efficiency of the carport with a one-row vehicle arrangement set it apart. This versatile structure is the best solution for small parking lots as it may be joined to existing buildings or stand alone. The expansion of this market is driven by an increase in number of residential applications, such as residential properties and apartment buildings, adopting one-row vehicle arrangements.
The industrial segment to maintain its leadership status throughout the forecast period
By application, the commercial segment held the highest market share in 2022, accounting for more than two-fifths of the global carport market and is estimated to maintain its leadership status throughout the forecast period.
Solar carports are expected to be installed globally in shopping centres, educational institutions, supermarkets, corporate buildings, and EV charging stations during the forecast period. In addition, commercial solar carports improve the company’s green credentials and offer free advertising space in addition to improved parking for clients and staff.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global solar carport market revenue and is likely to dominate the market during the forecast period. The Asia-Pacific region’s rapid urbanization and infrastructural development are also anticipated to fuel demand for solar carports in the upcoming years. In addition, a lot of companies or organisations in the area are embracing CSR (corporate social responsibility) activities that include renewable energy solutions and sustainability aims, which eventually support the market’s expansion.
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Leading Market Players: –
- Antai Solar
- Enerparc
- Ganges International
- Mahindra Solarize
- Positive Energy Solar
- Reenergy
- Schletter
- Himzen
- Quest Renewables, INC.
- Mahindra Solarize
The report provides a detailed analysis of these key players in the global solar carport market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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