Global Solar Carport Market Overview
As per MRFR analysis, the Solar Carport Market Size was estimated at 0.74 (USD Billion) in 2022. The Solar Carport Market Industry is expected to grow from 1.0(USD Billion) in 2023 to 15.0 (USD Billion) by 2032. The Solar Carport Market CAGR (growth rate) is expected to be around 35.11% during the forecast period (2024 - 2032).
Key Solar Carport Market Trends Highlighted
The solar carport market presents ample growth opportunities influenced by several key market drivers. Increasing environmental awareness and government incentives to promote renewable energy adoption are driving demand for solar carport solutions. The rising popularity of electric vehicles and the need for charging infrastructure is further fueling market growth. Moreover, technological advancements in solar panel efficiency and cost reduction are making solar carports a more cost-effective option for businesses and consumers alike.
Opportunities exist to capture the growing demand for solar carport installations in commercial and residential settings. Additionally, exploring the potential for integration with other renewable energy technologies, such as wind turbines, presents opportunities for innovative and sustainable solutions. Recent trends in the solar carport market include the emergence of smart carports that offer features such as real-time energy monitoring, remote control, and electric vehicle charging capabilities. Customization options are also becoming increasingly popular, allowing customers to tailor solar carport designs to meet their specific needs and aesthetics.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Solar Carport Market Drivers
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Rising Awareness of Environmental Sustainability
Climate change issues are acknowledged, and it leads to a substantive change in the environmental trend as witnessed across several nations. The emergence of various renewable sources of fuels based on the recognition of the environmental effect has additionally seen the burgeoning of the solar energy sector. Solar energy is becoming increasingly popular as it is clean, efficient, and the most abundant source of energy available. For purposes of shading vehicles, while at the same time providing power to homes and businesses, there is a rising demand for solar carport systems. Various nations tend to fuel the growth of the Global Solar Carport Market Industry, with governments providing subsidies as well as setting pro-solar energy policies.
Technological Advancements and Cost Reductions
The efficiency and affordability of a solar carport system have been the result of substantial technology advancements. Higher energy conversion rates are now possible thanks to the more efficient, high-performance development of solar panels and the innovation of mounting systems. Furthermore, the increased manufacturing capabilities and the principle of economies of scale have brought the cost of installation down. As a result, the number of solar carports has increased, and the Global Solar Carport Market Industry has expanded greatly.
Solar Carport Market Segment Insights
Solar Carport Market Carport Type Insights
The global solar carport market is divided by carport type into freestanding, ground mounted, and attached. The most common carports are freestanding, which accounted for more than 50% of the market share in 2023. They are typically found in available parking lots and other open sources, with the possibility of changing places if necessary. The second most common are ground mounted carports, which account for about 30% of the market share in 2023. They are usually located in high places, such as roofs and driveways. The least common are the so-called attached carports, which account for more than 20% of the market share in 2023.
It is intended that they be attached to the side of an existing building. These solar shades are intended to protect people from UV rays and rain. The solar carport market is rapidly expanding for many reasons: an increase in the number of solar energy users and the high demand for parking spaces. There are a number of factors influencing the growth of this market: The rapidly growing popularity of solar energy. Nowadays, the absolute majority of people understand that solar energy is environmentally friendly and renewable. The cost of solar panels begins to be relatively competitive, which makes it possible to afford them for ordinary individuals or businesses.
Rapid growth in demand for parking spaces. This is primarily due to the increased rate of urbanization and the need for people to have their own cars. This reflects the reality of the ever-increasing demand for parking spaces. However, carports provide a convenient solution to this problem by simply arming them with solar panels. Mandates and incentives. There are several noble initiatives around the world that generate adding solar carports to businesses and private users. This cost reduction is attributed to state-issued mandates and incentives.
There are numerous players in the solar carport market, the majority of which are small to medium businesses. Some of the leading players in the market are SunPower Corporation, Solaria Corporation, First Solar, Inc., REC Group, and Trina Solar Limited, ready to compete in the market with innovative and effective R investments in their solar panels.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Solar Carport Market End Use Insights
The solar carport market is segmented on the basis of end-use into commercial, residential, public, and industrial sectors. The commercial end-user segment had the leading market share of 45% in 2023 due to the increased adoption of solar carports by businesses to cut down energy expenses and promote sustainability. Over the forecast period, the residential segment will grow at a high CAGR, mainly due to government incentives and increasing awareness among people about renewable energy solutions.
The public end-use segment will increase at a steady pace, expanding on the back of solar carport installations in public parking areas such as government offices, schools, and hospitals. The industrial segment will witness decent demand, contributing a significant share to the overall market haul for uses in warehouses and production lines.
Solar Carport Market Power Capacity Insights
The Global Solar Carport Market is segmented by power capacity into less than 10 kW, 10-100 kW, 100-250 kW, and more than 250 kW. The 10-100 kW segment is expected to hold the largest market share in 2023, owing to the increasing demand for solar carports in commercial and industrial applications. The less than 10 kW segment is expected to witness the highest growth rate during the forecast period, due to the growing popularity of residential solar carports.
The 100-250 kW segment is expected to account for a significant share of the market in 2023, driven by the increasing adoption of solar carports in public spaces such as airports and stadiums. The more than 250 kW segment is expected to grow at a steady pace during the forecast period due to the increasing demand for large-scale solar carports in industrial and utility applications.
Solar Carport Market Roof Type Insights
The Global Solar Carport Market is segmented by Roof Type into Metal Roof, Flat Roof, Shingle Roof, and Tile Roof. In 2023, the Metal Roof segment is expected to account for the largest market share, followed by the Flat Roof segment. The growth of the Metal Roof segment can be attributed to the increasing adoption of metal roofing systems in commercial and industrial buildings. The Flat Roof segment is expected to witness significant growth over the forecast period due to the increasing popularity of rooftop solar installations on flat-roofed buildings. The Shingle Roof segment is expected to account for a moderate share of the market, while the Tile Roof segment is expected to account for a small share of the market.
Solar Carport Market Material Insights
The Global Solar Carport Market is segmented by material into Aluminum, Steel, Wood, and Composite Materials. Aluminum is the most popular material used in solar carports owing to its lightweight, durability, and corrosion resistance. The Global Solar Carport Market revenue for Aluminum is expected to reach $4.0 billion by 2024, growing at a CAGR of 30.5%. Steel is another popular material used in solar carports due to its strength and affordability. The Global Solar Carport Market revenue for Steel is expected to reach $3.2 billion by 2024, growing at a CAGR of 27.8%.
Wood is a traditional material used in solar carports, providing a natural and aesthetic appeal. The Global Solar Carport Market revenue for Wood is expected to reach $1.8 billion by 2024, growing at a CAGR of 23.1%. Composite Materials are gaining popularity in solar carports, offering a combination of strength, durability, and aesthetics. The Global Solar Carport Market revenue for Composite Materials is expected to reach $1.5 billion by 2024, growing at a CAGR of 25.6%. The choice of material for a solar carport depends on factors such as cost, durability, aesthetics, and local building codes.
Solar Carport Market Regional Insights
The regional landscape of the Global Solar Carport Market showcases distinct growth trajectories across various regions. North America is anticipated to maintain its dominance in the market throughout the forecast period. The region's robust adoption of renewable energy initiatives, coupled with government incentives and supportive policies, is driving growth. Europe is another key market, with countries like Germany and the United Kingdom leading the charge in solar carport installations.
The APAC region, particularly China and India, is projected to witness significant market expansion due to increasing urbanization, rising energy demand, and favorable government regulations. South America and MEA are also expected to contribute to the overall market growth, albeit at a slower pace compared to the other regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Solar Carport Market Key Players And Competitive Insights
The most prominent players in the Solar Carport Market are striving to develop new products and gain a competitive advantage. Leading Solar Carport Market workers see that expanding the product line will help them retain their position as pioneers, as SunPower Corporation is doing by offering a range of solar technology products and services. Partnerships and connections are also very popular, and in the future, investments in research and development will increase.
The competitive environment will also be more competitive at that time, exacerbating threats and cutting-edge product growth.SunPower Corporation is a major solar technology and solar energy provider. SunPower Corporation produces a premium carport that has been shown to send the highest amount of energy from the sun to the car. The business has a strong focus in the United States and has been making big efforts to break into other countries.
Tesla, Inc is a Solar Carport Market player that also introduced cutting-edge solar items that are still elegant and self-cleaning in a short amount of time. These provide a car with a solar roof and shades and are still open about the world. Tesla, Inc. also has a strong focus in America and has also been making big efforts to break into other countries.
Key Companies in the Solar Carport Market Include
- SolarEdge
- E3 Solar
- SolarWorld
- Distributénergie
- Shoals Technologies Group
- Carport Solar
- SunModo
- New England Solar Garden
- Akea
- GreenParking Solutions
- SunPower
- Array Technologies
Solar Carport Market Industry Developments
The Global Solar Carport Market is projected to reach USD 15.0 billion by 2032, exhibiting a CAGR of 35.11% from 2024 to 2032. This growth is attributed to increasing government initiatives and incentives to promote renewable energy adoption, rising demand for off-grid electricity solutions, and technological advancements in solar photovoltaic (PV) panels. Recent developments include the launch of innovative solar carports with integrated battery storage systems for enhanced energy efficiency and grid independence. Moreover, partnerships between solar carport manufacturers and electric vehicle (EV) charging providers are driving the integration of EV charging stations into solar carports, creating a comprehensive solution for sustainable transportation.
Solar Carport Market Segmentation Insights
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Solar Carport Market Carport Type Outlook
- Freestanding
- Ground Mounted
- Attached
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Solar Carport Market End Use Outlook
- Commercial
- Residential
- Public
- Industrial
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Solar Carport Market Power Capacity Outlook
- Less than 10 kW
- 10-100 kW
- 100-250 kW
- More than 250 kW
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Solar Carport Market Roof Type Outlook
- Metal Roof
- Flat Roof
- Shingle Roof
- Tile Roof
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Solar Carport Market Material Outlook
- Aluminum
- Steel
- Wood
- Composite Materials
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Solar Carport Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
0.74 (USD Billion) |
| Market Size 2023 |
1.0 (USD Billion) |
| Market Size 2032 |
15.0 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
35.11% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
SolarEdge, E3 Solar, SolarWorld, Distributénergie, Shoals Technologies Group, Carport Solar, SunModo, New England Solar Garden, Akea, GreenParking Solutions, SunPower, Array Technologies |
| Segments Covered |
Carport Type, End Use, Power Capacity, Roof Type, Material, Regional |
| Key Market Opportunities |
Increased government incentives Growing corporate sustainability initiatives Rise in demand for electric vehicles Technological advancements in solar panels Expanding applications in commercial and industrial sectors |
| Key Market Dynamics |
Rising demand for clean energy Government incentives and regulations Technological advancements Increasing adoption of electric vehicles Growing awareness of environmental sustainability |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global solar carport market size is expected to reach USD 15.0 billion by 2032, exhibiting a CAGR of 35.11% during the forecast period (2024-2032).
The Asia-Pacific region is expected to dominate the global solar carport market throughout the forecast period. Countries such as China, India, and Japan are major contributors to the growth of the market in this region.
Solar carports are primarily used for generating electricity from solar energy and providing shade and shelter for vehicles. They are commonly installed in commercial, industrial, and public spaces.
Some of the key competitors in the global solar carport market include SunPower Corporation, Solaria Corporation, SunModo Corporation, and Carport Solar Structures Inc.
The growing demand for renewable energy sources, government incentives and policies, and technological advancements are key trends driving the growth of the solar carport market.
Some of the challenges faced by the solar carport market include high upfront costs, lack of awareness about the benefits of solar carports, and competition from traditional energy sources.
The global solar carport market is expected to grow at a CAGR of 35.11% from 2023 to 2032.
The future outlook for the solar carport market is positive due to increasing environmental concerns, government support for renewable energy, and technological advancements.
Key factors driving the growth of the solar carport market include rising energy costs, increasing environmental awareness, technological advancements, and government incentives.
Major challenges faced by the solar carport market include high initial investment costs, lack of awareness about the benefits of solar carports, and competition from traditional energy sources.
