Solar Charging Station Market : EV charger, Solar panel array, Battery energy storage system By Component Industry Forecast, 2021-2031

The global solar charging station market size was valued at $0.55 billion in 2021, and is projected to reach $2.88 billion by 2031, growing at a CAGR of 18.5% from 2022 to 2031. Solar Charging Station Market by Type (Medium and Small Charging Station, Large Charging Station), by Application (Household, Commercial), by Station Type (On grid solar charging station, Off grid solar charging station), by Component (EV charger, Solar panel array, Battery energy storage system, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.

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Moreover, the market has been witnessing suitable growth in recent years, owing to increase in investments carried by governments across the globe to enhance the electric mobility industry which has eventually increased the demand for charging stations to be present at frequent driving locations. This has created ample opportunities for the growth of the market across the globe. For instance, in September, 2022, Cherwell District Council invested in the Solarsense Corporation for solar carport to reduce its carbon footprint & energy costs. Similarly, in January 2023, Enterprise Community Partners, Inc. (Enterprise) and DC Green Bank (DCGB) announced a $12.4 million investment to install 2.2 megawatts of solar panels at four affordable housing properties in the district. Under these solar carports, rooftop solar panels and new electric vehicle charging stations are expected to be received in Enterprise's Edgewood Commons in Ward 5 and Overlook at Oxon Run in Ward 8. The project aims to reduce greenhouse gas emissions by up to 1,794 tons of carbon dioxide each year.

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COVID-19 Impact Analysis :

COVID-19 pandemic ignited several challenges for the solar charging station infrastructure such as restrictions on business activities, travel and border closures have sharply reduced energy demand in transport and industry, decreasing the consumption of renewable energy. Electric vehicle infrastructure was one of the most severely affected industries by the pandemic and observed a decline of investments initially. Various solar charging station service providers were not able to recover from the losses incurred on account of the pandemic. Emerging macroeconomic challenges prompt cancellation or suspension of investment decisions for both large and small-scale projects under development.

KEY FINDINGS OF THE STUDY :

By type, the large charging station segment is projected to dominate the global market in terms of growth rate.

By application, the commercial segment is projected to dominate the global anti-drone market in terms of growth rate.

By station type, the on-grid solar charging station segment is projected to dominate the global market in terms of growth rate.

By component, the battery energy storage system segment is projected to dominate the global market in terms of growth rate.

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The key players operating in the global solar charging station market are Giulio Barbieri SRL, Inhabit Solar, MDT Sun Protection System AG, PROINSO, Solarsense UK Limited, Solarstone, Sundial Solar Solutions, SunPower Corporation, Sunworx solar, and VCT Group.

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