Solar Carport Market Poised for Explosive Growth, Projected to Hit $1.7 Billion by 2032

According to the report, the global solar carport market size 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.

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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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.

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.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/solar-carport-market/purchase-options

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.

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.

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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.

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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