Solar Carport Market Size Growing at 8.1% CAGR Reach USD 1.7 Billion by 2032

The global Solar Carport Market size was valued at $ 0.8 billion in 2022, and is projected to reach $1.7 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032. A solar carport is a covered building that collects solar energy and serves as a shelter for automobiles. These buildings usually have a canopy-like roof that is fitted with solar panels so that light is drawn in and used to generate electricity. Solar carports have two advantages: they provide clean, renewable energy while shielding cars from the elements like sun, rain, and snow. By combining solar technology with parking infrastructure, land use efficiency is increased and sustainability in energy and mobility is encouraged. In addition, solar carports help to reduce carbon emissions and advance the transition to a more sustainable and greener future by offsetting the usage of fossil fuels for the production of power.

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The solar carport market size is expanding due to the growing number of universities and other educational institutions adopting solar carports to become carbon neutral in the next years. Rutgers University, the biggest public university system in the U.S. y, made a commitment in June 2023 to improve campus sustainability by installing approximately 15 MW of solar carport canopy arrays this year. The institution, which covers more than 6,000 acres, would incorporate 16 solar-powered carport installations by DSD Renewables, a company in the renewables business, throughout its four main campuses and off-campus buildings. This would be in line with its 2021 Climate Action Plan, which aims to achieve carbon neutrality by 2040. During the projected years, these activities are anticipated to enhance solar carport market share.

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.

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.

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The expansion of this solar carport industry is being driven by homeowners who own electric vehicles (EVs) and want to lower their carbon footprint, who are increasingly installing solar carports. Homeowners might use a solar carport to generate sustainable energy and provide shade and shelter for their cars at the same time. But, other uses, including government organisations committed to reducing their carbon footprint, also install solar carports to provide clean energy in addition to providing shade and security for their fleet of government vehicles. These elements are anticipated to support the segment's expansion during the forecast period.

The key players profiled in this report include

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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The expansion of the market is also being aided by the rising number of solar-powered carport projects being built in countries such as the US and Canada. For instance, to create Canada's first solar canopy project, the renowned Audi dealership Audi Oakville and the pioneering sustainable energy solutions provider Brightworks Energy teamed up in July 2023. With cutting-edge bifacial solar panel technology, this effort transforms the EV charging industry.

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.

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The growth of solar panel carport projects with capacities exceeding 1 MW is a significant driver for this segment. For example, Six Flags Entertainment Corporation announced a collaboration with DSD Renewables and Solar Optimum in April 2023 to install a new energy storage system and a 12.37-megawatt solar carport at Six Flags Magic Mountain in Los Angeles.

Regional Analysis:

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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