December 2024
16 Jul 2024
The global solar carport market revenue was valued at USD 458.7 million in 2023 and is poised to grow from USD 501.8 million in 2024 to USD 1,173.6 million by 2033, at a CAGR of 9.90% during the forecast period 2024 – 2033. Due to government initiatives, green energy solutions, and the incorporation of electric vehicles, the demand for the solar carport market is growing continuously.
Solar carports are the coverings made to park vehicles that simultaneously generate electricity using solar energy that can be used for a variety of purposes or can be supplied to homes. These are generally canopy-like rooftops where solar panels are installed that capture sunlight and convert it into electricity. Such solar carports are useful in multiple ways as they provide shelter to vehicles and protect them from heat, rain, snow, etc, while also generating electricity. By using such a parking shade, the utility of the land can be enhanced, and both transportation and energy consumption can be promoted. Additionally, solar carports contribute to the reduction of carbon emissions by compensating for the usage of fossil fuels to generate electricity, thus contributing to the green environment.
Government initiatives and reduction of carbon emissions drive the solar carport market
Several authorities, along with the government, are taking the initiative to favor renewable energy source projects. To encourage the adoption of renewable sources of energy, many governments globally offer tax credits, incentives, refunds, and subsidies. Due to such incentives, the initial setup of solar carports lowers the investments, making them easy to install and associated with many more benefits.
The lower electricity bill is one of the reasons driving the solar carport market. It provides a way to use land more effectively by serving multiple purposes at once; the installation of a solar carport parking area provides space to park vehicles by generating enough electricity to supply at home and many other places. Solar carport shades are more effective in hot areas than normal shades because they are more popular in areas like Arizona, California, and New Mexico.
The solar carport can reduce the tension on the electrical grid at times of high demand due to the capacity to produce dispersed solar power. By connecting the solar carport to the building management system, energy efficacy and self-sufficiency can be promoted, and the building can be certified as a green building and influence people who are concerned about the environment.
Solar energy generation depends upon factors like weather conditions, which create hindrances to the growth of the solar carport market. During low sunlight or cold weather, solar carports cannot produce energy efficiently, which can create challenges for businesses or firms relying on regular power supply to run and require some alternate source of power supply. To get the maximum benefits of solar carports, the orientation of its placement is essential, as not all solar carport parking rooftops can produce the same amount of power.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 501.8 Million |
| Market Revenue by 2033 | USD 1,173.6 Mion |
| Market CAGR | 9.90% from 2024 to 2033 |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by GoodWe
Recent Development by the Emirate Development Bank
Asia Pacific is estimated to show the fastest growth during the forecast period due to the rising awareness among people in countries like Australia, China, and Japan. Factors like rising demand for electric vehicles (EVs), growing urbanization, and government initiatives to make them cost-effective are boosting the market growth.
North America dominated the solar carport market in 2023 due to several factors responsible together, such as the awareness among people towards the environment, government initiatives with huge offers for people making it more economical, and having companies that are introducing more advanced technologies in it. Many corporations and municipal organizations have accepted solar carport as a part of their sustainability policy.
In Europe, the solar carport market is growing significantly due to its commitment to renewable sources of energy target. Various European countries like France, the Netherlands, and Germany have shown robust interest in solar carport. Due to the high potential of solar energy to supply huge amounts of power required and laws that favor the usage of solar energy the solar carport market is rapidly growing.
In the Latin America region, the usage of renewable energy is growing in countries like Brazil and Mexico which are showing huge interest in solar carport. Advanced technologies in the solar carport and policies that are attracting people towards renewable energy.
Countries in the Middle East and Africa region, such as South Africa and the United Arab Emirates, have started installing solar carports actively due to rising awareness of renewable technologies and sustainable energy sources.
Sustainability and rising awareness for renewable energy
Due to the rising importance of sustainability and renewable energy, the potential for the solar carport market is growing rapidly. As the world is shifting towards electric vehicles (EVs), the incorporation of electric vehicle charging stations with solar carports is an effective solution. Additionally, the rising requirement for energy-efficient solutions in the marketable and inhabited sectors inspires the usage of solar carports. Intelligent technology and energy storing incorporation have the potential to expand power management and network stability.
Government guidelines and incentives inspire market growth even more, mainly in areas with sufficient sunlight. As metropolises become more densely inhabited, the need for sustainable organization grants probabilities for solar carports to enhance smart city plans. Industries can take advantage of these chances to enter a fast-evolving industry, thus contributing towards a greener and more sustainable forthcoming generation.
Market Segmentation
By Application
By Type
By Vehicle Arrangement
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