With the emergence and long-term Impact of COVID-19, the Global Commercial Solar Carport Market is to reach USD 1865.43 million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Commercial Solar Carport Market is poised to raise up to USD 1865.43 million by 2030. A commercial solar carport is a structure designed to offer shelter for parked vehicles while incorporating photovoltaic (PV) panels on its canopy to harness solar energy. Positioned in parking lots or open spaces near commercial establishments, these carports serve a dual purpose by protecting vehicles generates clean, renewable electricity from sunlight. Businesses and organizations benefit from reduced energy costs, a smaller carbon footprint, and a commitment to sustainable practices. The photovoltaic panels convert sunlight into electricity, contributing to on-site power needs or providing excess energy to the grid for potential revenue generation.
Commercial solar carports offer practical and aesthetic benefits, enhancing parking areas while promoting environmental responsibility and renewable energy practices. The rise in energy costs, growing environmental concerns and sustainability initiatives, coupled with the increased adoption of energy storage are the major factors that are primarily attributing to the market demand across the globe. The growing popularity of EVs is creating a demand for charging infrastructure. Solar carports are integrated with EV charging stations, providing a convenient and sustainable way to power electric vehicles. According to Statista, in 2021, there were nearly 16.9 million electric vehicles in operation around the world.
Also, in 2022, the electric vehicle in operation reached approximately 25.9 million units globally, with all-electric vehicles comprising roughly 69.5 percent of the total plug-in electric vehicle market. Thus, these aforementioned factors are propelling the growth of Commercial Solar Carport Market during the estimated period. Moreover, the rising integration with smart technologies, as well as increased outstanding benefits of solar carports over alternative technologies sector present various lucrative opportunities over the forecast years. However, the lack of technology to store solar energy and the high installation costs are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Commercial Solar Carport Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe dominated the market in 2022 with largest market share owing to the fact that numerous European nations have instituted favorable policies and incentives to advance renewable energy, particularly solar power. These measures encompass feed-in tariffs, tax credits, and subsidies, rendering solar carports an appealing investment opportunity.
Whereas, Asia Pacific region is expected to grow at the highest CAGR over the forecast years. The rising adoption of electric vehicles, expanding applications in the commercial sector, surge in demand for commercial solar carports, and increasing adoption of electric vehicles by both private entities and government agencies are significantly propelling the market demand across the region.
The global Commercial Solar Carport Market is highly competitive owing to the presence of several key manufacturers such as Tata Power (India), SunPower Corporation (U.S.), Kokko Shisetsu Kogyo Co., Ltd (Japan), Flexisolar Ltd. (U.K.), Quest Renewables, Inc. (U.S.), Cenergy Power Inc. (U.S.), and others.
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Key findings of the study suggest:
- Global Commercial Solar Carport Market is anticipated to grow with a healthy growth rate of more than 9.13% over the forecast period 2023-2030.
- In the Type segment, Two-Row Dual Slope Vehicle Arrangement Carport emerged as the leading market segment in 2022.
- Europe is anticipated to drive regional growth owing to favorable policies and incentives to advance renewable energy.
- Asia Pacific is expected to grow at a high CAGR followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- One-Row Vehicle Arrangement Carport
- Two-Row Vehicle Arrangement Carport
- Two-Row Dual Slope Vehicle Arrangement Carport
By Capacity:
- Less Than 500 kW
- 500 kW to 1 MW
- Above 1 MW
By Design:
- T-frame Structures
- V-frame Structures
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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