Pune, India, June 06, 2022 (GLOBE NEWSWIRE) -- The global commercial solar carport market size is predicted to hit USD 2.02 billion by 2029 and exhibit a CAGR of 10.5% during the forecast period. Commercial solar carport’s demand has increased in recent years in the effort to minimize our dependency on renewable energy sources. The soaring adoption of electric vehicles is anticipated to be a critical trend driving growth for the global market. Fortune Business InsightsTM has presented this information in its report titled, “Commercial Solar Carport Market, 2022-2029”. The market size stood at USD 0.89 billion in 2021 and USD 1.01 billion in 2022.
Furthermore, the rising adoption of commercial solar carports by commercial property owners and homeowners with limited space is likely to complement the market’s expansion in the coming years.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 10.5% |
| 2029 Value Projection | USD 2.02 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 0.89 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 231 |
| Segments covered | Type, Capacity, Region, Design |
| Growth Drivers | Commencement of Solar Carport Projects by Foremost Economies to Lift the Market Growth |
| Replacement of Rooftop Solar with Solar Carports to Fuel Market Expansion |
COVID-19 Impact-
The coronavirus pandemic resulted in a huge crisis affecting societies, economies, healthcare systems, and several industries globally. The energy sector was greatly impacted due to the repetitive lockdowns in 2020, affecting trade and commerce globally. The declined activities in the construction sector negatively impacted the market growth due to low product demand. Nonetheless, the market is expanding as construction and renovation activities resume. Additionally, the resuming solar power projects are helping the market gain momentum.
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Segmentation-
On the basis of type, the market is divided into two-row dual slope vehicle arrangement carport, two-row vehicle arrangement carport, and one-row vehicle arrangement carport. On the basis of capacity, the market is categorized into above 1 MW, 500 kW to 1 MW, and less than 500 kW. On the basis of design, the market is segmented into V-frame structures and T-frame structures. Geographically, the market is classified into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Drivers & Restraints-
Soaring Electric Vehicle Adoption to Propel Market Growth
Many foremost economies worldwide are swiftly designing and implementing solar carport projects on large scales. For instance, a Power Purchase Agreement was signed by Tata Power in August 2021 for launching India’s biggest solar carport project. Similarly, in April 2021, seven Walmart stores got equipped with solar power systems with a 6.5 MW capacity in California. These rising projects and their efficacious functioning is projected to invigorate the commercial solar carport market growth.
Commercial solar carports are capable of protecting vehicles from snow, rain, wind, and sun. They are cost-effective and provide more solar exposure than rooftop solar systems. These factors uptick their demand over rooftop solar systems. Hence, the growing replacement of solar rooftops with solar carports is expected to boost the market’s growth.
However, the high costs of the product may restrain the market growth during the forecast period.
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Regional Insights-
Growing Adoption of Clean Energy Sources to Boost Growth in North America
North America is anticipated to bestride the global commercial solar carport market share. The gradually rising adoption of clean energy sources is predicted to favor the region’s market growth. Canada and the U.S. embrace the presence of several key market players, which are expected to further complement the region’s market expansion.
Europe is predicted to garner substantial growth in the coming years. The extensive investments in renewable energy, coupled with the soaring electric vehicle adoption are anticipated to bolster the region’s market growth. Moreover, the favorable government regulations and policies for renewable energy are expected to flourish in growth for the market.
Asia Pacific is projected to attain monumental growth in the forthcoming years due to soaring electric vehicle projects and swelling numbers of solar carport projects across nations such as Singapore, India, and China.
Competitive Landscape-
Key Players Embrace Ingenious Strategies to Garner Growth
The highly fragmented marketplace embraces the presence of major market players operating internationally and domestically. The major market players emphasize product capability enhancements to cater to the global demand from the commercial construction and building sector. They aim to magnify their customer reach using several ingenious strategies. For instance, Tata Power and Tata Motors inaugurated the largest grid-synchronized, behind-the-meter solar carport in June 2021 in Pune, India.
Notable Industry Development-
December 2021: Schletter received orders for six roof projects with a total of 34 MW output in Turkey. The company will use its SingleFix pitched roof system in these projects.
List of Key Market Players-
- SunPower Corporation (U.S.)
- Tata Power (India)
- FlexiSolar (U.K.)
- Schletter (Germany)
- Antai Technology Co. Ltd. (China)
- Kokko Shisetsu Kogyo Co., Ltd (Japan)
- Quest Renewables Inc. (U.S.)
- Cenergy Power (U.S.)
- Xiamen Mibet New Energy Co., Ltd (China)
- Positive Energy Solar (New Mexico)
- EvoEnergy (U.K)
- CHIKOUSA (U.S.)
- KDC Solar LLC (U.S.)
- RenEnergy Ltd. (U.K.)
- Enova (UAE)
Major Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends
4.2. Key Developments: Mergers, Acquisitions, Partnership, etc.
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Commercial Solar Carport Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Commercial Solar Carport Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. One-Row Vehicle Arrangement Carport
6.2.2. Two-Row Vehicle Arrangement Carport
6.2.3. Two-row Dual Slope Vehicle Arrangement Carport
6.3. Market Analysis, Insights and Forecast – By Capacity
6.3.1. Less than 500kW
6.3.2. 500 kW to 1 MW
6.3.3. Above 1MW
6.4. Market Analysis, Insights and Forecast – By Design
6.4.1. T-frame Structures
6.4.2. V-frame Structures
6.5. Market Analysis, Insights and Forecast – By Region
6.5.1. North America
6.5.2. Europe
6.5.3. Asia Pacific
6.5.4. Latin America
6.5.5. Middle East & Africa
7. North America Commercial Solar Carport Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast – By Type
7.2.1. One-Row Vehicle Arrangement Carport
7.2.2. Two-Row Vehicle Arrangement Carport
7.2.3. Two-row Dual Slope Vehicle Arrangement Carport
7.3. Market Analysis, Insights and Forecast – By Capacity
7.3.1. Less than 500kW
7.3.2. 500 kW to 1 MW
7.3.3. Above 1MW
7.4. Market Analysis, Insights and Forecast – By Design
7.4.1. T-frame Structures
7.4.2. V-frame Structures
7.5. Market Analysis, Insights and Forecast – By Country
7.5.1. US
7.5.2. Canada
8. Europe Commercial Solar Carport Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
8.1. Key Findings
8.2. Market Analysis, Insights and Forecast – By Type
8.2.1. One-Row Vehicle Arrangement Carport
8.2.2. Two-Row Vehicle Arrangement Carport
8.2.3. Two-row Dual Slope Vehicle Arrangement Carport
8.3. Market Analysis, Insights and Forecast – By Capacity
8.3.1. Less than 500kW
8.3.2. 500 kW to 1 MW
8.3.3. Above 1MW
8.4. Market Analysis, Insights and Forecast – By Design
8.4.1. T-frame Structures
8.4.2. V-frame Structures
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