Global Solar Carport Market By Type(Single-Column Solar Carports, Double-Column Solar Carports, Cantilevered Solar Carports, T-Shaped Solar Carports, Others), By Mounting System(Fixed Solar Carports, Tracking Solar Carports), By Vehicle Arrangement(One-row, Two-row), By Capacity(Less than 500 kW, 500 kW to 1MW, Above 1MW), By Application(Commercial, Residential, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The global Solar Carport Market size is expected to be worth around USD 1816.6 Million by 2033, from USD 481.5 Million in 2023, growing at a CAGR of 10.2% during the forecast period from 2023 to 2033.

The solar carport market refers to the sector focused on the design, manufacturing, and installation of carports equipped with solar panels. These structures not only provide shelter for vehicles but also generate electricity, making them a dual-purpose solution that contributes to sustainable energy goals. Solar carports are increasingly being adopted in various settings, including residential, commercial, and government properties, where they serve as a source of clean energy while minimizing land use since they capitalize on existing parking areas.

This market is driven by the growing global emphasis on renewable energy sources and the push for electric vehicle (EV) infrastructure, as solar carports can also include EV charging stations, further enhancing their utility. The appeal of solar carports is also supported by various government incentives and policies aimed at promoting solar energy adoption, including tax credits and grants, which make these installations more economically viable for consumers and businesses.

Key trends in the solar carport market include technological advancements in photovoltaic modules and solar efficiency, integration with smart grid technology, and the modular design of carports for easier and faster installation. As solar technology costs continue to decline and awareness of solar energy benefits grows, the market for solar carports is expected to see substantial growth, providing significant opportunities for companies in the solar PV and green construction sectors. This market growth is particularly notable in regions with high solar irradiance and supportive regulatory environments.

Key Takeaways

• Market Size: The Solar Carport Market is to reach USD 1816.6 million by 2033, growing at a CAGR of 10.2% from USD 481.5 million in 2023.
• Types: T-Shaped Solar Carports dominate with a 40.5% market share in 2023, valued for stability and space utilization.
• Mounting Systems: Fixed Solar Carports lead with over 68.4% market share in 2023, favored for reliability and cost-effectiveness.
• Vehicle Arrangement: Two-row configurations capture over 68.1% market share in 2023, ideal for efficient parking space utilization.
• Capacity: Above 1MW carports hold over 42.5% market share in 2023, mainly for large-scale commercial and industrial applications.
• Application: The commercial sector dominates with over 72.5% market share in 2023, driven by large parking areas in businesses and industries.

By Type

In 2023, T-Shaped Solar Carports held a dominant market position, capturing more than a 40.5% share. T-shaped solar carports are highly favored for their structural stability and efficient space utilization, making them ideal for parking lots of commercial buildings and large residential complexes. Their design allows for a greater number of solar panels to be mounted, which maximizes energy generation per square foot.

Single-Column Solar Carports: These are popular in smaller spaces or residential areas where minimal disruption is desired. Single-column designs offer an elegant, unobtrusive look and take up less ground space, making them suitable for single or double parking spots.

Double-Column Solar Carports: These structures provide stronger support and durability, ideal for larger parking areas such as those found at shopping centers, offices, or schools. The double-column design helps to cover a wider area, thereby accommodating more cars under a single structure.

Cantilevered Solar Carports: Known for their overhanging architecture, cantilevered carports are aesthetically pleasing and highly effective in areas where space optimization is crucial. They allow for easier vehicle maneuverability and are often used in premium commercial spaces.

By Mounting System

In 2023, Fixed Solar Carports held a dominant market position, capturing more than a 68.4% share. Fixed solar carports are the most common type due to their reliability, cost-effectiveness, and simpler design. They are preferred in both residential and commercial settings where consistent solar exposure is available. The straightforward nature of their construction and the reduced need for complex components make them a practical choice for many installations.

Tracking Solar Carports: Although less common than fixed systems, tracking solar carports incorporate technology that allows the solar panels to move and follow the sun’s trajectory throughout the day. This functionality increases the efficiency of the panels by capturing more sunlight, which can significantly boost energy production compared to fixed systems. However, the higher cost and complexity of tracking systems make them less prevalent but they are gaining traction in regions with high solar potential and in applications where maximizing energy output is critical.

By Vehicle Arrangement

In 2023, Two-row held a dominant market position, capturing more than a 68.1% share. Two-row solar carports are preferred in commercial and institutional settings where maximizing space and the number of parking spots covered by solar panels is crucial. Their design allows for a more efficient layout, accommodating more vehicles under the protective shade of solar panels, which simultaneously generate significant amounts of electricity.

One-row: The one-row arrangement is more common in residential areas or smaller commercial settings where space is limited or where fewer vehicles need accommodation. This setup is simpler and less costly to install, catering effectively to individual needs or smaller user groups.

Both arrangements cater to different spatial and functional requirements, with two-row configurations leading in settings that demand higher capacity and efficiency, while one-row setups are ideal for smaller or more constrained environments.

By Capacity

In 2023, Above 1MW held a dominant market position, capturing more than a 42.5% share. This segment caters primarily to large-scale commercial and industrial applications where extensive energy generation is required. Solar carports with capacities above 1MW are often implemented in large parking areas such as those at airports, universities, and business complexes, providing substantial electricity to offset the energy needs of the associated facilities.

500 kW to 1MW: This capacity range is suitable for medium-sized applications, often found in smaller commercial settings or large residential complexes. These installations provide a significant boost to energy savings and environmental impact without the extensive space requirements of the largest capacity carports.

Less than 500 kW: Ideal for individual businesses or small community areas, carports with less than 500 kW capacity are designed to meet less intensive energy needs. These systems are perfect for smaller parking areas and can be easily integrated into existing structures to provide energy cost savings and reduce carbon footprints.

By Application

In 2023, Commercial held a dominant market position, capturing more than a 72.5% share. This sector includes businesses, office parks, and industrial facilities where large parking areas are common. Commercial entities often invest in solar carports to reduce operating costs, enhance green credentials, and provide covered parking for employees and customers. The high energy demand typical of commercial operations makes the sizeable upfront investment in solar carports economically viable due to significant long-term savings on energy bills.

Residential: Although smaller in scale compared to commercial installations, residential solar carports are gaining popularity as homeowners look to maximize their use of renewable energy. These installations not only help reduce household electricity costs but also increase property value. The appeal in residential settings is also driven by aesthetic considerations and the desire to minimize the carbon footprint of home energy use.

Market Key Segments

By Type

• Single-Column Solar Carports
• Double-Column Solar Carports
• Cantilevered Solar Carports
• T-Shaped Solar Carports
• Others

By Mounting System

• Fixed Solar Carports
• Tracking Solar Carports

By Vehicle Arrangement

• One-row
• Two-row

By Capacity

• Less than 500 kW
• 500 kW to 1MW
• Above 1MW

By Application

• Commercial
• Residential
• Others

Drivers

Rising Focus on Renewable Energy and Government Incentives

A significant driver propelling the growth of the solar carport market is the global shift towards renewable energy, accompanied by supportive government policies and incentives. As countries around the world intensify their efforts to reduce greenhouse gas emissions and combat climate change, solar energy emerges as a key component of renewable energy strategies. Solar carports, which combine the functionality of vehicle parking with solar power generation, offer a dual benefit: they reduce land usage by maximizing existing infrastructure and contribute to energy self-sufficiency.

Governments worldwide are facilitating this shift by providing various financial incentives such as tax credits, rebates, and grants that make solar energy installations more affordable. For example, in the United States, the Investment Tax Credit (ITC) allows businesses and homeowners to deduct a significant percentage of their solar installation costs from their federal taxes. Such incentives significantly lower the initial investment barrier for solar carports, making them an attractive option for both commercial and residential applications.

Furthermore, the increasing cost competitiveness of solar technology due to advancements in photovoltaic (PV) cell efficiency and the decreasing cost of solar panels over the years have encouraged more consumers and businesses to invest in solar carports. These structures not only provide covered parking but also generate electricity, which can be used onsite or fed back into the grid, often generating savings or income through net metering policies.

Additionally, as electric vehicles (EVs) become more prevalent, the integration of solar carports with EV charging stations presents a growing opportunity. This integration serves the increasing demand for EV charging infrastructure while using renewable energy for power, thus supporting the environmental benefits of electric vehicles and enhancing the overall sustainability of transportation.

Restraints

High Initial Costs and Space Requirements

One of the major restraints impacting the growth of the solar carport market is the high initial investment required for installation. Solar carports involve substantial upfront costs including the procurement of photovoltaic panels, construction materials, and advanced electrical systems for energy storage and management. For many potential adopters, particularly small businesses and residential users, these initial expenses can be prohibitive without financial assistance or incentives.

Additionally, while solar carports effectively utilize existing parking areas, they still require a significant amount of space to be truly efficient. This can be a major constraint in urban areas where space is at a premium. The structural requirements and the need for sufficient sunlight mean that solar carports cannot be installed in every type of parking scenario. They are most viable in large, open lots where there is ample space to install a sizable array that can generate sufficient power. In densely built environments, the feasibility of installing solar carports drops significantly, which can limit market growth in these areas.

Moreover, the integration of solar carports with the local power grid can also present challenges. The need for suitable grid infrastructure and potential upgrades to accommodate the energy produced by solar carports can add further complexity and cost to projects. This integration is crucial for the effectiveness of solar carports, especially if the goal is to contribute power back to the grid.

In essence, while the solar carport market is positioned for growth due to increasing interest in renewable energy solutions, it faces significant hurdles in the form of high initial costs and spatial requirements. Overcoming these challenges will require continued technological advancements, cost reductions, and possibly more aggressive government incentives to make solar carports a viable option for a wider range of users.

Opportunity

Integration with Electric Vehicle (EV) Charging Infrastructure

A significant opportunity within the solar carport market lies in its integration with the rapidly expanding infrastructure for electric vehicles (EVs). As global interest in EVs continues to surge, driven by governmental policies aimed at reducing carbon emissions and the public’s growing environmental consciousness, the need for widespread and accessible charging stations has become increasingly apparent. Solar carports present a unique solution by combining renewable energy generation with the essential infrastructure needed for EVs.

Solar carports equipped with EV charging stations can serve dual purposes. Firstly, they provide shaded or weather-protected parking for vehicles. Secondly, they utilize the solar power generated on-site to charge EVs, thereby enhancing the green credentials of these installations by powering vehicles with zero-emission energy. This integration not only supports the operation of EVs but also helps to stabilize the grid by producing clean, local power that can be used directly where it is generated, reducing transmission losses and dependency on non-renewable energy sources.

The synergy between solar carports and EV charging also taps into potential financial incentives offered by governments worldwide, which are increasingly including provisions to support both solar energy deployment and EV infrastructure. For instance, grants, tax benefits, and rebates can offset the installation costs, making solar carports with EV charging capabilities more attractive to investors and property owners.

Moreover, the visibility of solar carports in public and commercial spaces serves as a statement of commitment to sustainability, potentially attracting customers and employees who value environmental responsibility. As businesses, municipalities, and educational institutions look to demonstrate their green initiatives, solar carports could provide a visible and practical manifestation of these values.

Trends

Adoption of Smart Solar Solutions

A significant trend in the solar carport market is the adoption of smart solar solutions, which leverage advanced technologies such as Internet of Things (IoT) integration and smart energy management systems. This trend is transforming solar carports from mere shelters with photovoltaic panels into dynamic, integrated energy solutions that optimize electricity production and consumption.

The integration of IoT technology in solar carports allows for real-time monitoring and control of energy usage, which enhances the efficiency of the energy produced. Owners can track energy output, monitor the health of the solar panels, and adjust settings remotely to maximize energy production based on weather conditions and electricity demand. This smart connectivity not only increases the operational efficiency of solar carports but also extends the lifespan of the equipment by ensuring it is running optimally and maintenance issues are addressed promptly.

Additionally, smart solar carports are increasingly being equipped with energy storage systems. These systems store excess power generated during peak sunlight hours, which can then be used during periods of low sunlight or during peak energy demand times. Energy storage is pivotal in making solar energy more reliable and grid-independent, enhancing the appeal of solar carports in both residential and commercial settings.

Smart solar carports also facilitate the integration of electric vehicle (EV) charging stations, providing a seamless energy solution that combines solar power generation with the charging infrastructure required for the growing number of electric vehicles. This integration supports the concept of green mobility by using renewable energy to charge EVs, further reducing the carbon footprint of transportation.

Regional Analysis

North America emerges as a frontrunner in the solar carport market, commanding a substantial global share of 32.8% in 2023. Driving this dominance is the United States, where a surging demand for reliable and efficient solar carport solutions is evident. Concerns over traditional parking structures and the need for sustainable energy solutions propel this upward trend in adoption.

Industries and communities throughout North America are increasingly prioritizing the integration of solar carport technologies, channeling investments towards innovative solutions. Stakeholders recognize the multitude of benefits, including enhanced sustainability, cost-effectiveness, and reduced environmental footprint, fueling significant investments in these transformative technologies.

The region benefits from a well-established infrastructure within the renewable energy sector, bolstered by a network of skilled professionals and technology providers. This supportive ecosystem facilitates the seamless development and integration of advanced solar carport solutions, with industry leaders actively advocating for their widespread adoption. Additionally, North America hosts several prominent solar carport manufacturers, contributing to ongoing research, innovation, and the diversification of cutting-edge products within the market.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

In the burgeoning solar carport market, key players play a pivotal role in driving innovation, market expansion, and technological advancement. Among these players, industry giants such as SunPower Corporation, SolarWing Technologies, and Envision Solar International Inc. stand out prominently.

These companies boast extensive experience, robust infrastructures, and a proven track record of delivering high-quality solar carport solutions across various sectors, including commercial, residential, and government projects.

Market Key Players

• SunPower Corporation
• Tata Power
• FlexiSolar
• Antai Technology Co. Ltd
• Schletter
• Kokko Shisetsu Kogyo
• Nichiei Intec
• SankyoAlumi
• GC Story
• AG Japan
• Yumesolar
• Ecolohas Japan
• Japan Energy Holdings
• Leapton Energy
• Upsolar Global

Recent Developments

April 2023, SunPower secured several key contracts with major commercial clients, solidifying its position as a leading provider of solar carport solutions.

March 2023, Tata Power secured significant contracts with commercial and industrial clients, solidifying its position as a leading provider of solar carport solutions in the region.

Report Scope