The new report by Expert Market Research titled, ‘Global Solar Carport Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global solar carport market, assessing the market based on its segments like types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 509.3 Million
- Forecast CAGR (2022-2027): 70%
- Forecast Market Size (2027): USD 670.9 Million
The increasing awareness pertaining to the importance of solar energy is fuelling the growth of the market. The enormous energy and cost-saving potential of solar carports is the primary reason for the market growth of solar carports around the world. Further, the active policy support for novel renewable energy projects in various countries is expected to further drive market growth. This can be associated with the growing focus on cleaner sources of energy, as a result, large scale investments aimed at electrification of vehicles are factors defining the growth of the market.
Industry Definition and Major Segments
A solar carport, another kind of solar system, is a type of carport with a solar panel put on top. Solar carport systems, unlike conventional PV systems, provide users with shade for parking their automobiles by boosting the solar panel installation height. Furthermore, solar carports can serve as dependable power sources for nearby lighting and structures.
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Based on type, the market includes:
- One Unit Carport
- Two Unit Carport
- Multi Carport
The various applications of solar carport are:
- Residential
- Commercial
- Others
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The global market for solar carport is being driven by the formulation and implementation of large-scale solar carport projects in major world economies. The successful completion and smooth operation of these projects are anticipated to bolster the growth of the market in the following years. Since certain locations are remote and off the grid, the market is likely to be driven by the use of solar carports in areas with no electricity. Moreover, the market is being supported by the flexibility provided by solar carports in terms of the requirement of solar energy.
Key Market Players
The major players in the market are Nichiei Intec, SankyoAlumi, Schletter, GC Story, AG Japan, Yumesolar, and Ecolohas Japan, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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