Solar Carport Market to Hit US$1.7 Billion by 2032, Driven by Clean Energy Adoption — Allied Market Research

According to a report by Allied Market Research, the solar carport market was valued at $0.8 billion in 2022, and is estimated to reach $1.7 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032. A solar carport is a covered building that collects solar energy and serves as a shelter for automobiles. These buildings usually have a canopy-like roof that is fitted with solar panels so that light is drawn in and used to generate electricity. Solar carports have two advantages: they provide clean, renewable energy while shielding cars from the elements like sun, rain, and snow. By combining solar technology with parking infrastructure, land use efficiency is increased and sustainability in energy and mobility is encouraged. In addition, solar carports help to reduce carbon emissions and advance the transition to a more sustainable and greener future by offsetting the usage of fossil fuels for the production of power.

The solar carport market size is expanding due to the growing number of universities and other educational institutions adopting solar carports to become carbon neutral in the next years. Rutgers University, the biggest public university system in the U.S. y, made a commitment in June 2023 to improve campus sustainability by installing approximately 15 MW of solar carport canopy arrays this year. The institution, which covers more than 6,000 acres, would incorporate 16 solar-powered carport installations by DSD Renewables, a company in the renewables business, throughout its four main campuses and off-campus buildings. This would be in line with its 2021 Climate Action Plan, which aims to achieve carbon neutrality by 2040. During the projected years, these activities are anticipated to enhance solar carport market share.

Leading Market Players: -

Antai Solar
Enerparc
Ganges International
Mahindra Solarize
Positive Energy Solar
Reenergy
Schletter
Himzen
Quest Renewables, INC.
Mahindra Solarize

The expansion of this solar carport industry is being driven by homeowners who own electric vehicles (EVs) and want to lower their carbon footprint, who are increasingly installing solar carports. Homeowners might use a solar carport to generate sustainable energy and provide shade and shelter for their cars at the same time. But, other uses, including government organisations committed to reducing their carbon footprint, also install solar carports to provide clean energy in addition to providing shade and security for their fleet of government vehicles. These elements are anticipated to support the segment’s expansion during the forecast period.

The growth of solar panel carport projects with capacities exceeding 1 MW is a significant driver for this segment. For example, Six Flags Entertainment Corporation announced a collaboration with DSD Renewables and Solar Optimum in April 2023 to install a new energy storage system and a 12.37-megawatt solar carport at Six Flags Magic Mountain in Los Angeles.

On the other hand, increasing development of solar carports tailored for EV charging applications. In September 2022, Paired Power, based in California, introduced a solar carport with a capacity of 5 kW and integrated EV charging capabilities. The dimensions of this innovative 5 kW solar carport are 3.2 meters x 5.2 meters x 3.7 meters, accommodating up to ten bifacial solar panels. This solar canopy is versatile, capable of functioning in both on-grid and off-grid settings, and it can be paired with lithium-ion battery storage systems with capacities of up to 40 kWh.

Allied Market Research | https://www.alliedmarketresearch.com/