A recent report published by Infinium Global Research on the solar canopy carport market provides in-depth analysis of segments and sub-segments in the global as well as regional solar canopy carport market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional solar canopy carport market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global solar canopy carport market. According to the report, the global solar canopy carport market is projected to grow at a CAGR of over 11% over the forecast period of 2022-2028.
The revenue generated by the market was about USD 1 billion in 2022 and is expected to reach nearly USD 2 billion in 2028 and is expected to grow with a CAGR of over 11% over the forecast period 2022-2028. Solar canopies are made to support solar panels that dangle over the ground while leaving useable space below. Solar canopies produce solar energy, which lowers energy costs while enabling the usage of the space below. Solar carports, or solar canopy carports, are one of the key forms of the solar canopy. A solar carport is a parking space that has a roof composed of photovoltaic (PV) panels. These carports can occasionally only accommodate one parking space, such as in driveways for homes. They may also be connected in a series to cover large commercial parking lots. Owners of solar carports gain access to less expensive, greener electricity while also shading and safeguarding their vehicles.
The COVID-19 pandemic is ravaging nations all over the world, crippling economies in its wake. The global solar industry as a whole is not immune to the effects of the epidemic, and many businesses are worried about its uncertain future. The COVID-19 outbreak occurs just as solar project implementation is accelerating globally. The solar industry's worldwide supply chains are impacted as the problem has surpassed China. The initial lag in the production of solar equipment and components owing to lockup and other physical restrictions worried project developers for solar canopy carport projects. The market is rebounding as the COVID-19 pandemic recedes and the projects that were delayed are once more being completed at an increasing rate. The demand is again expected to rise.
The adoption of EVs is growing at an unprecedented rate around the world. The major factors are rising fuel prices and tighter norms on carbon emissions from vehicles. According to the IEA, the sale of EVs in the first quarter of 2022 was 2 million, and in 2021, 6.6 million EVs were sold, which was enormous when compared to the sale of EVs in 2012. The growing adoption has led to an increase in charging infrastructure for which solar canopy carports are emerging as a low-cost and reliable option. Thus, this factor is driving the market. Governments around the world are adopting pro-solar energy laws and regulations, which are creating favorable conditions for the market. Also, governments are offering incentives and subsidies for the installation of solar canopy carports. However, the high cost of installation and maintenance is hampering the growth of the market. However, the rising awareness of solar energy in emerging economies is expected to boost growth opportunities in the market.
The global solar canopy carport market is segmented into North America, Asia-Pacific, Europe, and the RoW region. Asia-Pacific dominated the solar canopy carport market in terms of revenue. The installation of solar canopies is rising in countries such as China, Australia, Japan, South Korea, India, and others. One of the major reasons is the rising demand for electric vehicles. Mostly, the developing countries in Asia-Pacific are looking towards solar energy as a renewable energy source to satisfy the growing demand for energy due to rising populations and economies. Rooftop solar installations and solar canopies are becoming more common. The governments in most of the developing countries in Asia-Pacific are offering incentives and subsidies to encourage the adoption of solar canopy carports. North America is expected to be one of the biggest markets as the sale of electric vehicles is growing in countries such as the USA. Furthermore, the adoption of solar energy by the residential sector in North America is also expected to foster the growth of the market. Europe is expected to offer growth opportunities due to its favorable laws and regulations.
The report on the global solar canopy carport market covers segments such as canopy type, carport type, design, and end-user. On the basis of canopy type, the sub-markets include mono-pitch, duo-pitch, and barrel arch. On the basis of carport type, the sub-markets include 1-row vehicle arrangement carport, 2-row single slope vehicle arrangement, and 2-row dual slope vehicle arrangement. On the basis of design, the sub-markets include cantilever design, and W frame design. On the basis of end-user, the sub-markets include residential, commercial, industrial, and others.
The report provides profiles of the companies in the market such as SunPower Corporation, Jinko Solar, Trina Solar, First Solar, JA Solar, REC Group, Yingli, Upsolar, Schletter, and KAPPION CARPORTS & CANOPIES.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the solar canopy carport market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
Please Choose One of them.