Reliable Data You Can Trust
Reliable Data You Can Trust
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 wall 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 forecasts 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.
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