Commercial Solar Carport Market

Commercial Solar Carport Market Highlights

The global commercial solar carport market is expected to cross a value of USD 1082.6 million by the end of 2033. The market was valued at USD 487.5 million in 2023 and is expected to expand at a CAGR of 11.2% between 2024-2033.

• Over the mid-term, the growing demand for renewable energy worldwide is the primary factor anticipated to drive the global commercial solar carport market.
• The high cost of manufacturing new solar carports is a major factor to challenge the market growth.
• The North America commercial solar carport market is projected to dominate the global market.

Commercial Solar Carport Market Outlook

The structure that is known to combine parking spaces for vehicles with solar panel installations is known as a commercial solar carport. These carports are known to provide shaded parking for vehicles and also generate electricity from sunlight using the solar panels that are mounted on the roof.

According to our experts at KD Market Insights, one of the major factors anticipated to drive the growth of the global commercial solar carport market is the growing demand for renewable energy worldwide. Our research estimates find that over the past 15 years, the share of renewables in the overall power mix around the globe has touched close to 35%, witnessing an increase of about 13 percentage points. As the world focuses on reducing its carbon footprints and transitioning to renewable energy sources, the transformation of existing parking spaces to a lucrative green energy producer via the concept of solar carports is also increasing. This is expected to create an attractive option for companies who are working hard towards meeting its sustainability goals, thereby contributing to the market growth for commercial solar carports. Tata Power, Antai Technology Co. Ltd, and Kokko Shisetsu Kogyo Co. are some of the significant parties in the global market for commercial solar carport.

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Commercial Solar Carport Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global commercial solar carport market are:

• Rising Adoption of Energy Storage Systems: With the growing adoption of renewable energy worldwide, the manufacturers of energy storage systems are also working towards enhancing the value and effectiveness of batteries that are an essential component for encouraging the adoption of solar carports. A good energy storage system allows companies to store excess energy when solar production is low or for use during nighttime. This, as a result, also results in massive savings in overall operational costs of companies.
• Increasing Preference for Alternative Energy Sources During Peak Hours: Most companies worldwide are increasingly finding out alternative energy sources to help themselves save from peak hours when the electricity costs are very high. By deploying solar carports in their premises, these companies not just only lower their overall carbon footprint, but are also promoting a green environment by adopting renewable energy sources. Thus, this growing trend of preferring alternative energy sources during peak hours is expected to drive the demand for commercial solar carports in the coming years.

Which Probable Factors Could Hamper the Growing Commercial Solar Carport Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of commercial solar carport are:

• High Cost of Manufacturing New Solar Carports: It has been observed that the cost of building a new infrastructure is increasing rapidly. Those who want to deploy solar carports by first building the parking spaces, thus would require huge investment to build the parking space in add-on to the deployment cost of solar panels and other related accessories. Such a factor is therefore expected to hinder the market growth.
• Concern for Maintenance and Durability of Solar Carports: Although the cost of maintenance of solar panels are usually low, the maintenance costs of the overall structure of solar carports are very high. Most of the costs are associated with the cleaning of solar panels, inspection of the structure’s integrity, and protecting from damage caused from severe weather events. This, as a result, hampers the overall demand for solar carports.

How is the Global Commercial Solar Carport Market Segmented?

Our experts at KD Market Insights have segmented the global commercial solar carport market as:

What are the Probable Factors Influencing the North America Commercial Solar Carport Market Forecast?

The North America commercial solar carport market is majorly driven by growing trend amongst companies to undergo environmentally responsible practices and corporate social responsibility (CSR) commitments, which in turn, is driving the demand to adopt renewable energy solutions, such as solar carports. Further, the rapid advancements in the efficiency of solar panels as wells as energy storage systems, is also expected to contribute to the adoption of solar carports in the region.

As per our analysts at KD Market Insights, the following five players lead the North America commercial solar carport market growth:

• Envision Solar International, Inc.
• Solaire Generation, Inc.
• SunPower Corporation
• Schletter Inc.
• Hannah Solar

Which Key Players Top the Global Commercial Solar Carport Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global commercial solar carport market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with commercial solar carport market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global commercial solar carport market share:

• Tata Power
• Antai Technology Co. Ltd
• Kokko Shisetsu Kogyo Co.Ltd
• Cenergy Power
• Positive Energy Solar
• CHIKOUSA
• RenEnergy Ltd.
• SunPower Corporation
• Flexisolar
• Schletter
• Quest RenewablesInc.
• Xiamen Mibet New Energy Co. Ltd
• EvoEnergy
• KDC Solar LLC
• Enova

What are the Recent Developments Observed in the Commercial Solar Carport Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global commercial solar carport market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, IKEA stated that it has completed a 1.35 MW solar carport in Baltimore, Maryland, US and also plans to build seven more similar projects at other U.S. stores in partnership with New York-based Distributed Solar Development (DSD).

Further, Sol Systems stated that it has completed 6.5MW of solar arrays at seven Walmart stores in California. The portfolio includes a mix of rooftop and parking lot carport solar panels.