Solar Carport Market Size, Share & Trends Analysis Report By Type (Cantilever, T-shape), By Vehicle Arrangement (One-row, Two-row), By Capacity (Less Than 500 KW, 500 KW - 1MW), By Application, By Region, And Segment Forecasts, 2023 - 2030

Solar Carport Market Size & Trends

The global solar carport market size was estimated at USD 458.7 million in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 9.9% from 2023 to 2030. A solar carport is a parking space that provides shelter for vehicles while producing electricity using solar panels. The solar panels are mounted on the upper surface of the carport's roof, where they capture sunlight and transform it into usable energy. The increasing demand for sustainable and renewable energy sources, along with the rising necessity for eco-friendly transportation, is propelling the growth of the solar carport industry.

Solar carports offer a dual advantage by providing protection and shade for vehicles, simultaneously reducing energy expenses and fostering sustainability through the generation of clean energy. They offer protection against various environmental elements, such as snow, hail, rain, and direct sunlight, which can potentially damage vehicles over time. Additionally, they contribute to maintaining cooler temperatures for cars during hot weather by providing shade. Solar carports come in a variety of sizes and designs, making them adaptable and versatile to fit different spaces and preferences. Thus, the increasing adoption of solar carports in various commercial and residential applications owing to its benefits is fueling the market’s growth.

The increasing adoption of electric vehicles (EVs) and reduced dependence on fossil fuels are driving the demand for solar carports. Solar carports can also integrate charging infrastructure for EVs. This involves the installation of electric vehicle supply equipment (EVSE) that enables drivers to recharge their EVs utilizing the solar energy produced by the carport. With an increasing number of people adopting EVs, the need for reliable and cost-effective EV charging solutions is on the rise, encouraging businesses to explore innovative ways of accommodation. Therefore, renewable energy solutions such as solar carports are gaining popularity as a viable option for powering EVs.

Increasing adoption of solar carports by various universities and other educational institutes to become carbon neutral in the upcoming years is driving the market’s growth. In June 2023, Rutgers University, the largest public university system in New Jersey, U.S., pledged to enhance the sustainability of its campuses by incorporating nearly 15 MW of solar carport canopy arrays within the current year. Aligned with its 2021 Climate Action Plan, aiming for carbon neutrality by 2040, the university, spanning over 6,000 acres, would integrate 16 solar-powered carport installations by an organization in the renewables industry, DSD Renewables, across its four primary campuses and off-campus buildings. Such initiatives are expected to improve the growth of the market during the forecast period.

Despite various benefits and promising prospects related to solar carports, it has specific challenges and limitations that could hamper the growth of the market. Solar carports may incur substantial costs and necessitate a significant initial investment. Also, depending on the complexity and size of the system, the installation time of the carports can vary significantly. In some cases, it can take several months or weeks before a solar carport is completely operational. In addition, solar panel systems used in solar carports require regular maintenance to function properly and generate optimal energy over time. However, growing investment in building solar carports by several commercial and residential building owners is expected to improve the market’s growth.

Application Insights

The commercial segment accounted for over 75.0% share of the market in 2022. Commercial solar carports represent a significant improvement for outdoor parking areas of commercial structures. Shopping centers, educational institutions, supermarkets, corporate buildings, and EV charging stations all over the world are expected to deploy solar carports during the forecast period. In addition, commercial solar carports provide benefits such as enhanced parking experience for employees and customers and free advertising carriers, and it boosts the company’s green credentials. Such benefits of solar carports in commercial applications are expected to improve the segment’s growth.

The residential segment is expected to grow at the highest CAGR over the forecast period. Increasing adoption of solar carports by homeowners who own EVs or want to reduce their carbon footprint is propelling the segment’s growth. Through the utilization of a solar carport, homeowners could produce clean energy while simultaneously offering shade and protection for their vehicles. On the other side, other applications, such as government entities dedicated to minimizing their carbon footprint also deploy solar carports for the dual purpose of generating clean energy and offering shade and protection for government vehicles. Such factors are expected to contribute to the segment’s growth during the forecast period.

Type Insights

The T-shape solar carports segment led the market with a 39.0% share of the global revenue in 2022. The T-shaped structure incorporates cantilevers on both sides of the central column. This design can accommodate three panels on each side, both south and north, all supported by column beams. This structure accommodates a greater number of vehicles while offering extensive shade and protection. The T-shape structure facilitates easy access to vehicles from all sides, enhancing convenience for drivers during parking, thus increasing their installation demand in the solar carport industry.

The semi-cantilever solar carports segment is anticipated to grow at a significant CAGR during the forecast period. Semi-cantilevered solar carport structures feature two columns supporting the structure instead of just one, offering added support and stability. This makes them a perfect choice for larger commercial installations. Thus, the increasing adoption of semi-cantilever solar carports in applications such as large parking lots, educational institutions, and corporate campuses is propelling the segment’s growth.

Regional Insights

North America dominated the market with a 31.0% share of the global revenue in 2022. The vast presence of solar carport providers, such as SunPower Corporation; Baja Carports; CHIKOUSA, and Positive Energy Solar, among others, across the region is a major factor driving the growth of the market. The increasing number of solar-powered carport projects across countries such as the U.S. and Canada is also propelling the market’s growth. For instance, in July 2023, Brightworks Energy, an innovative sustainable energy solutions provider, collaborated with Audi Oakville, a prominent Audi dealership, to establish Canada's first-ever solar canopy project. This initiative revolutionizes EV charging through the integration of advanced bifacial solar panel technology.

Asia Pacific is expected to grow at a significant CAGR during the forecast period. Major factors such as growing solar PV installations and increasing solar energy generation capacity across the region are driving the growth of the market. Rapid urbanization and the development of infrastructure in Asia Pacific countries are also expected to drive demand for solar carports in the coming years. Furthermore, many organizations or businesses in the region are adopting sustainability goals and incorporating renewable energy solutions as part of their corporate social responsibility (CSR) initiatives, which ultimately contribute to the market’s growth.

Vehicle Arrangement Insights

The two-row vehicle arrangement carports segment dominated the market with a 62.0% share of the global revenue in 2022. The two-row vehicle arrangement carport design involves the installation of solar panels on the roofs of two rows of carports, generally covering a larger parking space. Typically, this design is well-suited for larger commercial or public parking lots. Thus, the rising construction of two-row vehicle arrangement carport in large commercial parking applications is boosting the segment’s growth.

The one-row vehicle arrangement carports segment is expected to grow at a significant CAGR over the forecast period. The carport with a single-row vehicle arrangement distinguishes itself through its simplicity and effectiveness. This adaptable structure stands independently or can be attached to existing buildings, making it a preferred choice for small parking areas. Increasing adoption of one-row vehicle arrangements in residential applications such as individual homes and housing complexes is fueling the segment’s growth.

Capacity Insights

Based on capacity, the above-1 MW segment dominated the market with around 43.0% share of the global revenue in 2022 and is expected to grow at the highest CAGR during the forecast period. An increasing number of solar panel carport projects with above 1 MW capacity is a major factor driving the segment's growth. For instance, in April 2023, Six Flags Entertainment Corporation announced the collaboration with DSD Renewables and Solar Optimum. The collaboration was aimed to announce the installation of a new energy storage system and 12.37-megawatt solar carport at Six Flags Magic Mountain in Los Angeles.

The less than 500 kW segment is expected to grow at a significant CAGR over the forecast period. A rising development of solar carports with a capacity of less than 500 kW for EV charging applications is driving the segment’s growth. In September 2022, Paired Power, a California-based company, introduced a solar carport with a capacity of 5 kW and integrated EV charging features. The dimensions of the novel 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, functioning in both on-grid and off-grid modes, and it can be coupled with lithium-ion battery storage systems with a capacity of up to 40 kWh.

Key Companies & Market Share Insights

The market players are constantly working toward new product development and upgradation of their existing product portfolio. For instance, in June 2023, The Schletter Group announced the introduction of two significant products at 2023 Intersolar Europe. These products include a newly developed solar carport and an Agri-PV system. The company is providing a carport system with Schletter SunRide. SunRide offers two carport configurations designed for either double-row or single-row parking lots. Such initiatives by market players are expected to contribute to the market’s growth.

In June 2021, Tata Motors, a leading global automobile manufacturer, and Tata Power, India's largest integrated power company have collaboratively established India's largest behind-the-meter, grid-synchronized solar carport at Chikhali, a Pune-based car plant of Tata Motors. The 6.2 MW solar carport, implemented by Tata Power, is projected to produce 86.4 lakh kWh of electricity annually, resulting in an estimated reduction of 7,000 tons of carbon emissions per year and 1.6 lakh tons throughout its lifecycle. This, in turn, propels the growth of the market.

Solar Carport Market Report Scope

Global Solar Carport Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global solar carport market report based on type, vehicle arrangement, capacity, application, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Cantilever Solar Carports

  • T-shape Solar Carports

  • Semi Cantilever Solar Carports

  • Others (Portable Solar Carports, Customized Solar Carports)

• Vehicle Arrangement Outlook (Revenue, USD Million, 2017 - 2030)

  • One-row Vehicle Arrangement Carports

  • Two-row Vehicle Arrangement Carports

• Capacity Outlook (Revenue, USD Million, 2017 - 2030)

  • Less than 500 kW

  • 500 kW to 1MW

  • Above 1MW

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Residential

  • Commercial

  • Others (Government Agencies, Non-profit Organizations)

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • Kingdom of Saudi Arabia

    • UAE

    • South Africa