Global Photovoltaic Canopy Market Size (2024 - 2030)

According to our research report, the Global photovoltaic canopy market was valued at USD 93.99 billion and is projected to reach a market size of USD 250.02 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 15%.

Industry Overview

 Photovoltaic carports, as opposed to panels attached to an already-existing carport structure, are overhead canopies created to cover parking spots. They represent a different solar system form. In contrast to conventional PV systems, solar carport systems additionally give consumers shade for parking their vehicles by increasing the solar panels' installation height. Ground mount solar panels are angled panel modules put on the ground rather than a rooftop, and they have many similarities with solar carports. The fact that solar patio covers and solar carports don't need extra land, unlike ground mount installations, is a major advantage. As a consequence, solar panel carports make better use of available space than panels that are ground-mounted.

If you have a space constraint, a solar carport is a better choice than a ground-mounted system. In general, ground-mounted solar has less limitations or issues than solar panel carports, making them the superior choice in every circumstance. The area beneath the solar panels may be used in a practical manner with each type of solar canopy. This is the primary advantage of solar canopies over other mounting options, such as rooftop and ground-mounted solar panel systems. Solar canopies provide house and business owners with significant energy savings because to sharp declines in the cost of solar panels and strong incentives like the solar tax credit.

Impact of Covid-19 on the industry

The COVID-19 pandemic is anticipated to have some negative effects on the market soon. Government-imposed lockdowns in different regions of the world have logically decreased demand. The impacted manufacturing industry, supply chain procedures, and other factors are to blame for this. Due to the pandemic, there have been supply chain interruptions that have allowed end users to have damaging consequences on the manufacturing and commercial processes.

Market Drivers

The key driver of this market is the increase in the awareness of the importance of solar energy

Because it is a renewable energy source that mostly comes from the sun and is a free energy source, solar energy has many uses. The industry is also being driven by the fact that solar carports are practical in a variety of climes. They shield automobiles from ice and snow in snowy areas, reducing the need for ploughing. A carport offers shade in hotter regions, keeping automobiles far cooler than if they were exposed to direct sunshine. Solar carports do turn unwanted and underutilised space into a profitable and sustainable investment.

Rising demand for photovoltaic carports will drive the market growth

Solar carports do turn unwanted and underutilised space into a profitable and sustainable investment. Solar carports are an excellent method to add solar PV to a property without changing it while also giving vehicles a protected area to park. Additionally, a charging station for electric vehicles may be included. Additionally, certain regions are off the grid and isolated, therefore the use of solar carports in those regions will stimulate the industry.

Market Restraints

The high installation cost and maintenance cost of solar carport restraining the market growth

However, the expensive cost of solar carport installation and upkeep is limiting market expansion. One must make a significant initial financial investment for a PV system. Solar carports that depend on the weather are another barrier to market expansion. On days that are overcast or wet, they won't function well. Additionally, using batteries to store solar energy is expensive. Additionally, it needs a location in a store where the battery won't get wet and be harmed.

PHOTOVOLTAIC CANOPY MARKET REPORT COVERAGE:

This research report on the global photovoltaic canopy market has been segmented and sub-segmented based on, Type, Application, Design, and Geography & region.

Global Photovoltaic Canopy Market- By Type

• One-Row Vehicle Arrangement Carport
• Two-Row Single Slope Vehicle Arrangement
• Two-Row Dual Slope Vehicle Arrangement

One-row vehicle arrangement carports, two-row single slope vehicle arrangements, and two-row dual-slope vehicle arrangements are the market segments based on type. Due to the fact that they don't need extra space, make use of parking spaces, are lucrative with minimal investment, and dominate the market, row vehicle arrangement carports. It is also strong and corrosion-free, and installation is quick and easy.

Global Photovoltaic Canopy Market- By Application

• Commercial
• Non-Profit
• Others

The market is divided into commercial, non-profit, and other segments depending on the application. The non-profit sector dominates the market because non-profit organisations may swiftly and with little to no out-of-pocket price build solar carport systems.

Global Photovoltaic Canopy Market- By Design

• Cantilever Design
• W Frame Design

Cantilever design and W-Frame design are two market segments based on design. Cantilever design dominates the market because it makes parking possible and makes it easier to open car doors because there are no supporting legs at the sides of the bay. Additionally, it is perfect for increasing solar presence because it covers a wide area.

Global Photovoltaic Canopy Market- By Geography & Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Different geographical areas, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, are researched for the worldwide photovoltaic canopy market. Six Flags Entertainment built the largest solar carport in North America in California, where it also established itself as the industry leader for renewable energy in the entertainment sector. The market is expanding as a result of increased understanding of solar energy and its benefits in a nation like the US. German company Schindler Clean Energy Systems is an expert in solar carports and electric vehicle power supply in Europe. To supply enough power for e-cars, they integrated a lengthy carport with a potent commercial energy storage system in one project.

The market for solar carports will grow as a result of the growth in e-car manufacturing. Numerous solar projects are now being built in the Asia Pacific area in nations like Singapore and India, which would boost the demand for photovoltaic carports. The market in the Middle East and Africa will be driven by the transition toward sustainable energy trends in nations like the UAE and Saudi Arabia. The market for photovoltaic canopies will increase as a result of the UAE's Green Electricity Targets, which include producing 50% of the nation's energy from renewable sources by the year 2050.

Global Photovoltaic Canopy Market- By Companies

1. Trina Solar
2. Jinko Solar
3. SunPower
4. First Solar
5. Solarworld
6. JA Solar
7. Tesla
8. Yingli
9. REC Group
10. ReneSola
11. Canadian Solar
12. Upsolar

NOTABLE HAPPENINGS IN THE GLOBAL PHOTOVOLTAIC CANOPY MARKET IN THE RECENT PAST:

• Product Adoption: - In 2020, The biggest solar-powered carport in North America is run by MSU. A 100-acre solar farm will be constructed by the university south of its main East Lansing campus. The largest solar-powered carport in North America is already run by MSU.
• Product Adoption: - In 2020, A Pennsylvania automobile wholesaler now has a solar carport thanks to Paradise Energy Solutions. One of the biggest solar carports in Pennsylvania is located at the company's headquarters, marking a significant step toward the company's objective of completely offsetting its energy use. This solar carport will go a long way toward reducing the amount of energy used by the business at both its corporate offices and its three North American distribution centres.