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Commercial Solar Carport Market Size, Share & COVID-19 Impact Analysis, By Type (One-Row Vehicle Arrangement Carport, Two-Row Vehicle Arrangement Carport, Two-row Dual Slope Vehicle Arrangement Carport), By Capacity (Less than 500 kW, 500 kW to 1 MW, Above 1 MW), By Design (T-frame Structures, V-frame Structures) and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI106653

 

KEY MARKET INSIGHTS

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The global commercial solar carport market size was valued at USD 0.89 billion in 2021. The market is projected to grow from USD 1.01 billion in 2022 to USD 2.02 billion by 2029, exhibiting a CAGR of 10.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the market had exhibited an average growth of 5% in 2020, as compared to 2019. 


Commercial solar carport is one of the leading applications of solar technology in which solar modules or panels are installed over the car parking lots. Unlike ground mount solar or roof-type solar panels, these carport systems do not require a roof or surface that the solar panels must attach to as they already have a built-in roof, making them one of the unique choices for commercial solar projects. The electricity generated by this type of carports is available immediately to be used onsite. Nowadays, solar carports also provide electric vehicle charging, which adds a significant share of clean energy transactions.   


COVID-19 IMPACT  


COVID-19 Pandemic Slowdown the Commercial Building & Construction Sector


The global health emergency caused by the spread of COVID-19 has unleashed the greatest global crisis in generations, sending shockwaves through healthcare systems, economies, and societies worldwide.  The energy sector was severely affected by repeated lockdowns in 2020, with slowed transport, trade, and economic activity across the globe pushing energy use down by 4%. Subsequently, the clean energy transition must be at the center of economic recovery and stimulus plans which has brought the bright spot on renewables, resulting in continuous expansion installation even during the pandemic.


The commercial solar carport market share has been intermediately affected by the outbreak of this global health problem due to limitations in the investments caused by the pausing operations of different commercial operations, disruptions to transportation and logistics caused due to strict government regulations, the nationwide along with many others lockdown has resulted in a significant delay in delivering the product. However, in 2020, solar power was the power generating technology with the highest net installed capacity, with a 39% share of all new installations for the year. This is more than twice as much as all new fossil fuel capacity combined. In 2020, a total of 138.2 GW of solar was installed worldwide, representing an 18% growth over the 117.6 GW added the year before.


LATEST TRENDS


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Growing Adoption of Electric Vehicles for Power Generation to Boost Market Growth


With an increasing shift towards clean energy, the adoption of electric power vehicles is constantly increasing across the globe, increasing the need for electric vehicle infrastructure, such as the grid for EV charging.


For instance, in 2011, the U.S. just had over 16,000 battery and plug-in hybrid electric vehicles. As of December 2020, that number had grown a hundred-fold to nearly 1.7 million vehicles. By mid-2021, cumulative plug-in electric vehicle sales had surpassed 2 million. Moreover, according to the International Energy Agency, we can expect to have at least 145 million electric vehicles (EV) on the road by 2030.


A solar carport is a covered parking area with a canopy designed out of solar and acts as one of the most effective applications of electric vehicle charging by offering versatility, clean energy, and convenience to EV users. Many other solar carports are also integrated Level 2 charging stations designed for a single parking lot or large commercial lots. With the rapid growth in electric vehicles across the globe, the installation and adoption of a solar carport will grow to meet the growing energy demands of electric vehicles.


In the U.S. alone, there are 2 billion parking spots that can serve two functions as a place to leave the car and charge your car and help power one’s business with clean energy, reduce the business's carbon footprint, and save money on the long run. The growth and demand for electric vehicles are leading emerging trends in the market.


DRIVING FACTORS


Commencement of Solar Carport Projects by Foremost Economies to Lift the Market Growth  


The design and implementation of large-scale solar carport projects in the major economies of the world are rapidly expanding the market. In India, for example, For instance, in India, Tata Power, India's largest integrated power utility, signed a Power Purchase Agreement (PPA) with Tata Motors in August 2021, to launch India's largest solar carport project. With a capacity of 6.2 MWp, the project is expected to reduce 1.6 lakhs tones of CO2 emissions for Tata Motors over its lifetime. The grid-connected carport facility requires high caliber engineering and custom design to assemble the massive carport structures. Similarly, in April 2019, Neoen, a renewable energy company, installed a 16.3 MW solar array in a parking lot in Corbas, France. The project includes 4,600 industrial parking lots, covers 12.5 hectares, and costs USD 21.46 million.


In April 2021, Sol Systems completed 6.5MW of solar power systems at seven Walmart stores in California. The portfolio includes a mix of rooftop solar panels and parking lot carports. The retail stores will absorb all the energy. The portfolio was developed by Sol Customer Solutions, a unit of Sol Systems, a joint venture with global infrastructure investment firm Capital Dynamics. The projects started construction in 2020.


In 2020, Australia introduced one of its largest solar carports in Brisbane. The 100 kW structure is designed to create enough energy to power parking lots, shops, and businesses, reducing utility energy bills by 30% to 40% and minimizing carbon emissions. The efficacious accomplishment and smooth running of these projects will likely prove beneficial for this market’s growth in the years to come.


Replacement of Rooftop Solar with Solar Carports to Fuel Market Expansion


Rooftop solar power is the most cost-effective way to generate electricity, but many homeowners struggle to get enough solar power off their rooftops due to space, angles, and obstructions. Additionally, ground-mounted PV systems may not be an option for single-family homes and commercial property owners with limited space. In both cases, a carport is a possible option. It can be a very useful for people who cannot install floor or roof systems, and is quite cost effective. It offers additional flexibility for the optimal alignment of the solar panels and make use of unused space. Solar carports eliminate roof angle, shading, alignment, and sizing issues because the solar panels themselves serve as the roof.


Solar carport support systems are specifically designed to provide maximum solar exposure that most roofs cannot provide. Another benefit is that if a roof needs repairs before a rooftop solar system's warranty expires; there is an additional cost to remove and reinstall the system while the roof is being repaired. Commercially available solar carports protect vehicles from the sun, wind, rain, and snow. Covering a car while in storage increases fuel economy due to the reduced need to start the air conditioning to cool the vehicle down upon boarding. These factor is likely to drive the market during the forecast period.


RESTRAINING FACTORS


Higher Cost of Solar Carport to Hinder Market Growth  


The cost of a solar carport rises in direct proportion to the cantilever, the structure's weight, taller vehicles, and guttering systems. It becomes more expensive as extra steel required for cantilever, high installation cost due to weight of the structure, electrical equipment may need to be located outside carport structure to protect it from accidental damage, requires parking bays to be orientated between south-east and south-west, extra steel required for accommodating taller vehicles and design and installation of the guttering system can be more complicated. Furthermore, the cost of the solar carport and associated services are primarily determined by the complexity of the structures. As a result, the high cost acts as a barrier to the market growth.


Furthermore, many projects have to access grid connection at an early stage, as many projects fail to obtain sufficient connection capacity at a cost that makes them financially viable. Additionally, in developing countries, the lack of technology to store solar energy owing to high upfront investments negatively influences commercial solar carport market growth.


SEGMENTATION


By Type Analysis


Two-row Dual-slope Vehicle Arrangement Carport to Dominate Global Market Share


Based on type, the market can be majorly divided into One-row vehicle arrangement carport, Two-row vehicle arrangement carport, and Two-row dual-slope vehicle arrangement carport. A two-row vehicle arrangement carport features a single sloped roof supported by a series of beams or supports. This structure is simple but highly effective. This carport can extend from an existing building or structure with a wall mounting or stand separately on columns. For commercial purposes, two-row carports make sense as it takes relatively less space, and lesser materials are required to park more vehicles. Furthermore, a one-row vehicle arrangement carport is generally suitable for the small oriented parking areas and is likely to grow significantly during the forecast period.


By Capacity Analysis


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Above 1 MW Segment to Record Fastest Growth Owing to Increasing Installation Across Commercial Buildings


Based on capacity, the market is segregated into less than 500 kW, 500 kW to 1 MW, and Above 1 MW. Among these, the Above 1 MW segment held a dominant market share in 2021. Several countries across the globe are announcing subsidy programs for the commercial building & construction sector to generate renewable electricity and increase its energy mix in the overall energy generation. Moreover, above 1 MW is the fastest-growing segment in the commercial market during the forecast period. This is due to the growing installation of solar carports across many commercial buildings for their internal electricity needs and to save corporate taxes. 


By Design Analysis


T-frame Structures Segment Accounted for Substantial Market Share as It Covers Large Parking Area


Based on the design, the market is bifurcated into T-frame and V-frame structures. The segment accounted for the major share of the market in 2021. The T-frame structures have the benefit of a least possible ground footprint. Vertical posts are placed amid standard 2.4m carpark bays with a distinctive three-bay span. The T-Frame design is well-matched to paid-for parking where the customer will not accept any loss of bays and their associated revenue streams. The T-Frame is also suitable for multi-story car park top decks as it can be fixed directly into the building columns, making it a perfect solar carport for minimum ground footprint. The V-frame structure is also the key segment of the market. The V-frame structure features a lightweight and cost-effective frame with a limited footprint between parking bays of 1.2 meters. Vertical posts are positioned between standard 2.4-meter car park bays with a typical three-bay span. Vertical posts are all less than the width of bay markings and do not interfere with car park usage. The V-Frame design solar carport is perfect for those looking for a cost-effective and lightweight frame.


REGIONAL INSIGHTS


Europe Commercial Solar Carport Market Size, 2021 (USD Billion)

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Based on the regional insights, the market analysis is studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. With active political support for novel renewable energy projects in the U.S. and Canada, North America is expected to dominate the market. This support is based on the region's gradual transition to clean energy sources. Additionally, both the U.S. and Canada are home to many solar energy companies, which will further contribute to the region's leading position in this market.


In Europe, the market is mainly driven by the increasing adoption of electric vehicles and massive investments in renewable energy. The EU Renewable Energy Directive sets the plan for the promotion and production of sustainable energy sources across the region. This policy aims to achieve a 20% share of renewable energy in the overall energy mix. Such factors give the regional market an additional boost.


The market in the Asia Pacific will derive growth from the rising number of solar carport projects in China, India, and Singapore and the focus of these countries to meet their green energy targets. High solar irradiance levels and low manufacturing cost of components are the major factors fueling the regional market's growth. Ambitious carbon emission reduction targets by several countries, including China and India, coupled with the growing electricity generation demand, will further fuel the market growth.


KEY INDUSTRY PLAYERS


Key Players Concentrate on Enhancing their Product Capabilities to Meet Customer Demand


The market is highly fragmented, with many small players providing solar carports to various countries. Numerous players are actively operating across the globe to cater to the increasing demand for these carports from the commercial building & construction sector. Major players also include SunPower Corporation, Tata Power, Flexisolar, Antai Technology Co. Ltd, and Schletter, among other players. Key players focus on increasing their customer reach and establishing a strong footprint in the market. For example, In April 2020, Flexisolar has constructed the U.K.’s largest-ever solar carport at Bentley Motors headquarters and is now fully installed and being utilized at the Bentley headquarters. The company has installed 10,000 solar panels, having a capacity of 2.7MW and covering 1,378 car parking spaces and an area of 16,426m².


LIST OF KEY COMPANIES PROFILED:



  • SunPower Corporation (U.S.)

  • Tata Power (India)

  • FlexiSolar (U.K.)

  • Antai Technology Co. Ltd (China)

  • Schletter (Germany)

  • Kokko Shisetsu Kogyo Co., Ltd (Japan)

  • Quest Renewables, Inc. (U.S.)

  • Cenergy Power (U.S.)

  • Xiamen Mibet New Energy Co., Ltd (China)

  • Positive Energy Solar (New Mexico)

  • EvoEnergy (U.K)

  • CHIKOUSA (U.S.)

  • KDC Solar LLC (U.S.)

  • RenEnergy Ltd. (U.K.)

  • Enova (UAE)


KEY INDUSTRY DEVELOPMENTS:



  • January 2022 - Antai Technology Co. Ltd has achieved a total of 5,036 MW solar racking shipments, helping them hit a record high market share in the mainstream market. 

  • December 2021 - Mibet Energy has supplied the mounting structure for a metal roof PV power station in Jingzhou City, Hubei Province, which focuses on the problem of electricity consumption. On completion, the project will generate around 24 million kilowatts per hour annually, saving around 8.6 million tons of standard coal each year and reducing approximately 21.44 million tons of carbon dioxide emission.


REPORT COVERAGE


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The global market research report presents a comprehensive industry assessment by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views to formulate the market research report. Furthermore, the report covers a detailed analysis of market segments, including type, capacity, design, and regions, helping our readers get a comprehensive overview of the global industry.


REPORT SCOPE & SEGMENTATION















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation


 



By Type



  • One-Row Vehicle Arrangement Carport

  • Two-Row Vehicle Arrangement Carport

  • Two-row Dual Slope Vehicle Arrangement Carport



By Capacity,



  • Less than 500 kW

  • 500 kW to 1 MW

  • Above 1 MW



By Design



  • T-frame Structures

  • V-frame Structures



By Region



  • North America (By Type, By Capacity, By Design, and By Country)





    • U.S.

    • Canada





  • Europe (By Type, By Capacity, By Design, and By Country)





    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Netherland

    • Rest of Europe





  • Asia Pacific (By Type, By Capacity, By Design, and By Country)





    • China

    • India

    • Japan

    • Australia

    • Southeast Asia

    • Rest of Asia Pacific





  • Latin America (By Type, By Capacity, By Design, and By Country)





    • Brazil

    • Mexico

    • Rest of Latin America





  • Middle East and Africa (By Type, By Capacity, By Design, and By Country)





    • GCC

    • South Africa

    • Rest of the Middle East and Africa 





Frequently Asked Questions

As per the Fortune Business Insights study, the global market was USD 0.89 billion in 2021.

The global market is projected to grow at a compound annual growth rate of 10.5% in the forecasted period.

The market size of Europe was valued at USD 0.42 billion in 2021.

The T-frame structures segment holds the dominating share in the global market based on structure.

The global market is expected to reach USD 2.02 billion by 2029.

The key market drivers are the growing adoption of renewable and green energy targets that fuel investments in the solar industry.

The top players in the market are SunPower Corporation, Tata Power, KDC Solar, Antai Technology, Quest Renewables, and others.

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Commercial Solar Carport Market Size, Share and Global Industry Trend Forecast till 2026
  • May, 2022
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  • 2018-2020
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