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Global Solar Carport Market to Reach USD 670.9 Million by 2027, Aided by the Increasing Awareness of Solar Energy

According to a new report by EMR titled, ‘Global Solar Carport Market Report and Forecast 2022-2027’, the global solar carport market reached a value of about USD 509.3 million in 2021. The industry is expected to grow at a CAGR of 4.70% in the forecast period of 2022-2027 to reach USD 670.9 million by 2027.

Solar panels installed on a carport can cut utility costs by reducing energy usage from traditional sources and lowering carbon emissions. Another significant benefit of solar panels is that they can be set at the best angle to capture the most sunlight, allowing users to save even more energy. Solar carports' great energy and cost-saving potential is the key reason for their rising demand and adoption around the world. The increasing production of electric cars will also boost the solar carport market. The key driver of the solar carports market is the increase in awareness of the importance of solar energy. As the government is focusing on energy saving, the consumption of solar carport will increase in the next few years.

The formulation and implementation of large-scale solar carport projects in major world economies are rapidly widening the scope of this market. In India, for example, Tata Power (NSE: TATAPOWER) signed a power purchase agreement with Tata Motors (NYSE: TTM) to launch India's largest solar carport project in Pune, Maharashtra, in September 2020. Featuring a capacity of 6.2MWp, the installation is foreseen to bring down carbon emissions by 1.6 lakh tons over the project's lifetime.

Market Analysis by Type, Application, and Regions:

  • Based on type, the market is divided into one unit carport, two-unit carport, and multi carport.
  • The various applications of the market are residential and commercial, among others.
  • The regional markets for solar carport include North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.

Key Findings of the Report:

  • The formulation and implementation of large-scale solar carport projects in major world economies are rapidly widening the scope of this market.
  • The successful completion and smooth operation of these projects will certainly boost the market's growth in the future years.
  • One of the primary drivers of the solar carport industry is the flexibility that a solar carport provides, in terms of its usage.
  • Various technological advancements in the field of solar carports is expected to augment the market growth.

Key Offerings of the report:

  • The EMR report gives an overview of the global solar carport market for the periods (2017-2021) and (2022-2027). 
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for type, applications, and major regions of solar carport.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global solar Nichiei Intec, SankyoAlumi, Schletter, GC Story, AG Japan, Yumesolar, and Ecolohas Japan, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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