Solar Carport Market to Gather Momentum; Michigan State University Announces Plans to Build a 100-acre Solar Farm near Its East Lansing Campus: Fortune Business Insights™
Pune, India, April 07, 2022 (GLOBE NEWSWIRE) -- The global solar carport market size is slated to expand at a substantial pace owing to the vast economic and environmental advantages of these structures, shares Fortune Business Insights™ in its report, titled “Solar Carport Market 2022-2029”. Solar carports are essentially solar panels that are mounted on the ground, covering parking lots like a canopy. They offer a host of benefits and are, thus, being eagerly adopted worldwide, especially in urban areas. For example, carport solar panels can lower utility by reducing energy consumption from conventional sources as well as decreasing carbon footprint.
A recent development in this context is EnergyLink’s solar carport project for Faber and Brand that is expected to save the law firm approximately USD 700,000 over the lifespan of the project. Another critical advantage of these panels is that they can be oriented at the optimal angle to capture maximum sunlight, further raising energy savings for consumers. The enormous energy and cost saving potential of solar carports is the primary reason for their increasing demand and uptake around the globe.
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Initiation of Carport Projects by Leading Economies to Boost the Market
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 signed a power purchase agreement with Tata Motors 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 emission by 1.6 lakh tons over the project’s lifetime. Similarly, in France, Neoen, a renewable energy company, built a 16.3 MW solar array in a car parking lot in the city of Corbas in April 2019. The project covers 4,600 industrial parking spaces, spans 12.5 hectares, and cost €19.1 million. In the same year, Australia unveiled one of its biggest solar carports in Brisbane. The 100kW structure has been designed to generate energy enough to power car parks, businesses, and shops, cutting utility costs between 30% and 40% and reducing carbon emissions. The successful completion and smooth functioning of these projects are likely to prove favorable for the growth of this market in the forthcoming years.
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Supportive Framework for Novel Clean Energy Projects to Bolster the North America Market Growth
North America is expected to dominate the solar carport market share in the near future on account of the active policy support to novel renewable energy projects in the US and Canada. This support is based on the region’s gradual transition towards clean energy sources. In addition, both the US and Canada are home to a large number of solar power companies, which will further contribute to the region’s leading position in this market.
In Europe, the market will be primarily driven by the increasing adoption of electric vehicles and massive investments in renewables. On the other hand, the market in Asia Pacific will derive growth from the rising number of solar carport projects in India, China, and Singapore and focus of these countries to meet their green energy targets.
June 2020: Paradise Energy Solutions successfully installed a 1 MW solar carport structure for Turn 14, a Pennsylvania-based automotive parts distributor. Turn 14’s Horsham headquarters are now home to one of Pennsylvania’s largest solar-powered carports.
Top Players to Capitalize on Business Expansion Opportunities
Key players in this market are augmenting the solar carport market growth by exploiting the speedily growing business expansion opportunities. These opportunities are also enabling companies to enhance their innovation capacities and entrench their position in the market.
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