According to a new report by UnivDatos Market Insights, Solar Carport Market, is expected to reach USD 1,811.8 Million in 2030 by growing at a CAGR of 9.2%. By utilizing underutilized space for solar energy production, these structures maximize the efficiency of land use and promote a greener future. Overall, solar carports represent a smart and eco-friendly investment that combines functionality, sustainability, and energy efficiency in a single innovative solution. The market dynamics are influenced by various factors, including increasing solar panel installations globally, government initiatives promoting solar energy adoption, and the growing demand for electric vehicle charging stations.
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Countries all around the world are heavily investing in renewable energy in order to meet their renewable energy targets and the solar energy market is one of the prominent sources of energy which has seen a massive boom in the last decade. For instance, In the USA, one of the leading nations for solar power, In the last decade alone, solar has experienced an average annual growth rate of 33%. Thanks to strong federal policies like the Solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sectors for clean electricity, there are now more than 140 gigawatts of solar capacity installed nationwide, enough to power 25 million homes.
Government Policies Supporting the Solar Energy Industry
There has been a rise in demand for renewable energy and many countries are planning to diversify their energy portfolio in order to become less dependent on conventional sources of energy. Most of the governments have started addressing climate issues and have introduced many new renewable energy schemes to reduce carbon emissions globally. Governments across the world are coming together for initiatives such as Paris Climate Agreement and this is acting as a catalyst in the growth of the Solar Carport Market.
Along with national schemes, various types of policy are driving Solar PV capacity growth, including auctions, feed-in tariffs, net-metering, and contracts for difference.
Some of the policies that are majorly impacting the Solar Carport market are –
Ø China published its 14th Five-Year Plan in June 2022, which includes an ambitious target of 33% of electricity generation to come from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.
Ø In August 2022, the federal government of the United States introduced the Inflation Reduction Act, a law significantly expanding support for renewable energy in the next 10 years through tax credits and other measures.
Ø In July 2021, the European Commission proposed to increase the bloc’s renewable energy target for 2030 from 32% to 40%. The proposed target was further increased by the REPowerEU Plan to 45% in May 2022 (which would require 1 236 GW of total installed renewable capacity, including 600 GW of solar PV). Many European countries have already expanded their solar PV support mechanisms in order to accelerate capacity growth with a view to the 2030 targets and in response to the energy crisis caused by Russia’s invasion of Ukraine.
Ø During COP26, held in November 2021 in Glasgow, India announced new 2030 targets of 500 GW of total non-fossil capacity and 50% renewable electricity generation share (more than double the 22% share in 2020), as well as net zero emissions by 2070, with solar PV being one of the main technologies used to achieve these goals.
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Conclusion
In conclusion, the Solar Carport market is poised for significant growth. The increasing demand for sustainable energy sources and the declining costs of solar energy systems are key factors driving this growth. A solar carport is a structure designed to cover and protect vehicles while also harnessing solar energy through photovoltaic panels mounted on its roof. These innovative structures serve a dual purpose by providing shade and shelter for cars, while simultaneously generating clean, renewable electricity. Solar carports are becoming increasingly popular due to their numerous benefits. Not only do they offer a sustainable solution for generating power, but they also help reduce carbon emissions and lower electricity costs for businesses and homeowners. Additionally, solar carports contribute to the overall aesthetic appeal of a property, showcasing a commitment to environmental responsibility and modern technology. Therefore, the Solar Carport market is not only contributing to the growth of renewable energy but is also a promising sector for investment and development.
