Asia-Pacific Commercial Solar Canopy Carport Market Size Expands at Impressive CAGR of 11.2% During the Forecast Period
Asia-Pacific commercial solar canopy carport market is flourishing because of thriving commercial sector, continuous high adoption of electric vehicles (EVs), and a growing focus on curbing carbon emissions as power demand increases.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia-Pacific commercial solar canopy carport market to grow at a CAGR of 11.22% during the forecast period between 2023 and 2029. Major growth factors of Asia-Pacific commercial solar canopy carport market include increasing adoption of electric vehicles and rising commercial sector. The demand for commercial solar carports has surged in recent years as to reduce the reliance on renewable energy sources. The rapid adoption of electric vehicles is expected to be a significant trend driving worldwide market growth. Some of the benefits of a solar carport are obvious. These structures, in addition to providing shade, also serve as a refuge against inconvenient, or even costly, weather conditions. Consumers appreciate covered parking during rain or snow, but they appreciate it much more during a hailstorm. For some businesses, such as auto dealerships, installing a canopy system can lead to a direct economic payback, with many insurance companies offering more attractive premiums and lower deductibles if vehicle inventory is housed under covered parking. Also, increased use of commercial solar carports by commercial property owners and individuals with limited space is expected to augment market growth in the future years. However, high cost of installation and maintenance is anticipated to hinder the growth of the overall market.
Asia-Pacific Commercial Solar Canopy Carport Market – Overview
A solar carport is a shaded building with solar panels built in that houses and safeguards vehicle from the elements. The structure is normally composed of stainless steel and rests on a concrete foundation. The solar panels are mounted to the roof of the structure, making a solar panel system. Solar carports are a sort of solar canopy that falls under the category of solar canopies. Solar canopies, often known as solar pergolas, are a type of shaded solar system. They provide shade for parked cars and other motor vehicles. Several carports can be outfitted with electric vehicle charging stations as an additional perk for vehicles sheltered beneath. Solar canopies are used well after dark. This solar energy is utilized to operate HVAC systems, lights, computers, and other electrical equipment to minimize energy use, and carports can provide enough stored energy to assist offset energy bills.
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Impact of COVID -19 on Asia-Pacific Commercial Solar Canopy Carport Market
COVID-19 triggered a global crisis that impacted society, economy, healthcare systems, and a variety of businesses. The energy sector was severely harmed by the repeated lockdowns in 2020, hurting worldwide trade and commerce. Due to low product demand, the fall in construction activity had a detrimental impact on market growth. Yet, as construction and restoration activity restart, the market is rising. Furthermore, the resumption of solar power projects is assisting the sector in gaining traction.
Asia-Pacific Commercial Solar Canopy Carport Market – By Carport Type
By carport type, Asia-Pacific commercial solar canopy carport market is divided into 1-row Vehicle Arrangement Carport, 2-row Single Slope Vehicle Arrangement, and 2-row Dual Slope Vehicle Arrangement. The two-row dual slope vehicle arrangement is expected to hold the highest market share during the forecast period. A two-row vehicle arrangement carport features a single sloped roof supported by a serios 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.
Competitive Landscape
Major players operating in Asia-Pacific commercial solar canopy carport market include SunPower Corporation, Jinko Solar, Trina Solar, First Solar, JA Solar, REC Group, and Yingli. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Commercial Solar Canopy Carport Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Commercial Solar Canopy Carport Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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