Global Solar-powered EV Charging Stations Market Size Set to Grow at CAGR of 7% Touching USD 366 Million by 2029

Published | 17 May 2023

Global solar-powered EV (electric vehicle) charging stations market is flourishing because of growing concerns regarding greenhouse gas emissions and rising demand for EVs.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global solar-powered EV (Electric Vehicle) charging stations market size at USD 202.56 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global solar-powered EV charging stations market size to grow at a significant CAGR of 6.84% reaching a value of USD 365.84 million by 2029. Major growth drivers for the global solar-powered EV charging stations market include increasing demand for electric vehicles and the need for sustainable energy solutions. Solar-powered EV charging stations offer an effective and sustainable means to energize EVs, utilizing renewable energy sources while mitigating dependence on fossil fuels and curbing carbon emissions. The market's expansion is further fueled by the high popularity of EVs, government-backed initiatives endorsing renewable energy, and the proliferation of solar-powered charging stations.

Global Solar-powered EV Charging Stations Market – Overview

The solar-powered EV (electric vehicle) charging stations market refers to the market for charging stations for electric vehicles that use solar energy as a power source. These charging stations harness solar energy through solar panels and convert it into electricity to charge EVs. They are an eco-friendly and sustainable solution for EV charging as they use renewable energy sources and reduce the dependence on non-renewable sources of energy. The market includes various components, such as solar panels, inverters, batteries, charging points, and related software and hardware. The demand for solar-powered EV charging stations is increasing due to the growing adoption of EVs and the need for sustainable energy solutions.

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Impact of COVID-19 on Global Solar-powered EV Charging Stations Market

COVID-19 pandemic had a dual impact on the global solar-powered EV charging stations market. On the one hand, the pandemic caused disruptions in the supply chain, reduced demand for EVs, and delayed new installations of charging infrastructure, which had a negative impact on the market growth. On the other hand, the effects of the pandemic also reignited the increasing focus on sustainability and renewable energy solutions, which created new opportunities for the market. During the pandemic, many countries implemented lockdowns and travel restrictions, which reduced the demand for transportation, including EVs. It resulted in lower demand for charging infrastructure and delayed new installations of charging stations. Additionally, disruptions in the supply chain caused by the pandemic led to delays in the delivery of components and equipment required for solar-powered EV charging stations. However, the pandemic also increased the focus on sustainability and renewable energy solutions as people became more aware of the impact of climate change. It has led to increasing investments in sustainable energy solutions, including solar-powered EV charging stations. The pandemic also accelerated the adoption of remote work and e-commerce, which increased the demand for last-mile delivery services, including EVs. It has created new growth opportunities for the solar-powered EV charging stations market as businesses invest in charging infrastructure for their EV fleets.

Global Solar-powered EV Charging Stations Market – By Level of Charging

Based on level of charging, the global solar-powered EV charging stations market is divided into Level 1, Level 2, and Level 3 segments. The Level 2 charging segment holds the highest share in the global solar-powered EV charging stations market, as it is the most commonly used charging standard for AC charging stations. Level 2 charging operates at a voltage of 240V and can provide charging speeds of up to 20–25 miles of range per hour, which is suitable for most electric passenger cars. Level 2 charging stations are widely installed in residential areas, workplaces, and public locations such as shopping centers, airports, and hotels, making them easily accessible for EV owners. They are also less expensive to install compared to Level 3 DC fast charging stations, which require higher voltage and amperage. Moreover, Level 2 charging stations can be easily integrated with solar power systems, which allows them to harness renewable energy for EV charging. It is in line with the growing demand for sustainable and eco-friendly charging solutions. As the adoption of EVs continues to grow, the Level 2 charging segment is expected to remain the dominant segment in the global solar-powered EV charging stations market during the period in analysis.

Competitive Landscape

Major players operating in the global solar-powered EV charging stations market include Envision Solar, Tesla, SolarEdge Technologies, SunPower, EVBox, ChargePoint, PairTree, PowerFlex, iSun, KEBA, and EmPower Solar. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Solar-powered EV Charging Stations Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Solar-powered EV Charging Stations 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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