Report Overview

Government initiatives to promote renewable energy sources, increasing awareness of environmental issues, and the growing need for sustainable practices are expected to drive the growth of the India solar canopy carport market during the forecast period between 2024 and 2030.

India Solar Canopy Carport Market – Industry Trends & Forecast Report, 2030

The India Solar Canopy Carport Market size was estimated at USD 176.83 million in 2023. During the forecast period between 2024 and 2030, the India Solar Canopy Carport Market size is projected to grow at a CAGR of 7.67% reaching a value of USD 389.02 million by 2030. The India solar canopy carport market is experiencing substantial growth, primarily fueled by the due to government initiatives to promote renewable energy sources, increasing awareness of environmental issues, and the need for sustainable practices. The India Solar Canopy Carport market is witnessing significant growth, propelled by robust government initiatives aimed at advancing renewable energy sources. The Indian government, in line with its ambitious targets for solar power generation, actively promotes the adoption of solar canopies and carports through various schemes and subsidies. Notably, the allocation of a substantial 39,600 MW of domestic Solar PV module manufacturing capacity to 11 companies under the Production Linked Incentive Scheme for High-Efficiency Solar PV Modules (Tranche-II), with a total expenditure of Rs. 14,007 Crores, exemplifies the government's commitment to fostering a helpful environment for solar energy solutions. This strategic allocation of resources plays a pivotal role in driving the growth of the solar canopy carport market, encouraging both manufacturers and consumers to actively participate in the transition towards sustainable energy practices.

Solar Canopy Carport – Overview

A solar canopy carport is a structure that serves two purposes: it shelters vehicles and generates electricity from the sun. It is essentially a covered parking lot with a canopy composed of solar photovoltaic (PV) panels. This innovative design makes effective use of space by integrating parking with solar energy generation. Solar canopies are also being integrated with electric vehicle (EV) chargers, allowing electric vehicles to be charged using solar energy. The terms "solar carport" and "solar canopy" are frequently used interchangeably since they describe comparable constructions with solar panels serving as the roof or canopy. Solar canopies are becoming more popular in both residential and business sectors due to their ability to provide shade and generate electricity.

India Solar Canopy Carport Market

Growth Drivers

Growing demand for electric vehicles (EVs)

The India solar canopy carport market is poised for significant growth in the coming years, primarily fueled by the surging demand for electric vehicles (EVs) in the country. According to data from 2023, as provided by Invest India in the Economic Survey, it is projected that India's domestic electric vehicle market will experience a remarkable 49 percent compound annual growth rate (CAGR) from 2022 to 2030. The forecast suggests that by 2030, the annual sales of electric vehicles in India will reach a remarkable 10 million units. This increasing demand for EVs presents a unique opportunity for the solar canopy carport market to flourish. As more and more consumers shift towards electric vehicles to embrace sustainable transportation options, the need for robust charging infrastructure becomes paramount. Solar canopy carports offer an innovative solution by combining electric vehicle charging stations with solar panels, harnessing renewable energy to power the growing fleet of electric vehicles. This synergy aligns with the broader sustainability goals, providing a dual benefit of reducing carbon emissions from transportation and promoting clean energy utilization. The anticipated surge in electric vehicle adoption, driven by the ambitious growth projections, creates a favorable environment for the expansion of the India solar canopy carport market.

Challenges

Lack of awareness regarding solar canopy carport

The growing India solar canopy carport market faces a formidable challenge due to a lack of awareness among potential stakeholders. Despite the numerous benefits offered by solar canopy carports, such as sustainable energy generation, reduced carbon footprint, and the dual functionality of providing shade for parked vehicles while harnessing solar power, a significant portion of the Indian population remains unaware of this innovative solution. The dearth of awareness can be attributed to a variety of factors, including limited promotional efforts, insufficient educational initiatives, and a general lack of understanding about the long-term advantages of integrating solar canopy carports into urban infrastructure. This lack of awareness not only hampers the widespread adoption of solar canopy carports in India but also impedes the growth prospects of the India solar canopy carport market.

Impact of Escalating Geopolitical Tensions on India Solar Canopy Carport Market

The escalating geopolitical tensions have the potential to significantly impact the India solar canopy carport market in various ways. One major concern lies in the disruption of supply chains, particularly with China dominating polysilicon production, affecting European module manufacturers reliant on imports from China. Despite this challenge, India has sustained a remarkable 23% annual growth rate in the solar power sector and aims to continue this trajectory, targeting 500 GW of non-fossil fuel electricity capacity by 2030. However, the production of solar panels involves minerals concentrated in geopolitically sensitive regions, leading to potential price fluctuations for raw materials, thereby impacting manufacturing costs and carport system prices. Additionally, the geopolitical uncertainties may pose hurdles to foreign direct investment (FDI) crucial for the Indian solar sector's growth. The risk-averse environment could impact infrastructure and investment landscapes. Government policies supporting clean energy initiatives may also be affected as attention and resources get diverted amid geopolitical tensions. Moreover, global economic uncertainties may trigger currency volatility, making imported solar panels more expensive for Indian companies and potentially increasing project costs for end consumers. Nevertheless, amidst these challenges, opportunities emerge for the Indian solar canopy carport market. Geopolitical conflicts emphasizing energy security could expedite the shift towards domestic renewable sources like solar, offering growth prospects if the market successfully navigates supply chain and investment challenges.

India Solar Canopy Carport Market

Segmental Coverage

India Solar Canopy Carport Market – By Type

Based on type, the India solar canopy carport market is segmented into mono-pitch, duo-pitch, and barrel arch. The mono-pitch segment is expected to hold a significant share of the India solar canopy carport market during the forecast period owing to its owing to its inherent advantages and increasing adoption in the renewable energy sector. The mono-pitch design, characterized by a single-sloping roof, offers efficient solar exposure and facilitates optimal energy capture. This design not only maximizes energy generation but also aligns with the growing emphasis on sustainable practices in India. As the demand for solar canopy carports continues to surge, driven by the country's commitment to clean energy initiatives, the mono-pitch segment is poised to play a pivotal role in shaping the landscape of the solar canopy carport market in India.                                                                          

India Solar Canopy Carport Market – By Carport Type

Based on carport type, the India 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 segments. The two-row dual slope vehicle arrangement is expected to hold a substantial market share due to its innovative design and efficient space utilization. This configuration not only provides sufficient shading for parked vehicles but also optimizes solar panel positioning to harness maximum sunlight for energy generation. With a focus on sustainability and renewable energy, businesses and institutions in India are increasingly adopting solar canopy carports, and the two-row dual slope arrangement emerges as a preferred choice for its ability to maintain a balance between functionality and energy efficiency. As the country continues to embrace clean energy solutions, this configuration is poised to play a pivotal role in the solar canopy carport market in India.

India Solar Canopy Carport Market – By Region

The in-depth research report on the India solar canopy carport market covers several major countries across the region: North India, South India, East India, and West India. North India region is projected to be the dominant region in the India solar canopy carport market due to the region's abundant solar resources, increasing government initiatives promoting renewable energy adoption, and a rising awareness among businesses and individuals about the benefits of solar canopy carports. The proactive approach towards sustainable energy solutions in North India, coupled with a growing demand for eco-friendly transportation alternatives, positions the region as a key driver in propelling the solar canopy carport market forward in the foreseeable future.

Competitive Landscape

Major players operating in the India Solar Canopy Carport Market include Mahindra Solarize, VIJAYSHREE STEEL INDUSTRIES, Techno Fab, and WEST-COAST ENGINEERING WORKS PVT. LTD., Ganges Internationale, Maruti Suzuki, Tata Power Solar Systems Ltd., Chaitanya Solar, Schletter, and other prominent players. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In May 2023 - The National Solar Energy Federation of India (NSEFI), India's leading solar body, announced the location of the planned solar-powered EV-charging carport project in Hauz Khas, Delhi. According to the requirements of this pilot project, Servotech will handle all aspects of the forthcoming carport, from design to fabrication to installation. This project will include two DC chargers with capacities of 15 kW and 30 kW, 12 solar panels for 540 watts, a 7 kW AC charger, a 3.3 kW AC charger, and a 10 kW on-grid inverter.

Scope of the Report

By Type

• Mono-pitch

• Duo-pitch

• Barrel Arch

By Carport Type

• 1-Row Vehicle Arrangement Carport

• 2-Row Single Slope Vehicle Arrangement

• 2-Row Dual Slope Vehicle Arrangement

By Design

• Single Column Cantilever Styles

• Two Column Styles

• Louvered Styles

By End User

• Residential

• Commercial

• Others (Including Government Agencies, Non-profit Organizations)

By Region

• North India

• South India

• East India

• West India