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The global solar carport market size was valued at 533.24 million USD in 2022 and is expected to grow from 558.30 million USD in 2023 to 806.20 million USD by 2031, with a projected CAGR of 4.70% during the forecast period (2024-2031).
Solar carport canopies provide shade for parking spaces and serve as independent structures that replace traditional rooftop solar panel installations. This type of solar system not only shields parked vehicles from sunlight but also elevates solar panels to enhance efficiency. Similar to ground-mounted solar panels, solar carports utilize sloped panel modules, eliminating the need for additional land and favoring effective space utilization. Solar carports are a viable option for maximizing space while minimizing constraints, as they are more efficient compared to ground-mounted panels, making them preferred in various scenarios. As awareness of the benefits of solar energy, particularly regarding flexibility and battery storage for power generation, increases, the solar carport market continues to expand, driven by factors such as optimization of panel placement and market development related to the advantages of solar vehicles.