A solar charging station provides a sustainable way to recharge an electric vehicle's battery. Solar charging station is a capable alternative and environmentally sustainable solution to address the energy crisis and support electric vehicles. In this, solar panels are installed under the roof of the building or using parking lots which store energy and deliver it to vehicles. It provides numerous benefits such as reduced carbon emission, lessen charging cost, and decrease grid load. The electricity from solar charging station can directly charge electric vehicles without the need for an energy storage system. The solar charging station for electric vehicles is advanced and diverse. One of the various strategies is to use the principle of charging while parked to charge electric vehicles directly. Furthermore, workplaces such as factories, office buildings, and industrial areas are suitable places to enable solar charging station. The EV can be charged via the integrated PV grid system while the EV owner does other activities at the same time.
The solar charging station market is segmented on the basis of type, application, station type, component, and region. By type, the market is classified into medium & small charging station and large charging station. By application, it is bifurcated into household and commercial. Depending on station type, it is segregated into on grid solar charging station and off grid solar charging station. By component, the market is categorized into EV charger, Solar panel array, Battery energy storage system, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Giulio Barbieri SRL, Inhabit Solar, MDT Sun Protection System AG, PROINSO, Solarsense UK Limited, Solarstone, Sundial Solar Solutions, SunPower Corporation, Sunworx solar, and VCT Group.
The solar charging station market is segmented on the basis of type, application, station type, component, and region. By type, the market is classified into medium & small charging station and large charging station. By application, it is bifurcated into household and commercial. Depending on station type, it is segregated into on grid solar charging station and off grid solar charging station. By component, the market is categorized into EV charger, Solar panel array, Battery energy storage system, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Giulio Barbieri SRL, Inhabit Solar, MDT Sun Protection System AG, PROINSO, Solarsense UK Limited, Solarstone, Sundial Solar Solutions, SunPower Corporation, Sunworx solar, and VCT Group.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar charging station market analysis from 2021 to 2031 to identify the prevailing solar charging station market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the solar charging station market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global solar charging station market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Medium and Small Charging Station
- Large Charging Station
By Application
- Household
- Commercial
By Station Type
- On grid solar charging station
- Off grid solar charging station
By Component
- EV charger
- Solar panel array
- Battery energy storage system
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- VCT Group
- SunPower Corporation
- Solarstone
- INHABIT Solar
- Giulio Barbieri SRL
- Sunworx Solar
- Sundial Solar Solutions
- PROINSO
- MDT SUN PROTECTION SYSTEM AG
- Solarsense UK Limited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SOLAR CHARGING STATION MARKET, BY TYPE
CHAPTER 5: SOLAR CHARGING STATION MARKET, BY APPLICATION
CHAPTER 6: SOLAR CHARGING STATION MARKET, BY STATION TYPE
CHAPTER 7: SOLAR CHARGING STATION MARKET, BY COMPONENT
CHAPTER 8: SOLAR CHARGING STATION MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Solar Charging Station Market is expected to experience a significant growth rate of 18.5% from 2022 to 2031 owing to increasing inclination towards electric vehicle adoption across the globe.Solar charging stations are used to charge electric vehicles; however, it uses 40% to 60% of the country’s national grid power to charge vehicles made with non-renewable energy. Electric vehicles are more environment friendly, although they still use the grid power to charge the vehicle battery, which uses fossil fuels and other non-renewable energy sources. EVs still reduce their environmental impact, however, using EV charging stations running on non-renewable energy sources has continuous negative impact on the environment. Therefore, electrification alone is not enough to decarbonize transport. A solar charging station for electric vehicles is the solution to zero this emission. Not only it is good for the environment, however, it is also a big advantage for the vehicle fleet. A solar charging station guarantees a 100% carbon-neutral footprint.
The key factors driving the growth of the solar charging station market includes increase in costs associated with the production of electricity, rise in demand for EVs worldwide, and surge in costs of fossil fuels worldwide which supplements the growth of the market across the globe. Countries that spend a major chunk of their incomes on importing crude oil are witnessing a rise in the adoption of electric vehicles. This makes electric vehicles a viable and sustainable means of transportation for countries that rely heavily on imported crude oil, as well as countries where rising carbon emissions are a problem. The growing popularity of electric vehicles necessitates the establishment of a reliable charging network to accommodate the ever-expanding fleet of electric vehicles. For instance, in September 2022, the U.S. government approved plans to support the building of chargers by funding $1.5 billion in federal funding across all fifty states in the U.S. Similarly, in 2023, Tata Power, one of India’s’ largest EV charging solutions provider announced their plans to install around 25,000 new EV charging points across the nation in the next 5 years. In such instances, greener and sustainable technologies such as solar charging stations are sure to get traction in the future.
The market also offers opportunistic factors to the key players operating in the market to enhance their services, which creates ample opportunities for the growth of the market across the globe. This includes rising need for EV charging stations to meet the demands for the ever-increasing EVs, government incentives and subsidies to promote the usage of solar energy and declining costs & increasing affordability of solar equipment. The decreasing cost of solar equipment, such as photovoltaic panels and inverters, is expected to be a primary driver in the expansion of the solar industry. For instance, in 2021, the National Renewable Energy Laboratory (NERL) released a documentation stating decreased costs across residential, commercial, and utility grade photovoltaic. It also stated that there has been a significant cost decline in solar equipment over the past decade that was attributed to an 85% decline in module price. Furthermore, advances in technology and improvements in manufacturing processes have also resulted in decreased production costs, which have been passed on to customers in the form of cheaper pricing in recent years. This is expected to make solar energy more accessible and cheaper for individuals and companies, contributing to the increased usage of renewable energy sources.
The solar charging station market is segmented into type, application, station type, component, and region. By type, the market is classified into medium & small charging stations and large charging stations. By application, it is bifurcated into household and commercial. Depending on station type, it is segregated into on-grid solar charging station and off-grid solar charging stations. By component, the market is categorized into EV chargers, solar panel arrays, battery energy storage systems, and others. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study include Giulio Barbieri SRL, Inhabit Solar, MDT Sun Protection System AG, PROINSO, Solarsense UK Limited, Solarstone, Sundial Solar Solutions, SunPower Corporation, Sunworx solar, and VCT Group. Developments have been carried out by the key players operating in the industry which creates a wider scope for the growth of the market across the globe. For instance, in February, 2023, SunPower Corp. Collaborated with three builders to include SunPower solar systems on upcoming new-builds. It is growing its multifamily solar business, one of the trickier segments for deploying solar PV systems. Similarly, in September, 2022, Cherwell District Council invested in the Solarsense Corporation for solar carport to reduce its carbon footprint & energy costs. This creates ample opportunities for the growth of the market across the globe.
Key Market Insights
- By type, the medium and small charging station segment was the highest revenue contributor to the market, and is estimated to reach $1.7 billion by 2031, with a CAGR of 17.6%.
- By application, the household segment dominated the global market, and is estimated to reach $1.9 billion by 2031, with a CAGR of 17.0%.
- By station type, the off-grid solar charging station segment was the highest revenue contributor to the market, and is estimated to reach $1.6 billion in 2031, with a CAGR of 16.7%.
- By component, the battery energy storage system segment was the highest revenue contributor to the market, and is estimated to reach $1.0 billion in 2031, with a CAGR of 19.6%.
- By region, Asia-Pacific was the highest revenue contributor, accounting for $1.2 billion in 2031, with a CAGR of 18.0% during the forecast period.
Companies Mentioned
- VCT Group
- SunPower Corporation
- Solarstone
- INHABIT Solar
- Giulio Barbieri SRL
- Sunworx Solar
- Sundial Solar Solutions
- PROINSO
- MDT SUN PROTECTION SYSTEM AG
- Solarsense UK Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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