Solar Charging Station Market Overview:
Solar Charging Station Market Size was valued at USD 0.61 Billion in 2022. The Solar Charging Station Market industry is projected to grow from USD 0.72 Billion in 2023 to USD 2.98 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.30% during the forecast period (2023 - 2032). The market is expected to experience positive growth, due to the increase in costs associated with the production of electricity and the rise in demand for EVs worldwide are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Solar Charging Station Market Trends
Increasing adoption of electric vehicles and rising demand for sustainable and renewable energy is driving the market growth
Market CAGR for solar charging station is being driven by the Increasing Adoption of Electric Vehicles and Rising Demand for Sustainable and Renewable Energy. The Increasing Adoption of Electric Vehicles and Rising Demand for Sustainable and Renewable Energy is a driving force behind the growth in market revenue. The surging adoption of electric vehicles (EVs) is a pivotal driver behind the remarkable growth observed in the solar charging industry. This growth is substantiated by several compelling factors, including the substantial reduction in greenhouse gas emissions, improved air quality, and a significant decrease in reliance on fossil fuels. According to the International Energy Agency 2022, The global electric car market has maintained its robust growth trajectory in 2022, with a remarkable surge of 2 million units sold during the first quarter. This figure represents a substantial 75% increase compared to the same period in 2021. Notably, the surge in electric vehicle (EV) sales in 2021 was predominantly driven by the People's Republic of China ("China"), which accounted for half of the overall growth. China's EV sales in 2021 reached a staggering 3.3 million units, surpassing the entire global sales figure for 2020. Furthermore, the European market sustained its impressive growth momentum, with a 65% increase in sales, reaching 2.3 million units, following the significant expansion witnessed in 2020. In the United States, there was a noteworthy resurgence in EV sales, rising to 630,000 units after experiencing two consecutive years of decline. Solar charging stations for electric vehicles have emerged as a pivotal solution in mitigating global dependence on fossil fuels to power various modes of transportation. This necessity arises from the prevailing concern that electric vehicles are typically fueled by electricity generated from fossil fuels, which presents a significant environmental challenge. As the popularity of electric vehicles continues to soar, the imperative of implementing solar charging infrastructure for electric cars and bikes becomes increasingly critical.
The automotive sector, in particular, has made substantial investments in electric mobility. Major industry players, such as Tesla, General Motors, and Volkswagen, have all unveiled ambitious plans to electrify their vehicle portfolios and transition toward electric powertrains. For instance, Volkswagen has committed to an annual production target of 1.5 million EVs by 2025, while General Motors has outlined a strategic roadmap to phase out gasoline-powered vehicles by 2035 and achieve carbon neutrality by 2040. Beyond the automotive sphere, other industrial segments like logistics and delivery are also embracing electric vehicles as a strategic move to curtail their carbon footprint and optimize operational costs.
As a result, it is anticipated that throughout the projection period, demand for the Solar Charging Station Market will increase due to the Increasing Adoption of Electric Vehicles and Rising Demand for Sustainable and Renewable Energy. Thus, driving the Solar Charging Station Market revenue.
Solar Charging Station Market Segment Insights:
Solar Charging Station Market Type Insights
The Solar Charging Station Market segmentation, based on Type includes Medium and Small Charging stations, Large Charging stations. The medium and small charging station segment dominated the market, accounting for 58% of market revenue (0.35 Billion). Medium and Small Charging Stations are often more cost-effective to install and maintain compared to large-scale charging infrastructure. Businesses and property owners find them attractive because they can be deployed incrementally and scaled up as demand grows.
FIGURE 1: Solar Charging Station Market By Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Solar Charging Station Market Application Insights
The Solar Charging Station Market segmentation, based on Application, includes households and commercial. The household segment dominated the market, accounting for 55% of market revenue (0.34 Billion). Solar charging stations provide households with a degree of energy independence. By generating their electricity from solar panels, homeowners can reduce their dependence on traditional grid electricity, which may rely on non-renewable energy sources. This appeals to environmentally conscious consumers and those seeking to reduce their energy costs.
Solar Charging Station Market Station Type Insights
The Solar Charging Station Market segmentation, based on Station Type, includes on grid solar charging stations, and off grid solar charging stations. The on grid solar charging station segment dominated the market, accounting for 60% of market revenue (0.37 Billion). On-grid stations can optimize the use of solar energy. During periods of high solar generation, excess energy can be stored in batteries or supplied to the grid. Conversely, during low solar generation or high demand, power can be drawn from the grid. This flexibility ensures a consistent power supply, enhancing user satisfaction.
Solar Charging Station Market Component Insights
The Solar Charging Station Market segmentation, based on Component, includes EV chargers, Solar panel arrays, Battery energy storage systems, and Others. The battery energy storage system segment dominated the market, accounting for 55% of market revenue (0.34 Billion). Battery energy storage system allows solar charging stations to maximize self-consumption of the energy they generate. Excess solar energy is stored in batteries for later use, reducing reliance on the grid during periods of low solar generation and saving costs on grid electricity.
Solar Charging Station Market Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. In North America, prominent retailers like Walmart and Target have embarked on the installation of solar charging stations within their parking facilities. This strategic move reflects their commitment to offering accessible and eco-friendly charging options for electric vehicle (EV) users. According to Electric Mobility Canada (EMC), the total number of vehicles sold in the category of battery electric vehicles, plug-in hybrids, and hydrogen fuel cell vehicles was 9,069 units during the period from April to June 2020. In June 2020, the California Air Resources Board introduced a significant regulation that mandates electric truck sales targets for manufacturers, effective from 2024 onwards. This regulatory initiative is anticipated to lead to the introduction of approximately 300,000 electric trucks onto California's roads by the year 2035. This development represents a notable shift in the commercial vehicle market landscape and presents opportunities for businesses operating in the electric truck sector. These initiatives underscore the increasing regional enthusiasm for solar charging stations as an environmentally conscious and effective solution. The North American market, encompassing the United States and Canada, has emerged as a prominent and thriving hub for solar charging station adoption.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Solar Charging Station Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Solar Charging Station Market accounts for the second-largest market share as increasing synergy between clean transportation and renewable energy sources positions the European market as a pivotal hub for solar charging infrastructure development, underscoring its significant revenue potential. According to a T&E report, The majority of truck manufacturers have voluntarily committed to ramping up the production of zero-emission vehicles. These commitments, if realized, are projected to boost the share of zero-emission truck sales to 7% by 2025 and a substantial 43% by 2030. Notably, these industry pledges would surpass the existing European Union (EU) CO2 emission reduction targets, which currently stand at 15% by 2025 and 30% by 2030. As more zero-emission trucks are produced and deployed, there will be a growing need for charging infrastructure to support these vehicles. Solar charging stations can play a vital role in providing renewable energy to recharge electric trucks, making them an attractive solution for fleet operators and trucking companies. Furthermore, prominent automotive manufacturers like Volkswagen have embraced an active role in establishing a robust charging network across Europe. Volkswagen's "Ionity" project is a prime illustration of this commitment. This initiative entails the deployment of high-power charging stations, fueled by renewable energy sources, across various European locations. The overarching objective is to provide EV owners with seamless and sustainable charging options, further fostering the growth of the solar charging station market in Europe. Further, the German Solar Charging Station Market held the largest market share, and the UK Solar Charging Station Market was the fastest-growing market in the European region
The Asia-Pacific Solar Charging Station Market is expected to grow at the fastest CAGR from 2023 to 2032. the Asia-Pacific region has emerged as a pivotal hub for solar charging station development, driven by the confluence of robust EV markets, government support, and a strong commitment to renewable energy solutions. India is rapidly emerging as a significant player in the electric vehicle market. In 2021, the country witnessed a remarkable surge in electric vehicle sales, with a total of 329,190 units sold. This marked an impressive 168% increase compared to the previous year's sales figure of 122,607 units. Notably, within this trend, the passenger electric vehicle segment saw exceptional growth, tripling its sales to reach 14,800 units in 2021. This segment continues to exhibit promising signs of further expansion, presenting noteworthy business opportunities for companies involved in the electric vehicle sector. China's pivotal role in the solar charging station market is further accentuated by the government's proactive promotion of widespread charging infrastructure deployment. This is facilitated through various subsidies and incentives aimed at stimulating the growth of the sector. Moreover, China’s Solar Charging Station Market held the largest market share, and the Indian Solar Charging Station Market was the fastest-growing market in the Asia-Pacific region.
Solar Charging Station Market Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Solar Charging Station Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Solar Charging Station industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Solar Charging Station industry to benefit clients and increase the market sector. In recent years, the Solar Charging Station industry has offered some of the most significant advantages to sustainable transportation, renewable energy adoption, and reducing carbon emissions. Major players in the Solar Charging Station Market, including Sundial Solar Solutions, Solarsense UK Limited, VCT Group, Giulio Barbieri SRL, PROINSO, MDT SUN PROTECTION SYSTEM AG, SunPower Corporation, INHABIT Solar, Sunworx Solar, Solarstone are attempting to increase market demand by investing in research activities to expand their product portfolio.
Solarsense, a prominent player in the UK's solar panel and clean energy technology installation sector, has witnessed the evolution of the renewable energy industry. With a foundation dating back to 1995, Solarsense boasts an impressive track record of over 15,000 residential, commercial, and industrial renewable energy installations. These installations have powered some of the UK's most renowned organizations, including the National Composites Centre, Renishaw, the Royal Society for the Protection of Birds (RSPB), and the Duchy of Cornwall. Solarsense is celebrated for its role as a trusted advisor and provider of top-quality installations, contributing to the advancement of clean and sustainable energy solutions in the South West and across the UK.
Since 2008, VCT Group has specialized in the design and installation of distributed energy infrastructure, optimizing under-utilized spaces for businesses of all sizes. Solar energy, as a form of distributed infrastructure, generates power locally, fostering economic benefits that circulate within the communities it serves. VCT Group firmly subscribes to the belief that solar power constitutes an essential element in the future energy landscape, steering us toward a carbon-neutral future. The escalating global energy demand underscores the urgency for innovation in clean power generation, and solar energy is meeting this demand on a global scale. It continues to gain momentum as it becomes increasingly cost-effective and efficient, positioning itself as a critical resource in our pursuit of a sustainable energy future.
Key Companies in the Solar Charging Station Market include
Solar Charging Station Industry Developments
May 2021:In May 2021, Tesla, a prominent global electric vehicle (EV) manufacturer, unveiled its strategic initiative to extend its network of solar-powered Superchargers throughout the United States. This expansion aligns with Tesla's overarching mission of advancing sustainable transportation and mitigating carbon emissions. Superchargers, integral to the Tesla EV charging infrastructure, are renowned for their fast charging capabilities tailored for Tesla vehicles. As part of this expansion endeavor, Tesla intends to enhance these Superchargers by integrating solar canopies.
July 2022:In December 2022, PowerFlex secured a significant investment from Manulife Investment Management (Manulife IM). This strategic investment empowers PowerFlex to expedite the implementation of on-site solar, energy storage, and electric vehicle (EV) charging solutions. This acceleration is in response to the growing demand from customers, largely spurred by corporate sustainability pledges and individual state renewable portfolio standards.
Solar Charging Station Market Segmentation
Solar Charging Station Market Type Outlook
- Medium and Small Charging Station
- Large Charging Station
Solar Charging Station Market Application Outlook
Solar Charging Station Market Station Type Outlook
Solar Charging Station Market Component Outlook
- EV charger
- Solar panel array
- Battery energy storage system
Solar Charging Station Market Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
|Market Size 2022
||USD 0.61 Billion
|Market Size 2023
||USD 0.72 Billion
|Market Size 2032
||USD 2.98 Billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|Market Forecast Units
||Value (USD Billion)
||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
||Type, Application, Station Type, Component, and Region
||North America, Europe, Asia Pacific, and the Rest of the World
||The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
||Sundial Solar Solutions, Solarsense UK Limited, VCT Group, Giulio Barbieri SRL, PROINSO, MDT SUN PROTECTION SYSTEM AG, SunPower Corporation, INHABIT Solar, Sunworx Solar, Solarstone
|Key Market Opportunities
||Declining costs & increasing affordability of solar equipment
|Key Market Dynamics
||Rise in demand for EVs globally
Frequently Asked Questions (FAQ) :
The Solar Charging Station Market size was valued at USD 0.61 Billion in 2022.
The Solar Charging Station Market is projected to grow at a CAGR of 19.30% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Sundial Solar Solutions, Solarsense UK Limited, VCT Group, Giulio Barbieri SRL, PROINSO, MDT SUN PROTECTION SYSTEM AG, SunPower Corporation, INHABIT Solar, Sunworx Solar, Solarstone
The Medium and Small Charging Station types dominated the market in 2022.
The Battery energy storage system had the largest share in the global market.
Key Questions Answered
Request Free Sample
- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
Why Choose Market Research Future?
Speak to Analyst
- ✅Vigorous research methodologies for specific market.
- ✅Knowledge partners across the globe
- ✅Large network of partner consultants.
- ✅Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- ✅Trusted by fortune 500 companies/startups/universities/organizations
- ✅Large database of 5000+ markets reports.
- ✅Effective and prompt pre- and post-sales support.