EV (Electric Vehicles) solar charging infrastructure involves different components like solar panel array, battery energy storage system, EV charger, etc. integrated to provide power to EVs. The increasing popularity of EVs is pushing the requirement for their charging infrastructure, paticularly solar-based, owing to its cost-effectiveness & sustainability.
Market Insights & Projections: Global EV Solar Charging Infrastructure Market (2023-30):
The Global EV Solar Charging Infrastructure Market is projected to grow at a CAGR of around 7.89% during the forecast period, i.e., 2023-30 owing to the increasing number of EVs worldwide. Governments of countries such as Brazil, Germany, India, etc. are making constant efforts toward augmenting the adoption of EVs to reduce their carbon footprint. They are also offering various rebates & incentives to encourage more & more individuals to adopt EVs. Australia, Canada, Germany, Israel, New Zealand, etc. have announced zero-emission vehicle (ZEV) program, as the automotive sector, one of the prominent contributors to GHG emissions, has become a major target for facilitating decarbonization.
|Study Period||Historical Data: 2021|
|Base Year: 2022|
|Forecast Period: 2023-30|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: France, Germany, Italy, United Kingdom, Spain, Rest of Europe|
|Asia-Pacific: China, India, Japan, Australia, South Korea, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South Americ|
|Middle East & Africa: UAE, Saudi Arabia, Egypt, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||Envision Solar International, Inc., SunPower, SolarEdge Technologies, Tesla, ChargePoint, Paired Power, iSun, EmPower Solar, Sunrun, Enteligent, Delta Electronics, ABB Ltd., Schneider Electric, HES Solar, EVSE Australia.|
|Unit Denominations||USD Million/Billion|
Commitments made by major automotive OEMs to improve their sustainability levels are also positively impacting the EV industry. The rising requirement of EV charging infrastructure, coupled with the increasing development of solar energy and the lower cost of solar-powered charging than other methods, are fueling the growth of the EV Solar Charging Infrastructure Market. In addition, government incentives toward promoting the adoption of renewable energy sources, such as the Solar Tax Credit, which allows the claim on the solar system installation cost, are creating a positive framework for solar-based EV charging infrastructure.
Additionally, the ease of installation of solar energy infrastructure, coupled with the energy independence provided by the home-based solar stations, are also boding well for the industry. The concept of battery energy storage systems that allows the flexibility to charge EV at any time is another addition to the attractiveness of the solar charging infrastructure.
Several companies are engaged in continuous R&D in solar-based EV charging to come up with novel solutions and address the problems faced by the industry while improving the services for customers. These innovations, combined with the benefits of solar-powered charging, and the ever-increasing focus on accelerating EV adoption, are thus set to spur growth in the Global EV Solar Charging Infrastructure Market upcoming years.
Global EV Solar Charging Infrastructure Market Driver
Sustainable Transition of the Energy Sector- Climate change has necessitated the adoption of sustainable practices among almost all of the carbon emission sectors such as automotive, energy, building & construction, etc. The energy sector being one of the biggest users of fossil fuels has become the prime target of national governments from different regions of the world for reducing their carbon footprints. For instance,
Thus, governments are shifting toward the adoption of renewable energy such as solar, wind, hydro, etc. to facilitate the transition of their energy sectors. EV charging also being one of the users of energy, thus shifting towards the use of solar-powered infrastructure to support decarbonization. Further, increasing the knowledge of consumers about the importance of eco-friendly solutions and their environmental responsibility would continue to support the adoption of solar-based EV infrastructure by global consumers in the upcoming years.
Global EV Solar Charging Infrastructure Market Opportunity
Surging Advancements in Battery Technology- The usage of batteries in off-grid EV solar charging infrastructure for the storage of energy produced by panels of solar arrays is becoming popular as it reduces the dependency on the grid for charging. Battery technology is witnessing continuous advancements to enhance the properties of the overall system. Companies operating in the field of battery technology are involved in continuous research & development to come up with new and better solutions. Thus, improvements in this technology would generate opportunities for the EV solar charging in terms of fast charging time, increased battery capacity, lower cost, etc.
Global EV Solar Charging Infrastructure Market Challenge
Lack of Interoperability & Standardization- Solar-powered EV charging being a novel concept lacks interoperability and standardization which limits the usage and range of EV charging stations. Charging stations developed by different companies follow different specifications which result in confusion and complexity for consumers. This lack of uniformity could further lead to problems such as restricted use of a particular charging infrastructure for a specified class of EV. Moreover, the lack of interoperability limits the communication between different stations which further restricts sharing of battery status and charging rates.
Global EV Solar Charging Infrastructure Market Trend
Technological Developments in EV Solar Charging- The solar-based EV charging infrastructure is in its nascent stage and witnessing numerous technological advancements. Governments, institutions, and private players are collaborating to explore the opportunities related to this industry. Companies are engaged in understanding its potential as well as the existing problems faced by consumers and thus are coming up with the best possible solutions. For instance:
Such developments are driving focus toward using solar-powered systems for EV charging. Hence, these innovations and growth in the number of EV users are estimated to create a positive framework for the Global EV Solar Chaging Infrastructure Market in the forecast period.
Global EV Solar Charging Infrastructure Market (2023-30): Segmentation Analysis
The Global EV Solar Charging Infrastructure Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–30. Based on the analysis, the market has been further classified as:
Based on Components:
Of both, the hardware segment is witnessing a substantial increase in demand as hardware related to the solar charging infrastructure such as solar panels, energy storage equipment, etc. being an important part of the whole charging system is experiencing an increase in demand by EV consumers. Governments and private entities are building up their solar charging infrastructure to contribute towards sustainability, for which they require a resilient setup of solar infrastructure. Thus, companies such as SolarEdge Technologies, PairedPower, etc. are coming up with innovative solutions such as integrated PV-EV parking structures, transportable solar canopies, etc. to reach out to a larger number of customers. Such innovations and improvements in the solar infrastructure would attract a large number of EV owners to adopt solar infrastructure for charging purposes, consequently driving the share of the hardware segment in the forecast years.
Based on Charger Type:
Among these, public EV chargers are witnessing a steadily growing demand owing to increased government support in many countries toward building resilient EV charging infrastructures. They are increasingly setting up chargers in public spaces like parking lots, parks, and other outdoor spaces to encourage consumers to adopt EVs in order to reduce national carbon footprints. Further, the importance of public chargers on long trips and for consumers who are not willing to invest in an individual charging infrastructure is further pushing the demand for public EV solar chargers. In addition, the ability of public chargers to reduce the load on power grids is further accelerating their adoption and contributing to the overall market growth.
Global EV Solar Charging Infrastructure Market (2023-30): Regional Analysis
Geographically, the Global EV Solar Charging Infrastructure Market expands across:
Of all countries globally, Asia-Pacific is a rapidly increasing EV Solar Charging Infrastructure Market, owing to the active government support in countries like India, China, etc., toward increasing the adoption of both EVs and solar energy through various initiatives, such as the International Solar Alliance. Regional authorities are continuously incentivizing consumers to adopt EVs and are developing solar-powered EV charging stations to reduce carbon footprints.
China is one of the world's largest EV markets, owing to which significant investments are being made in solar-based charging infrastructure for EVs throughout the country. It has a massive network of charging infrastructure, with several stations utilizing solar energy. In addition, Japan is also witnessing an increasing number of solar-powered EV charging stations. Automakers in the country are at the forefront of developing solar-powered EVs, thereby supporting market growth for charging infrastructure.
On the other hand, India has been actively working toward promoting electric mobility and renewable energy adoption. The government of India has implemented numerous policies and initiatives to encourage EV adoption and has set ambitious targets for EV sales. In view of this, solar-powered EV charging infrastructure is being developed in different parts of the country.
Moreover, Asia-Pacific is rich in solar energy resources, with countries like India, Australia, & China having abundant solar power generation capacity. As a result, leveraging solar energy for EV charging aligns with the region's active focus on renewable energy development and reducing GHG emissions. Hence, the presence of ample solar energy resources provides a favorable environment for the installation of solar charging infrastructure for EVs, thereby spurring growth in the Asia-Pacific EV Solar Charging Infrastructure Market.
Global EV Solar Charging Infrastructure Market Recent Developments
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Frequently Asked Questions
A. The Global EV Solar Charging Infrastructure Market is projected to grow at a CAGR of around 7.89% during 2023-30.
A. The transition of the Energy Sector is expected to drive the Global EV Solar Charging Infrastructure Market during the forecast period, 2023-2030.
A. Envision Solar International, Inc., SunPower, SolarEdge Technologies, Tesla, ChargePoint, Paired Power, iSun, EmPower Solar, Sunrun, Enteligent, Delta Electronics, ABB Ltd., Schneider Electric, HES Solar, and EVSE Australia are the key players in the Global EV Solar Charging Infrastructure Market.
A. Public EV chargers lead the Global EV Solar Charging Infrastructure Market with the largest share.
A. Asia-Pacific would present lucrative prospects to the EV Solar Charging Infrastructure Market during 2023-30.
A. Technological developments in the solar-powered EV charging stations is the key trend shaping the growth of the Global EV Solar Charging Infrastructure Market.
A. The automobile sector is the leading end-user of the Global EV Solar Charging Infrastructure Market.
A. Lack of interoperability & standardization is the possible growth restraint for the Global EV Solar Charging Infrastructure Market during 2023-30.