Solar Charging Station Market Size to Reach $2.88 Billion by 2031: Says Allied Market Research
The solar charging station market is growing rapidly worldwide, driven by the increasing demand for charging infrastructure for electric vehicles and the emphasis on sustainable transportation. This growth is further propelled by government incentives to promote eco-friendly mobility. Currently, the medium and small-sized charging station segment dominates the market. The Asia-Pacific region is expected to be a highly attractive market for solar charging stations, offering significant opportunities for growth until 2031.
Portland, OR, March 20, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global solar charging station market was valued at $0.55 billion in 2021 and is projected to reach $2.88 billion by 2031, registering a CAGR of 18.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report Coverage & Details:
|Market Size in 2021||$0.55 Billion|
|Market Size in 2031||$2.88 Billion|
|No. of Pages in Report||376|
|Segments Covered||Type, Application, Station Type, Component, and Region.|
|Drivers||Increase in costs associated with the production of electricity|
|Rise in demand for EVs worldwide|
|A surge in the cost of fossil fuels worldwide|
|Restraints||Costs associated with the equipment in solar stations|
|High space needed for solar energy-based stations|
|Opportunities||The rising need for EV charging stations to meet the demands of the ever-increasing EVs|
|Government incentives & subsidies to promote the usage of solar energy|
|Declining costs & increasing affordability of solar equipment|
- During the COVID-19 pandemic, the solar charging station infrastructure encountered various obstacles, such as a lack of essential raw materials and disturbances in the supply and demand chain.
- The electric vehicle industry also suffered significantly, with a reduction in investments. As a result, numerous solar charging station service providers were unable to recover from the financial losses incurred during the pandemic.
- However, the market has now recovered slowly and steadily.
The global solar charging station market is analyzed across type, application, station type, component, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By type, the medium & small charging station segment held the highest share in 2021, garnering more than three-fifths of the global solar charging station market revenue. The large charging station segment, on the other hand, would showcase the fastest CAGR of 20.0% throughout the forecast period.
By application, the household segment contributed to around three-fourths of the global solar charging station market share in 2021 and is projected to rule the market by 2031. However, the commercial segment would also display the fastest CAGR of 22.4% throughout the forecast period.
By station type, the off-grid solar charging station segment accounted for the highest share in 2021, generating more than two-thirds of the global solar charging station market revenue. The on-grid solar charging station segment, however, would portray the fastest CAGR of 21.6% during the forecast period.
By component, the battery energy storage system segment accounted for the highest share in 2021, generating around one-third of the global solar charging station market revenue. The same segment is also expected to portray the fastest CAGR of 19.6% during the forecast period.
By region, Asia-Pacific held the major share in 2021, garnering more than two-fifths of the global solar charging station market revenue. However, Europe would showcase the fastest CAGR of 20.9% from 2022 to 2031. The other provinces studied through the report include North America and LAMEA.
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The key market players analyzed in the global solar charging station market report include Inhabit Solar, PROINSO, Solarsense UK Limited, Solarstone, Sundial Solar Solutions, Giulio Barbieri SRL, SunPower Corporation, Sunworx solar, VCT Group,and MDT Sun Protection System AG. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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