Solar-Powered EV Charging Station Market: Current Analysis and Forecast (2023-2030)

Report Description

Solar EV charging stations, also known as photovoltaic (PV) EV charging stations, use solar energy to charge electric vehicles. These stations are equipped with solar panels that capture sunlight and convert it into electricity. This electricity is then used to charge the electric vehicles. Some stations also have the capability to store excess energy in batteries for later use. Solar EV charging stations are a sustainable and eco-friendly solution for charging electric vehicles. They reduce dependence on fossil fuels and help in reducing carbon emissions. Moreover, they can provide energy independence as they do not rely on the grid for electricity.

The Solar-Powered EV Charging Station Market is expected to grow at a strong CAGR of 15.2 % during the forecast period owing to the rising sale of Electric vehicles and increasing investment in charging infrastructure. The global solar EV charging market is experiencing significant growth due to the increasing adoption of electric vehicles, rising fuel prices, and growing environmental concerns. Despite the benefits, there are some challenges associated with solar EV charging stations. These include high upfront costs, reliance on weather conditions for energy generation, and the need for space for the installation of solar panels. However, with advancements in technology and increasing government support, the adoption of solar EV charging stations is expected to increase in the future. Innovations like portable solar chargers and solar-powered parking lots are also emerging in this field.

Some of the major players operating in the market are iSun, Inc., SolarEdge Technologies, PowerFlex, EmPower Solar, Paired Power, ABB¸ Brightfield Transportation Solutions, Zhejiang Benyi New Energy Co., Ltd., ChargePoint, Inc., and HES Solar. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Charger type, the Fast Charger segment to grow with a high CAGR during the forecast period”

Based on Charger Type, the Solar-Powered EV Charging Station market is divided into Slow Charger and Fast Charger segments. The slow charger segment acquired a majority share in the Solar-Powered EV Charging Station market, however, the fast charger segment is expected to showcase a higher growth rate during the forecast period. Fast chargers are rated between 7kW 22kW and can fully charge an EV in about 4 to 6 hours. These types of chargers are commonly found at urban locations like supermarket car parks, shopping centers, cinemas, and retail parks. Despite the benefits, there are some challenges associated with fast charger solar EV charging stations. Due to the limited capacity of the photovoltaic (PV) system and the batteries, the power system may not be cost-effective.

“Amongst Application, the Commercial category held dominant share of the market in 2022”

Based on Application, the Solar-Powered EV Charging Station market is divided into Residential and Commercial segments. The Commercial segment acquired a majority share in the Solar-Powered EV Charging Station market and is expected to showcase a substantial growth rate during the forecast period. Although, high investments are needed to install solar-powered EV charging stations when compared to conventional EV charging stations which drives away investors from this industry. However, recently private firms have drastically increased their investments in solar-powered EV charging stations as many investors have noticed the high growth that the solar and EV industry has been experiencing in recent years.

Solar-Powered EV Charging Station Market Report Coverage

“APAC held a dominant share of the market in 2022”

APAC acquired the largest share in the Solar-Powered EV Charging Station market and is expected to witness an influential CAGR in the forecasted period. This is mainly owing to a large number of Solar-Powered EV Charging Station operational projects taking place in China, Japan, and South Korea. China is the biggest market for solar-powered EV charging stations and their revenue far exceeds the other countries by a considerable margin. More than half of the solar-powered EV charging stations sold annually are installed in China. The company leads in the technological aspect as well. For instance – An ultrafast charging station for electric vehicles (EV), which can charge 20 cars all at once and add over 200 kilometers of battery life to the cars within eight minutes, started operation in 2022 at southeast China’s Ningde City, Fujian Province. Covering an area of 2,100 square meters, the charging station has a megawatt-level energy storage system. With solar panels on its roof, it can use solar energy and store it to charge the cars.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Solar-Powered EV Charging Station market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Solar-Powered EV Charging Station Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Solar-Powered EV Charging Station market were the three major steps undertaken to create and analyze the adoption of Solar-Powered EV Charging Station in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Solar-Powered EV Charging Station market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Solar-Powered EV Charging Station market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Solar-Powered EV Charging Station market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Charger Station Type, and Application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Solar-Powered EV Charging Station market. Further, we conducted factor analysis using dependent and independent variables such as Charger Station Type, and Application of the Solar-Powered EV Charging Station market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Solar-Powered EV Charging Station market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Solar-Powered EV Charging Station market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Solar-Powered EV Charging Station market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Solar-Powered EV Charging Station market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Solar-Powered EV Charging Station market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the Charger Station Type, and Application in the global Solar-Powered EV Charging Station market.

The main objective of the Global Solar-Powered EV Charging Station Market Study

The current & future market trends of the global Solar-Powered EV Charging Station market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Solar-Powered EV Charging Station market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the Charger Station Type, and Application
• Define and analysis of the regulatory framework for the Solar-Powered EV Charging Station industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Solar-Powered EV Charging Station market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North & South America, and the Rest of the World
• Company profiles of the Solar-Powered EV Charging Station market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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