Solar EV charging Market 2030 By Application (Private EV Charger, Public EV Charger), Charging Level (Level 2, Level 3 (DC Fast Charging), Level 1), System (Off Grid, On Grid) and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Energy & Power | Pages : 178 Pages | Published On : Aug 2023
Solar EV charging market was valued at $159.6 million in 2022, and is projected to reach $330.9 million by 2030, growing at a CAGR of 8.1% from 2023 to 2030.
Over the past two decades, the solar energy sector has witnessed substantial growth, driven by global governments' efforts to promote the adoption of solar-powered technologies. Among the various segments within the solar energy market, off-grid solar energy for electric vehicle (EV) charging has emerged as a particularly popular one. Notably, China has positioned itself as a leading supplier of photovoltaic modules on a global scale.
In the short term, the COVID-19 pandemic had a significant impact on China's production of solar panels and battery products. Shutdowns of raw material storage and distribution facilities had adverse effects on the solar EV charging sector. However, with the pandemic gradually receding, many industry players remain optimistic about a swift recovery. Both public and private sectors are actively investing in solar EV charging projects, and the automotive industry has committed to transitioning its energy sources to renewables. These factors are expected to drive increased demand for solar EV charging in the near future.
Solar EV charging involves utilizing solar panels to convert sunlight into power for charging electric vehicle (EV) batteries. The electric vehicle supply equipment (EVSE) market comprises four key components: hardware, software, installers, and charge point operators (CPOs). Among these, charge point operators (CPOs), responsible for building, operating, and maintaining EV charging stations, are expected to have a more significant market presence, according to solar EV charging analysis. This technology is not only cost-effective but also attractive and low-maintenance, making it suitable for both private and public applications.
The report delves into the solar EV charging market's growth prospects and constraints based on regional analysis. It also includes a Porter's five forces analysis to assess the impact of suppliers, competitors, new entrants, substitutes, and buyers on market growth. Furthermore, solar EV charging plays a crucial role in reducing reliance on fossil fuels and reducing carbon footprints, which is anticipated to drive global solar EV charging market growth in the years ahead.
Factors such as energy independence, easy installation, reliability, and weatherproofing contribute to the growing solar EV charging market during the forecast period. Solar EV charging can meet specific automotive industry performance parameters, including temperature control, fast charging, clean energy generation, power storage and distribution, and unique features like wireless charging, all of which enhance its market share in automotive charging stations.
The future of solar EV charging looks promising, as it contributes to creating a cleaner and more sustainable world. As EV adoption continues to grow, solar EV charging infrastructure is expected to become more widespread and convenient, facilitating a seamless transition to clean and sustainable transportation.
The increasing demand for energy to power EVs, coupled with limited traditional energy resources, presents challenges for both developed and developing nations. Solar energy offers a clean, cost-effective, and environmentally friendly solution for providing lighting and charging for EVs, especially in developing countries where awareness of clean energy is on the rise. Various off-grid solar EV charging solutions, ranging from large installations for vehicles to small-scale applications for two-wheelers, are gaining popularity in low- and middle-income countries. Solar EV charging market opportunities are expected to increase as solar panel prices have dropped over the past six years and are projected to decrease further.
The widespread adoption of EVs depends heavily on the availability of a reliable and convenient charging infrastructure. Solar EV charging stations must be accessible and compatible with a variety of EV models to encourage EV owners to use them as their primary mode of transportation, driving the growth of the solar EV charging market.
Solar EV adoption is on the rise globally, leading to increased demand for EV charging points. The expansion of charging infrastructure needs to keep pace with this trend, particularly for fast-charging solutions and private solar EV charging. The latter depends on various factors, including solar system size and energy storage capacity, with larger systems required for charging EVs using solar energy.
Governments and private organizations must collaborate to invest in research and development and provide incentives for deploying clean energy and charging systems, supporting the growth of the solar EV charging market infrastructure. Many state and municipal governments are investing directly in or subsidizing the development of solar EV charging infrastructure, helping offset installation costs in public areas and parking lots.
Solar EV charging, powered by clean energy, reduces the environmental impact of EV charging on the electrical grid. This has made installing solar EV charging systems in public and private spaces a profitable venture. Solar EV charging is cost-effective, eliminating the need for electricity bills associated with traditional charging. The declining prices of solar photovoltaic panels and government policy measures have further boosted the solar EV charging market's growth.
Compared to fossil fuel infrastructure, solar EV charging infrastructure presents challenges in terms of time, space, and connectivity. Solar EV charging relies on predetermined energy capacity and must be connected to another power source, limiting its ability to function independently. Meeting the growing power demands of EVs at private solar EV charging stations requires more solar panels and battery storage, which can be space-intensive. The positioning of solar panels and batteries further complicates installation.
Technological advancements have resulted in lightweight and compact decomposable or green batteries for solar EV charging. Upgrades to EV charging pins enable faster and longer-lasting battery charging. The automotive industry's investment in solar energy harvesting and efficient storage presents new opportunities for the solar EV charging market.
The demand for solar EV charging has risen alongside developments in the global EV automotive industry, driven by a surge in interest in renewable energy sources over the past five years. The report also provides revenue details for solar EV charging sales across North America, Europe, Asia-Pacific, and LAMEA. Key players in the solar EV charging market include iSun, Inc., Bharat Heavy Electricals Limited, Zhejiang Benyi New Energy Co., Ltd., PowerFlex, EmPower Solar, HES Solar, Paired Power, KEBA, Brightfield Transportation Solutions, and ChargePoint, Inc.
The solar EV charging market is segmented into application, charging level, and system.
The market is categorized by charging level, which includes Level 1, Level 2, and Level 3 (DC fast charging). In 2022, the Level 2 segment held the majority share in the global solar EV charging market, primarily because Level 2 charging is considered safe and capable of reducing charging times. However, the Level 3 (DC fast charging) segment is experiencing a notable increase in its compound annual growth rate (CAGR) at a faster pace. This growth is driven by EV owners' growing preference for faster charging solutions capable of providing extended battery life for their electric vehicles.
In terms of system, the market is divided into on-grid and off-grid categories. In 2021, the off-grid segment held the dominant position in the global solar EV charging market. Off-grid systems are favored because they can expand power generation capacity, effectively meeting energy needs over time. These systems are entirely self-sustaining and operate independently of the local grid's power system or utilities, which is a significant driver for their demand in the market.
Categorizing the market by application, it includes public EV chargers and private EV chargers. In 2021, the private EV charger segment took the lead in the global solar EV charging market. This is due to the private sector's greater use of solar panels to generate power and charge EVs at a lower cost. The public EV charger segment is experiencing an increase in its compound annual growth rate (CAGR), primarily due to investments in standalone solar charging solutions along roadsides. This, in turn, fuels the demand for public EV chargers in the market.
By region, the market analysis spans North America, Europe, Asia-Pacific, and LAMEA. In 2022, the Asia-Pacific region emerged as the dominant force in the solar EV charging market. This was attributed to the increased production of solar panel products and higher adoption rates of EVs in developing countries within the region. Notably, large companies in countries like China, India, and Japan have ventured into EV production and are expanding their production capacities. These factors are expected to be key drivers of market growth in the forecast period.
As for the impact of the Russia-Ukraine conflict on the energy sector:
The conflict between Russia and Ukraine has had a significant impact on the energy sector, sending shockwaves through global energy markets. This has resulted in price volatility, supply shortages, and security concerns. The war has led to increased costs in producing batteries and solar panel products, as well as disruptions in supply chains. Consequently, the conflict could potentially impede the transition to renewable energy in Europe. It's worth noting that the Russia-Ukraine war has had a major influence on the global solar EV charging industry.
Furthermore, regarding the global energy landscape:
The booming global economy has led to exponential population growth and a surge in energy demand, creating challenges in meeting this demand. Non-renewable energy sources, traditionally used for power generation, are depleting. Solar EV charging is seen as a solution to reduce dependence on fossil fuels and gases. The EV charging sector is shifting towards green energy sources for power generation. Numerous companies are investing in expanding their businesses, increasing production capacity, and entering agreements within the solar EV charging market.
- In December 2022, PowerFlex secured an investment from Manulife Investment Management (Manulife IM). This investment accelerates PowerFlex's deployment of on-site solar, storage, and EV charging solutions, driven by increased customer demand due to corporate sustainability commitments and state renewable portfolio standards.
- In September 2022, Power introduced its portable solar canopy, PairTree, with built-in EV charging capabilities. PairTree can be used with or without grid connection due to its modular, fast-install design. This development significantly contributed to the company's increased revenue.
- In December 2021, KEBA acquired the software company drag and bot, based in Stuttgart, Germany. Drag and bot is known for its innovative operating system for robots. This strategic acquisition strengthens KEBA's position in industrial automation and expands its product portfolio with flexible automation software.
Key Benefits For Stakeholders
- This report presents a quantitative examination of market segments, current trends, estimates, and the dynamics of the solar EV charging market from 2023 to 2030, aiming to uncover the existing opportunities within this market.
- The market research is supplemented with information concerning key drivers, constraints, and potential avenues for growth.
- Porter's five forces analysis sheds light on the influence of both buyers and suppliers, enabling stakeholders to make profit-driven business decisions and enhance their supplier-buyer relationships.
- A comprehensive exploration of the solar EV charging market's segmentation helps identify the prevailing market opportunities.
- Within each region, major countries are charted based on their revenue contributions to the global market.
- The positioning of market players serves as a valuable reference point, offering a clear understanding of where these players currently stand in the market.
- The report encompasses an examination of both regional and global solar EV charging market trends, key players, market segments, application areas, and strategies for market growth.
Solar EV charging Market Report Segmentation
- Private EV Charger
- Public EV Charger
By Charging Level
- Level 2
- Level 3 (DC Fast Charging)
- Level 1
- Off Grid
- On Grid
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, UAE, Rest of LAMEA)
Table and Figures
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