Electric vehicle charging stations powered by renewable energy have emerged as a major trend in the EV charging stations market. Renewable energy, such as solar and wind power, is a more environment-friendly and efficient alternative to traditional fossil fuels. In recent years, the increasing adoption of electric vehicles has reduced greenhouse gas emissions and improved air quality. Renewable energy facilities are increasingly being built to decrease the release of greenhouse gases responsible for global warming and save fossil fuels, which are growing increasingly precious. These facilities are much more environmentally friendly and emit fewer harmful emissions.
Electric vehicles need stable energy sources (electric charging stations or solar panels) to charge batteries. The trend of EV charging stations powered by renewable energy is a major opportunity for the players operating in the EV charging stations market. The lower costs and simpler installation of solar panels make them a suitable alternative energy source. Charging stations powered by solar energy can be installed in residential buildings, shopping malls, theater complexes, convention centers, parks, and other facilities. Private organizations are collaborating to invest in the development of solar panels, and governments are providing incentives for deploying clean energy and charging systems to support the use of renewable energy for EV charging. It is estimated that installing ten solar panels can supply the electricity needed to power an electric vehicle.
Companies in the renewables sector are also helping accelerate the shift to electric mobility in a cleaner, more environmentally friendly way. For instance, in May 2022, ATUM (a part of Visaka Industries Limited) (India) installed Mumbai’s first solar-powered EV charging station, ‘ATUM Charge,’ in Malad. The EV charging station generates about 24 kWh of power every day. The company claims to have already installed 250 solar-powered charging stations across India. Renewable energy-powered EV charging stations improve profitability and help power grids address energy demand issues. This trend is expected to generate growth opportunities for the stakeholders in this market during the forecast period.
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