Solar Highway Market Share, Size, Trends, Industry Analysis Report, By Material (Monocrystalline, Polycrystalline, and Perovskite/Silicon Tandem); By Application; By Region; Segment Forecast, 2023- 2032
- Published Date:Jun-2023
- Pages: 118
- Format: PDF
- Report ID: PM3358
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global solar highway market was valued at USD 31.33 billion in 2022 and is expected to grow at a CAGR of 12.70% during the forecast period. The increasing demand for clean and renewable energy sources and surging prevalence of solar power as a clean and abundant source of energy that can be harnessed from the sun, and solar highways offer a way to produce energy in a sustainable and environmentally friendly manner are primary factors boosting the demand and growth of the market. The growing concern over climate change and the need to reduce carbon emissions fueling the need for sustainable development solutions including solar highways coupled with the rising research activities and growing FDI investment for the development of solar infrastructure globally, are also likely to positively influence the market.
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For instance, in September 2022, Indian Road Transport Minister, said that the government is working and developing 26 solar-powered ‘Green Field Expressway’ across the country, that will enhance the economic activities and infrastructure. Also, the Indian government has proposed to install intelligent traffic system on 15,000 km of national highways by the year 2024.
In the recent years, smart lighting systems are being highly integrated into the solar highway infrastructure in order to reduce energy consumption, as these systems use sensors to detect when vehicles are approaching and adjust the lighting accordingly. Apart from this, several companies are developing wireless charging roads that can charge electric vehicles as they drive and the roads are embedded with coils that create a magnetic field, which charges the vehicle's battery efficiently, that has been gaining popularity around the world.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the solar highway market. The rapid spread of the deadly coronavirus across the globe has caused significant delays in the implementation of solar highway projects, as construction and installation work has been slowed or stopped due to lockdowns and social distancing measures imposed by many governments. The pandemic has also led to tightening of budgets for governments and businesses, which has resulted in a decrease in funding for solar highway projects.
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Industry Dynamics
Growth Drivers
The significant expansion in the transportation sector across the globe, which results in an increased demand for energy and infrastructure, that could lead to huge demand for solar panels, as it provides a sustainable and cost-effective solution to meet the energy needs of the transportation sector coupled with the rising concern regarding the climate change for governments, businesses, and individuals alike influencing the global solar highway market growth worldwide.
Furthermore, the continuous growth in research & development investments on developing the highly efficient photovoltaic materials to convert the solar energy to electric power and rising penetration among companies to develop solar panels particularly for roadways across both developed and developing economies around the world, are few another factors expected to create huge demand and growth opportunities for the market in the near future.
Report Segmentation
The market is primarily segmented based on material, application, and region.
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By Material |
By Product |
By Region |
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Monocrystalline segment accounted for largest market share in 2022
The monocrystalline segment accounted for major global market share in 2022, and it is anticipated to continue its position throughout the forecast period, on account of its higher efficiency compared to other material types and ability to convert higher percentage of sunlight into the electricity along with this, it is made from single crystal form, that allows for a better precise control over the crystal structure and results in higher-quality product. The cost of production of this material type has been significantly decreased over the last few years because of the growing technological advancements and rising competition in the market, which makes the product more affordable and accessible to customers.
The polycrystalline segment is anticipated to exhibit significant growth rate over the coming years, which can be highly attributable to its wide range of beneficial characteristics including high-efficiency, cost-effectiveness, and better durability among others. Beside this, the material is widely available and can be easily sourced from larger number of manufacturers worldwide and has been playing crucial role in combating climate change and reducing the dependence of fossil fuels, which in turn, propelling the product demand exponentially.
Parking lots segment is anticipated to witness highest growth during forecast period
The parking lots segment is anticipated to grow at a healthy CAGR during the projected period, which is mainly driven by numerous factors including many organizations across the globe are looking for options to reduce their carbon footprint and decrease their reliance on non-renewable energy sources and increasing number of incentives and subsidies offering by number of governments to attract the parking lot owners to install or invest in solar panels.
In addition, with the help of generating their own energy on-site, parking lot owners can increase their energy security and reduce their reliance on the grid, which can be particularly important in areas that are prone to power outages or where the grid is unreliable along with this, they can also reduce their energy costs and potentially even sell excess energy back to the grid. The patio segment is also expected to hold substantial market share over the study period, that can be highly attributed to growing prevalence of installing solar-powered patios worldwide, as it can provide lighting charging stations for electric vehicles and several other amenities, while improving the safety and convenience for travelers and making highways more attractive to drivers.
North America region dominated the global market in 2022
The North America region dominated the global market with significant revenue share in 2022, and is projected to maintain its dominance throughout the estimated period. The increased awareness among general public regarding the benefits of renewable energy sources and continuous technological advancements, which leads to significant improvements in efficiency and cost-effectiveness of solar panels along with the increasing investment by governments to develop sustainable infrastructure mainly among the developed countries like US and Canada, are the primary factors influencing the market growth.
The Asia Pacific region is anticipated to be the fastest growing region with a significant growth rate during the projected period, owing to continuous increase in the demand for photovoltaic panels for parking lots and introduction and developments in solar-powered cars especially in the emerging economies like India, China, and Malaysia. Moreover, many countries in the APAC region have favorable climate conditions for solar energy production, with abundant sunshine throughout the year which makes solar highways a viable option for generating clean energy, thereby propelling the regional market growth.
For instance, in February 2023, Vayve Mobility, a Pune-based introduced new solar-powered EV car named Eva in 2024 and delivery will begin in the middle of the year. This would be fully automatic with a battery charging option of going around 20 km/unit of the electricity, which is likely to be the highest in the industry.
Competitive Insight
Some of the major players operating in the global market include Solar Roadways, Shandong Pavenergy, Wattway, Canadian Solar, Colas Group, Onyx Solar Energy, Photovaltaic Pavement, Tolar HashNet, Road Energy Systems, TGD Solar, Electreon, SolaRoad, SunPower Corporation, TSO, Esolar, Wuxi Suntech Power, Tata Power, United Renewable Energy, and Kaneka Corporation.
Recent Developments
- In November 2022, CPDQ-backed Maple Highways, a leading India road investment platform, announced about the completion of acquisition India’s first solar-powered expressway named Eastern Peripheral Expressway. The 135-kilometer, six-land express highway has been operating since 2018 and was specially designed to decongest the commercial traffic of national capital region and runs throughout the states of Uttar Pradesh and Haryana.
- In September 2022, The Federal Roads Office in the Switzerland, introduced solar PV panels along with the national roads for approx. 350 noise barriers & 100 rest areas. Annual potential of solar PV power along highways stood at 55 GWh through the government installed panels.
Solar Highway Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 34.26 billion |
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Revenue forecast in 2032 |
USD 100.44 billion |
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CAGR |
12.70% from 2023– 2032 |
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Base year |
2022 |
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Historical data |
2019– 2021 |
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Forecast period |
2023– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Material, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Solar Roadways Inc., Shandong Pavenergy, Wattway, Canadian Solar Inc., Colas Group, Onyx Solar Energy, Photovaltaic Pavement, Tolar HashNet, Road Energy Systems, TGD Solar, Electreon, SolaRoad Inc., SunPower Corporation, TSO, Esolar Inc., Wuxi Suntech Power Co. Ltd., Tata Power Solar Systems Ltd. United Renewable Energy Co. Ltd., and Kaneka Corporation. |
FAQ's
The solar highway market report covering key segments are material, product, and region.
Solar Highway Market Size Worth $100.44 Billion By 2032.
The global solar highway market expected to grow at a CAGR of 12.70% during the forecast period.
North America is leading the global market.
key driving factors in solar highway market are increasing concerns for the environment.
