Solar Highway Market Size Worth $100.44 Billion By 2032 | CAGR: 12.70%

Solar Highway Market Size Worth $100.44 Billion By 2032 | CAGR: 12.70%

The global solar highway market size is expected to reach USD 100.44 billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing awareness of among people regarding the environmental issues such as climate change and rise in fuel prices, has led to a shift towards renewable energy sources like solar power and advances in technology have made solar panels more efficient and cost-effective, which makes solar highways a viable option to reduce dependence of fossil fuels. According to a report by the International Renewable Energy Agency (IRENA), the cost of a typical solar highway project in 2019 was approximately USD 1 million to USD 3 million per kilometer. This estimate includes the cost of solar panels, inverters, mounting structures, cabling, and other equipment necessary for the installation.

The rising incorporation of advance technologies like sensors, data analytics, and communication systems to monitor road conditions and manage energy generation that help in improving efficiency of solar highways along with the growing focus of major players on launching large solar power projects across the world, are also likely to create lucrative growth opportunities for the market. For instance, in June 2022, Tata Power, announced the launch of India’s largest floating solar power project in Kerala’s backwaters, that is installed at a capacity of 101.6-Megawatt Peak, and is established on a 35 acres water body in Kayamkulam, Kerala.

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In the recent years, the incorporation of intelligent transport systems on solar highways are gaining penetration and popularity that use sensors and cameras to collect data about traffic flow and optimize traffic management and can effectively improve the safety and reduce congestion on the road. Beside this, the prevalence for replacing traditional asphalt roads with solar panels that can generate electricity at lower costs while maintaining the sustainability has also been emerging in the recent years.

Moreover, as more electric vehicles are hitting the road globally, the demand for charging infrastructure will continue to grow, as solar highways can offer a solution to this problem by providing a renewable source of energy to power electric vehicles, thereby the rise in the number of electric vehicles is directly influencing the market growth at rapid pace.

For instance, according to a report published in January 2023, the total electric vehicles sales in India reached a record value of one million units in the fiscal year 2022 which accounted for 4.7% of overall automobile sales, with a jump of over 300% against the 322,877 units sold in 2021.

Solar Highway Market Report Highlights

  • Monocrystalline segment accounted for major global market share in 2022, which is mainly driven by its high effectiveness and decline in the overall production cost of these materials
  • Parking lots segment is expected to grow at a higher CAGR during the anticipated period, on account of growing focus of major companies on reducing their carbon footprint and reliance of fossil fuels
  • North America region dominated the global market for solar highway in 2022, owing to the significant technological innovations and rising investments by both government and private organizations for developing sustainable infrastructure solutions
  • The global key market players include SunPower Corporation, Wuxi Suntec Power, Tata Power Solar Systems, United Renewable Energy, Colas Group, and Onyx Solar Energy

Polaris Market Research has segmented the solar highway market report based on material, application, and region:

Solar Highway, Material Outlook (Revenue - USD Billion, 2019 - 2032)

  • Monocrystalline
  • Polycrystalline
  • Perovskite/Silicon Tandem

Solar Highway, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Parking Lots
  • Patio
  • Sidewalk
  • Others

Solar Highway, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa