PUBLISHER: Polaris Market Research | PRODUCT CODE: 1338914
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1338914
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
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.
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
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
- 2.1. Market Highlights
3. Research Methodology
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Solar Highway Market Insights
- 4.1. Solar Highway Market - Industry Snapshot
- 4.2. Solar Highway Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Growth in research & development investments
- 4.2.1.2. Increasing concerns for the environment
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High cost
- 4.2.1. Drivers and Opportunities
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Solar Highway Industry trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Solar Highway Market, by Material
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Solar Highway, by Material, 2019-2032 (USD Billion)
- 5.3. Monocrystalline
- 5.3.1. Global Solar Highway Market, by Monocrystalline, by Region, 2019-2032 (USD Billion)
- 5.4. Polycrystalline
- 5.4.1. Global Solar Highway Market, by Polycrystalline, by Region, 2019-2032 (USD Billion)
- 5.5. Perovskite/Silicon Tandem
- 5.5.1. Global Solar Highway Market, by Perovskite/Silicon Tandem, by Region, 2019-2032 (USD Billion)
6. Global Solar Highway Market, by Product
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 6.3. Parking Lots
- 6.3.1. Global Solar Highway Market, by Parking Lots, by Region, 2019-2032 (USD Billion)
- 6.4. Patio
- 6.4.1. Global Solar Highway Market, by Patio, by Region, 2019-2032 (USD Billion)
- 6.5. Sidewalk
- 6.5.1. Global Solar Highway Market, by Sidewalk, by Region, 2019-2032 (USD Billion)
- 6.6. Others
- 6.6.1. Global Solar Highway Market, by Others, by Region, 2019-2032 (USD Billion)
7. Global Solar Highway Market, by Geography
- 7.1. Key findings
- 7.2. Introduction
- 7.2.1. Solar Highway Market Assessment, By Geography, 2019-2032 (USD Billion)
- 7.3. Solar Highway Market - North America
- 7.3.1. North America: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.3.2. North America: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.3.3. Solar Highway Market - U.S.
- 7.3.3.1. U.S.: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.3.3.2. U.S.: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.3.4. Solar Highway Market - Canada
- 7.3.4.1. Canada: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.3.4.2. Canada: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.4. Solar Highway Market - Europe
- 7.4.1. Europe: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.4.2. Europe: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.4.3. Solar Highway Market - UK
- 7.4.3.1. UK: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.4.3.2. UK: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.4.4. Solar Highway Market - France
- 7.4.4.1. France: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.4.4.2. France: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.4.5. Solar Highway Market - Germany
- 7.4.5.1. Germany: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.4.5.2. Germany: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.4.6. Solar Highway Market - Italy
- 7.4.6.1. Italy: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.4.6.2. Italy: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.4.7. Solar Highway Market - Spain
- 7.4.7.1. Spain: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.4.7.2. Spain: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.4.8. Solar Highway Market - Netherlands
- 7.4.8.1. Netherlands: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.4.8.2. Netherlands: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.4.9. Solar Highway Market - Russia
- 7.4.9.1. Russia: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.4.9.2. Russia: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.5. Solar Highway Market - Asia Pacific
- 7.5.1. Asia Pacific: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.5.2. Asia Pacific: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.5.3. Solar Highway Market - China
- 7.5.3.1. China: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.5.3.2. China: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.5.4. Solar Highway Market - India
- 7.5.4.1. India: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.5.4.2. India: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.5.5. Solar Highway Market - Malaysia
- 7.5.5.1. Malaysia: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.5.5.2. Malaysia: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.5.6. Solar Highway Market - Japan
- 7.5.6.1. Japan: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.5.6.2. Japan: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.5.7. Solar Highway Market - Indonesia
- 7.5.7.1. Indonesia: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.5.7.2. Indonesia: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.5.8. Solar Highway Market - South Korea
- 7.5.8.1. South Korea: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.5.8.2. South Korea: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.6. Solar Highway Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.6.2. Middle East & Africa: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.6.3. Solar Highway Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.6.3.2. Saudi Arabia: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.6.4. Solar Highway Market - UAE
- 7.6.4.1. UAE: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.6.4.2. UAE: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.6.5. Solar Highway Market - Israel
- 7.6.5.1. Israel: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.6.5.2. Israel: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.6.6. Solar Highway Market - South Africa
- 7.6.6.1. South Africa: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.6.6.2. South Africa: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.7. Solar Highway Market - Latin America
- 7.7.1. Latin America: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.7.2. Latin America: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.7.3. Solar Highway Market - Mexico
- 7.7.3.1. Mexico: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.7.3.2. Mexico: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.7.4. Solar Highway Market - Brazil
- 7.7.4.1. Brazil: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.7.4.2. Brazil: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- 7.7.5. Solar Highway Market - Argentina
- 7.7.5.1. Argentina: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- 7.7.5.2. Argentina: Solar Highway Market, by Material, 2019-2032 (USD Billion)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. Solar Roadways
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
- 9.2. Shandong Pavenergy
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
- 9.3. Wattway
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
- 9.4. Canadian Solar
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
- 9.5. Colas Group
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
- 9.6. Onyx Solar Energy
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
- 9.7. Photovaltaic Pavement
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
- 9.8. Tolar HashNet
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
- 9.9. Road Energy Systems
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
- 9.10. TGD Solar
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
- 9.11. Electreon
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
- 9.12. SolaRoad
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Product Benchmarking
- 9.12.4. Recent Development
- 9.13. SunPower Corporation
- 9.13.1. Company Overview
- 9.13.2. Financial Performance
- 9.13.3. Product Benchmarking
- 9.13.4. Recent Development
- 9.14. TSO
- 9.14.1. Company Overview
- 9.14.2. Financial Performance
- 9.14.3. Product Benchmarking
- 9.14.4. Recent Development
- 9.15. Esolar
- 9.15.1. Company Overview
- 9.15.2. Financial Performance
- 9.15.3. Product Benchmarking
- 9.15.4. Recent Development
- 9.16. Wuxi Suntech Power
- 9.16.1. Company Overview
- 9.16.2. Financial Performance
- 9.16.3. Product Benchmarking
- 9.16.4. Recent Development
- 9.17. Tata Power
- 9.17.1. Company Overview
- 9.17.2. Financial Performance
- 9.17.3. Product Benchmarking
- 9.17.4. Recent Development
- 9.18. United Renewable Energy
- 9.18.1. Company Overview
- 9.18.2. Financial Performance
- 9.18.3. Product Benchmarking
- 9.18.4. Recent Development
- 9.19. Kaneka Corporation
- 9.19.1. Company Overview
- 9.19.2. Financial Performance
- 9.19.3. Product Benchmarking
- 9.19.4. Recent Development
List of Tables
- Table 1 Global Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 2 Global Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 3 Solar Highway Market Assessment, By Geography, 2019-2032 (USD Billion)
- Table 4 North America: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 5 North America: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 6 U.S.: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 7 U.S.: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 8 Canada: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 9 Canada: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 10 Europe: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 11 Europe: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 12 UK: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 13 UK: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 14 France: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 15 France: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 16 Germany: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 17 Germany: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 18 Italy: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 19 Italy: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 20 Spain: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 21 Spain: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 22 Netherlands: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 23 Netherlands: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 24 Russia: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 25 Russia: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 26 Asia Pacific: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 27 Asia Pacific: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 28 China: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 29 China: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 30 India: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 31 India: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 32 Malaysia: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 33 Malaysia: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 34 Japan: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 35 Japan: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 36 Indonesia: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 37 Indonesia: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 38 South Korea: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 39 South Korea: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 40 Middle East & Africa: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 41 Middle East & Africa: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 42 Saudi Arabia: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 43 Saudi Arabia: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 44 UAE: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 45 UAE: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 46 Israel: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 47 Israel: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 48 South Africa: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 49 South Africa: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 50 Latin America: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 51 Latin America: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 52 Mexico: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 53 Mexico: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 54 Brazil: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 55 Brazil: Solar Highway Market, by Material, 2019-2032 (USD Billion)
- Table 56 Argentina: Solar Highway Market, by Product, 2019-2032 (USD Billion)
- Table 57 Argentina: Solar Highway Market, by Material, 2019-2032 (USD Billion)
List of Figures
- Figure 1 Global Solar Highway Market, 2019-2032 (USD Billion)
- Figure 2 Integrated Ecosystem
- Figure 3 Research Methodology: Top-Down & Bottom-Up Approach
- Figure 4 Market by Geography
- Figure 5 Porter's Five Forces
- Figure 6 Market by Product
- Figure 7 Global Solar Highway Market, by Product, 2022 & 2032 (USD Billion)
- Figure 8 Market by Material
- Figure 9 Global Solar Highway Market, by Material, 2022 & 2032 (USD Billion)
- Figure 10 Solar Highway Market Assessment, By Geography, 2019-2032 (USD Billion)
- Figure 11 Strategic Analysis - Solar Highway Market
