Solar Highway Market Size:
The global solar highway market is expected to grow from USD 50.613 billion in 2025 to USD 89.631 billion in 2030, at a CAGR of 12.11%.
According to a recent study in 2016, 80% of the Earth’s surface is without roads. It is estimated that from 2010 – 2050 the roads will increase globally by more than 60%. Although roads aid in connectivity they also cause a lot of damage to the natural habitat. This innovation of Solar Highways has a positive impact on the environment. These specially designed roadways are made of material that contains photovoltaic cells that capture solar energy. The solar panels used are strong enough to bear the weight of cars and even semi-trucks. The main goal of these solar highways is to generate clean and renewable energy. The solar panels laid on the roads convert solar energy into electricity.
Solar Highway Market Drivers:
Solar Highway Market Restraints:
- The cost of making these solar highways is very high. A huge sum goes into R&D, production, installation, and then maintenance, this may be a major concern for the companies. Pilot projects done by Colas, Solar Roadways, and Shandong Pavenergy have not given desired results. According to a recent study, three years after the introduction of the solar road in France the project could not deliver what it had promised. The challenges faced include solar panels started to peel off from the road, using that road created a lot of noise that the locals required to lower the speed limit to 70km/hr. Moreover, Normandy where this road was built receives sunlight only 44 days a year. It was not able to produce 790 kilowatt-hours per day as promised. Similarly, Solar Roadways encountered a failure even after receiving huge funding from the U.S. Department of Transportation.
- Solar panels work at their best potential when they are pointed towards the sun but the solar panels on the road which are lying flat, get limited sunlight. Panels on the road are also subject to adverse weather conditions, repairs of these panels are costly. Some manufacturers use tempered glass as one of the components and if it gets a crack the entire panel becomes ineffective.
Solar Highway Market Geographical Outlook:
- APAC Region to witness lucrative growth
The rise in the demand for electricity will boost the demand for solar highways in China, Japan, and South Korea. An increase in the demand for photovoltaic panels for parking lots in Asia Pacific countries like China, India, etc. will boost the market.
Segmentation
- GLOBAL SOLAR HIGHWAY MARKET BY MATERIAL
- Monocrystalline
- Polycrystalline
- Perovskite/silicon tandem
- GLOBAL SOLAR HIGHWAY MARKET BY APPLICATION
- Parking Lots
- Patio
- Sidewalk
- Others
- GLOBAL SOLAR HIGHWAY MARKET BY GEOGRAPHY
- North America
- South America
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Others