As per the report published by Kings Research, the global Solar Highway Market was valued at USD 95.0 million in 2022. The market is projected to reach USD 2589.1 million by 2030, growing at a CAGR of 51.51% from 2023 to 2030.
The growing global awareness of environmental issues and the urgent need to combat climate change are driving investments in solar highway projects around the world. This encourages both governments and private entities to allocate resources to initiatives that align with broader environmental goals. Moreover, advancements in solar panel efficiency and innovative materials are making solar highways more scalable and cost-effective.
As a result, the solar highway market is projected to experience significant growth in the forthcoming years. Forecasts indicate a surge in project implementations, driven by increased environmental consciousness. With technological advancements, the scalability of solar highways becomes increasingly feasible, thereby contributing to a more sustainable energy landscape.
Key Insights
- Based on component, the solar panels segment held the largest market share of 71.67% in 2022
- Based on application site, the roadways segment generated the highest revenue of USD 47.03 million in 2022
- Based on end-user, the government & public infrastructure segment secured the largest market share of 53.74% in 2022
- On the basis of region, Europe accounted for the largest market share of 40.98% in 2022
Escalating Energy Demand and Proliferation of Decentralized Sources Foster the Increasing Need for Solar Highways as a Viable Solution
The increasing global demand for energy, along with the growing need for diverse and decentralized energy sources, makes solar highways a practical solution. This driving factor boosts the adoption of solar highways to enhance renewable energy capacity and distribution.
Governments and energy providers are increasingly acknowledging the potential of solar highways in meeting the growing energy demands while supporting decentralization strategies. As a result, collaborative efforts among various stakeholders are being made to leverage solar highways in addressing the challenges posed by increasing energy needs in a sustainable and decentralized manner.
Integration of Solar Highways with Smart City Initiatives and EV Infrastructure to Pave the Way for Sustainable Urban Development
Seamlessly integrating solar highways with emerging smart city initiatives, along with the expansion of electric vehicle (EV) infrastructure, presents significant market growth opportunities. The synergy between solar highways, smart city planning, and EV infrastructure aligns with the global trend of creating intelligent and eco-friendly cities.
Collaborations among city planners, technology providers, and energy companies are expected to result in the incorporation of solar highways into comprehensive smart city plans. This integration may involve embedded sensors, electric vehicle charging infrastructure, and data-driven traffic management, thereby contributing to a holistic approach to urban sustainability.
Asia Pacific to Emerge as the Fastest-Growing Region, Exhibiting a CAGR of 59.91% Over the Forecast Period
Based on region, the global solar highway market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. Asia Pacific is poised to become the fastest-growing region in the global solar highway market, with an impressive CAGR of 59.91% between 2023 and 2030. The region's rapid economic development and increasing focus on sustainable infrastructure make solar highways a crucial part of the energy landscape.
Governments in Asia Pacific are investing heavily in renewable energy projects, with solar highways gaining significant attention. As Asia Pacific embraces the potential of solar highways, a substantial market expansion is expected, which contributes to the overall growth of the global solar highway market.
Major Companies Forge Agreements to Strengthen Industry Foothold
The global solar highway market is consolidated with key players such as Solar Roadways, Colas Group, Wattway, T-Systems International GmbH, SolarRoad Technologies, Envision Solar, Platio, Onyx Solar Energy, SolaRoad, Hanergy, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.