Pune, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The Solar Highway Market reached a valuation of $31.35 billion in 2022. It is projected to expand significantly to $82.16 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period spanning from 2023 to 2030, as per the SNS Insider report.
Market Report Scope
A solar highway, often referred to as a solar road or solar roadway, is an innovative and sustainable concept that combines the functionality of a traditional road or highway with the power generation capabilities of solar panels. This visionary idea envisions transforming vast stretches of roadways into energy-generating surfaces by embedding solar panels directly into the roadbed. The concept behind a solar highway revolves around the utilization of photovoltaic cells, which are capable of converting sunlight into electricity.
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Market Analysis
The solar highway market has emerged as a revolutionary concept that seamlessly combines infrastructure development with renewable energy generation. The market is benefiting from continuous technological innovations, which are making these projects more viable and efficient. Breakthroughs in solar panel efficiency, durability, and adaptability to varying road conditions have expanded the scope of solar highway implementation. Moreover, advancements in energy storage solutions, such as advanced batteries and grid integration, are enhancing the reliability of solar highway systems. Many governments around the world are implementing supportive policies and providing incentives to promote renewable energy adoption, including solar highway projects.
Solar Highway Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 31.35 billion |
| Market Size by 2030 | USD 82.16 billion |
| CAGR | CAGR of 12.8 % from 2023-2030 |
| Key Segments | By Material (Monocrystalline Silicon, Polycrystalline Silicon) By Application (Driveways, Parking Lots) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Impact of Recession
The solar highway market is not immune to the impact of a recession. Economic downturns can disrupt investment, financing, government support, demand for associated technologies, supply chains, innovation, and project scaling. However, it is worth noting that the renewable energy sector, including solar highways, has shown resilience and adaptability in the face of challenges.
Impact of Russia-Ukraine War
While the Russia-Ukraine war has injected uncertainty into global markets, it has also spurred a series of interconnected opportunities and challenges for the solar highway industry. The sector could experience supply chain disruptions, yet simultaneously benefit from increased energy security considerations, innovation, policy changes, international collaboration, and heightened public awareness. As the world navigates the complex aftermath of this conflict, the solar highway market stands at a unique crossroads, poised for transformation and growth.
Key Regional Development
In North America, particularly in the United States and Canada, the solar highway market is marked by pioneering innovation and ambitious pilot projects. These projects often involve collaborations between governmental bodies, research institutions, and private companies. The Asia-Pacific region, characterized by rapid urbanization and burgeoning energy demands, presents a unique landscape for the market. Countries like China, India, and Japan are investing heavily in solar infrastructure as they grapple with the challenges of urban congestion and environmental degradation.
Key Takeaway from Solar Highway Market Study
- In the ever-expanding realm of renewable energy, the market is poised for a revolution, and at the forefront of this transformation is the monocrystalline silicon segment. With its exceptional efficiency and unrivaled performance, monocrystalline silicon is set to dominate the market.
- As the renewable energy sector evolves, solar driveways are poised to emerge as a dominant force in the market, offering a host of advantages over traditional solar highways. Their efficient space utilization, enhanced accessibility, localized energy generation, reduced infrastructure costs, aesthetic integration, and contribution to addressing urban challenges make them a compelling choice.
Recent Developments Related to Solar Highway Market
- In a groundbreaking initiative poised to reshape the energy landscape of the United States, a cutting-edge solar-to-hydrogen project has been unveiled as the inaugural feature of the ambitious California-to-Texas "hydrogen highway."
- In a groundbreaking stride towards sustainable transportation, Vayve Mobility, a trailblazing Pune-based company, is set to unveil their latest innovation in 2024 - the solar-powered marvel known as "Eva."
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Solar Highway Market Segmentation, By Material
8.1 Monocrystalline Silicon
8.2 Polycrystalline Silicon
9. Solar Highway Market Segmentation, By Application
9.1 Driveways
9.2 Parking Lots
10. Regional Analysis
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Middle East & Africa
11 Company Profile
11.1 Solar Roadways Inc.
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Shandong Pavenergy
11.3 Wattway
11.4 Canadian Solar Inc.
11.5 Colas Group
11.6 Onyx Solar Energy
11.7 Photovaltaic Pavement
11.8 Tolar HashNet
11.9 Road Energy Systems
11.10 TGD Solar
11.11 SolaRoad Inc.
11.12 SunPower Corporation
11.13 Wuxi Suntech Power Co. Ltd
12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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