North America Solar Powered Trains Market: Current Analysis and Forecast (2024-2032)

Report Description

Solar Powered Trains Market Size & Forecast

The North America solar powered trains market was valued at USD 440.54 Million in 2023 and is expected to grow at a strong CAGR of around 3.1% during the forecast period (2024-2030) owing to rising investments and growing technological advancements.

Solar Powered Trains Market Analysis

A solar power train is a train that uses solar energy as its primary source of power. The train’s roof is typically covered with photovoltaic panels that capture energy from the sun and convert it into electricity that can be used to power the train. The use of solar power in trains has several potential advantages. It can help to reduce carbon emissions and make transportation more sustainable. It can also reduce the dependence on fossil fuels and provide a reliable source of power in areas where electricity may be limited or unreliable. While solar power trains are still in their early stages of development, they have the potential to become a more common form of transportation as the demand for sustainable energy solutions continues to grow. As technology advances and the cost of photovoltaic panels continues to decrease, solar power trains may become a more cost-effective and environmentally friendly option for transportation.

Solar Powered Trains Market Trends

This section discusses the key market trends that are influencing the various segments of the Solar Powered Trains Market as identified by our team of research experts.

Roof Mounted

The roof-mounted segment is expected to witness significant growth during the forecast period. A roof-mounted solar power train is a type of train that has solar panels installed on its roof to generate electricity for its onboard systems. The solar panels on the train’s roof absorb sunlight and convert it into electrical energy, which is then used to power the train’s lighting, air conditioning, and other systems as well as reduce the train’s reliance on fossil fuels and can make it more environmentally friendly. For instance: In 2021, the northern Argentine province of Jujuy obtained a USD 75m loan from the Latin America Development Bank (CAF) to start a 300km solar-powered train line. Trains are fitted with solar panels on their roofs and also be powered by batteries that are charged at a newly built 6MW solar farm, and at stations 10km apart.

United States is Expected to Grow with Significant CAGR During Forecast Period

United States is expected to grow at a significant CAGR during the forecast period. This is mainly due to the increasing focus on sustainable transportation and the need to reduce carbon emissions. The United States has seen a significant surge in the adoption of solar-powered trains, marking a pivotal shift towards sustainable transportation solutions. This trend is fueled by several factors, including increasing awareness of environmental issues, government incentives promoting renewable energy, and technological advancements in solar energy systems. Solar-powered trains offer a promising alternative to traditional diesel-powered locomotives, reducing carbon emissions and dependency on fossil fuels. As more railway operators and authorities prioritize sustainability goals, we can expect to see continued growth and investment in the solar-powered trains market across the United States, contributing to a cleaner and greener future for transportation infrastructure market.

Solar Powered Trains Industry Overview

The solar powered trains market is competitive and fragmented, with the presence of several North America and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Bankset Energy, GREENRAIL, Jakson Group, LG Electronics, Central Electronics Limited, WorldSolar, Trina Solar, KYOCERA Corporation, Canadian Solar, and AXITEC, LLC.

Solar Powered Trains Market News

• In 2021, a project called Solar Train was started at a DIY level but growing interest in solar-powered transportation in various countries escalated the support from several railroad industry stakeholders.
• The International Energy Agency (IEA) predicted in 2019 that the North America rail network could expand from 1.6 million kilometers in 2016 to 2.1 million kilometers in 2050, an increase of 34%. That would increase electricity demand from the sector to nearly 700 TWh, requiring additional power generation capacity to be installed.

Solar Powered Trains Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The North America solar powered trains market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the North America Solar Powered Trains Market Analysis (2024-2032F)

Analyzing the historical market, estimating the current market, and forecasting the future market of the North America solar powered trains market were the three major steps undertaken to create and analyze the adoption of solar powered trains in major regions in North America. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the North America solar powered trains market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the solar powered trains market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the solar powered trains market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as panel location, application, operating speed. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the solar powered trains market. Further, we conducted factor analysis using dependent and independent variables such as panel location, application, operating speed of the solar powered trains market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the solar powered trains market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the North America solar powered trains market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets North America. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the solar powered trains market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the North America solar powered trains market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the North America solar powered trains market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the panel location, application, operating speed in the North America solar powered trains market.

The main objective of the North America Solar Powered Trains Market Study

The current & future market trends of the North America solar powered trains market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the solar powered trains market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the panel location, application, operating speed.
• Define and analysis of the regulatory framework for the solar powered trains
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the solar powered trains market for the major region.
• Major countries of regions studied in the report include US, Canada, and Rest of North America.
• Company profiles of the solar powered trains market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team