Solar Powered Trains Market: Current Analysis and Forecast (2022-2028)
Emphasis on Panel Location (Roof-Mounted, Near-Track, and On-Track); Application (Freight and Passenger); Operating Speed (Below 100 Km/h, 100-200 Km/h, and Above 200 Km/h); and Region/Country
Global Solar Powered Trains Market is expected to grow at a significant rate of around 4% during the forecast period. 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.
Bankset Energy, GREENRAIL, Jakson Group, LG Electronics, Central Electronics Limited, WorldSolar, Trina Solar, KYOCERA Corporation, Canadian Solar, and AXITEC, LLC are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Panel Location, roof-mounted category to witness significant market growth during the forecast period.”
Based on the panel location, the solar-powered trains market is segmented into roof-mounted, near-track, and on-track. The roof-mounted segment is expected to register significant growth during the forecast period. In the roof mounted solar powered train solar panels capture the energy from the sun and convert it into electrical energy, which is then used to power the train’s motor and other systems. However, a roof-mounted solar power train is a specific design that focuses on placing the solar panels on the train’s roof to maximize the surface area exposed to sunlight. In addition to being environmentally friendly, a roof-mounted solar power train could also potentially reduce the costs associated with powering a train, as it would require less fuel and may not need to be connected to the electricity grid.
“Amongst operating speed, the below to hold a significant CAGR in the market in 2021.”
Based on the operating speed, the market is segmented into below 100 Km/h, 100-200 Km/h, and above 200 Km/h. The below 100 Km/h segment is expected to witness significant CAGR during the forecast period. As the solar-powered trains market is in the initial phase this segment is expected to witness higher adoption as the pilot projects across the world. These trains typically use photovoltaic panels, which convert the energy from sunlight into electrical energy that can be used to power the train’s electric motors. In addition to solar panels, solar power trains may also incorporate energy storage systems, such as batteries or supercapacitors, to ensure that the train has enough energy to operate even during periods of low sunlight or when traveling through tunnels or other areas with low levels of sunlight.
Solar Powered Trains Market Report Coverage
“Europe to hold a significant share in the market.”
In 2020, Europe held a significant share of the global solar-powered trains market. This is mainly due to the increasing focus on sustainable transportation and the need to reduce carbon emissions. Many European countries are investing in sustainable transportation solutions to reduce carbon emissions and air pollution. The European Union has set a goal to reduce greenhouse gas emissions by 55% by 2030, which is expected to drive the adoption of solar power trains. In addition, the European Union has committed to investing €750 billion in its post-pandemic recovery plan, with a focus on sustainability and climate goals. This investment is expected to drive the development and adoption of sustainable transportation solutions, including solar power trains.
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 portfolio, 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 global 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 connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Solar Powered Trains Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global solar-powered trains market were the three major steps undertaken to create and analyze the adoption of solar-powered trains in major regions globally. 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 global 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, operating speed, and application. 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 various panel location, operating speed, and applications of solar-powered trains. 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 global 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 2028 for different segments and sub-segments across the major markets globally. 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 global 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 global solar-powered trains market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of panel location, operating speed, and application in the global solar-powered trains market.
The main objective of the Global Solar Powered Trains Market Study
The current & future market trends of the global 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 panel location, operating speed, and application.
- 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 Asia Pacific, Europe, North America, and the Rest of the World.
- 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
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