Solar Powered Train Market - Forecast(2024 - 2030)

Report Code: ATR 1026 Report Format: PDF + Excel

Solar Powered Train Market Overview:

Solar Powered Train Market size is estimated to reach $3 billion by 2030, growing at a CAGR of 8.5% during the forecast period 2023-2030. Increasing demand for sustainable and eco-friendly transportation options, rising consumer preference for reducing reliance on fossil fuels, and growing government support for renewable energy adoption in the rail sector are key factors propelling the solar-powered train market growth.
 
Moreover, substantial investments in solar-powered rail technology by both government and private players are presenting major growth opportunities for the Solar Powered Train Market. According to a press release by the Indian Ministry of Railways, India plans to install 20 gigawatts of solar power across its railways by 2030, indicating strong capital deployment directly in solar-powered trains in one of the world's largest rail networks. These trends are expected to positively shape industry outlook over the forecast period.
 
Market Snapshot: 
--

Solar Powered Train Market - Report Coverage:

The “Solar Powered Train Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Solar Powered Train Market.
 
Attribute Segment

By Type

  • Full Solar Powered train

  • Hybrid Powered train

By Operating Speed

  • Below 100 Kmph

  • 100-200 Kmph

  • Above 200 Kmph

 

By Component

  • Solar Panels

  • Energy Storage Systems

  • Propulsion Systems

  • Auxiliary Power Systems

  • Others

By Battery Technology

  • Gel Tubular

  • Valve Regulated Lead Acid

  • Lithium-ion

  • Conventional Lead Acid

By Train Type

  • Metros

  • Light rail

  • Trams

  • Others

By Panel Location

  • Roof Mounted

  • On-track

  • Near track

By Application

  • Passenger

  • Freight

 

 

By Geography

  • North America (U.S., Canada and Mexico)

  • Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe),

  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),

  • South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

  • Rest of the World (Middle East and Africa)

 

COVID-19 / Ukraine Crisis - Impact Analysis:  

Due to the global economic crisis caused by the Covid pandemic, government and consumer spending on new rail projects and solar power investments declined significantly. Besides, the demand for solar-powered trains depends largely upon new infrastructure development. The lockdowns imposed by governments during the pandemic suspended many railway construction and upgrade activities, which negatively impacted the Solar Powered Train Market.
 
Russia was a major supplier of raw materials like silicon used in solar panels for trains. The Russia-Ukraine conflict has caused shortages and price increases for these key components. Shipping and logistics obstacles related to the war have also emerged. While companies have diversified supplier networks, ongoing materials shortages continue challenging the market, potentially slowing growth.
 

Key Takeaways:

• Europe Accounts for Highest Share in Market
 
Geographically, in the global Solar Powered Train market share, Europe has reported the highest share with over 32% of total in 2022. This rapid growth can be attributed to favourable government initiatives, existing rail infrastructure, and rising adoption of solar trains by major regional operators. For instance, the EU aims to be carbon-neutral by 2050, incentivizing railways to transition to solar power. Network Rail has collaborated with Riding Sunbeams to use solar panels to power trains in south-east England and launched the first pilot scheme.
 
• Passenger Trains to Register Highest Growth and Revenue
 
In the Solar Powered Train Market analysis, the Passenger Train segment is estimated to grow with the highest CAGR of 9.1% during the forecast period. The passenger trains segment is poised to dominate the solar powered trains market through 2030 due to increasing urbanization and need for affordable, sustainable public transit. With cities expanding and more riders looking for low-emission options, solar rail presents an opportunity to meet passenger mobility demands while reducing environmental impact. 
 
For instance, Indian Railways plans to harness solar energy for its energy consumption needs of about 33 billion units by 2030. Going forward, it will set up 20-GW solar power capacity on the vacant land it has by 2030. This enormous planned growth in solar power generation highlights India's commitment to aggressively adopting renewable energy in its railway system, particularly for operating passenger trains.
 
• Hybrid Trains is Leading the Market
 
Hybrid Powered train dominates the Solar Powered market in 2022 with a share of 60%. To further optimize energy efficiency, some trains are adopting hybrid systems that combine multiple renewable energy sources. According to a report by the International Energy Agency (IEA), hybrid trains that integrate solar and wind energy systems have shown an increase in overall energy output by up to 25% compared to purely solar-powered trains. This hybrid approach maximizes the utilization of renewable energy, making the trains more self-sufficient and reducing their reliance on traditional fossil fuels.
 
• Energy Efficiency and Cost Savings Drive 
 
Solar trains provide substantial energy efficiency and cost savings compared to conventional diesel trains. Solar rail networks can decrease electricity consumption by up to 70%, according to industry estimates. Lower energy usage directly reduces operational expenses, with solar systems typically having payback periods of less than 10 years. Additionally, solar trains eliminate fuel costs associated with diesel engines. The improved efficiency and cost profile provided by solar power are driving railway operators to adopt this renewable energy solution.
 
• Efficiency Improvements Enhance Feasibility
 
Recent efficiency improvements in solar technology are making adoption more feasible and advantageous. According to the International Renewable Energy Agency (IRENA), solar panel efficiency has increased by 0.5-1% annually, with modern panels reaching over 20% efficiency. This makes them more effective at generating electricity. Additionally, engineers have optimized panel integration into train and station design to maximize energy capture. With enhanced efficiency, solar trains can now provide a sizeable portion of a rail system's electricity needs, catalyzing adoption globally.
 
• High Costs and Technological Limitations Hampers the Solar Powered Train Market Growth
 
The replacement of existing diesel-powered trains with new solar powered engines can require high upfront investments, which creates a major restraint for market growth. Retrofitting existing rail infrastructure without disrupting operations also poses technological and cost challenges. Additionally, the overall expense of procuring and installing solar panels remains high, especially for developing countries lacking domestic production capabilities. Variations in solar intensity across geographies further complicate adoption. However, ongoing innovations to improve efficiency and lower costs could help overcome these barriers over the long term.
 
                                                                          Solar Powered Train Market Share (%) By Region, 2022
                               
                                                   
 
                                                                                 For More Details On this report - Request For Sample        

Key Market Players:  

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Solar Powered Train Market. The top 10 companies in this industry are listed below:
 
  1. Byron Bay Railroad Company
  2. Riding Sunbeams
  3. Greenrail
  4. Alstom SA
  5. Toshiba Corporation
  6. Stadler Rail AG
  7. Central Electronics
  8. Kawasaki Heavy Industries Ltd.
  9. China Railway Rolling Stock Corporation (CRRC)
  10. Bankset Energy 

Scope of the Report: 

Report Metric Details

Base Year Considered

2022

Forecast Period

2023–2030

CAGR

8.5%

Market Size in 2030

$3 billion

Segments Covered

Type, Operating Speed, Component, Battery Technology, Train Type, Panel Location, Application

 

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

 

 

Key Market Players

  1. Byron Bay Railroad Company

  2. Riding Sunbeams

  3. Greenrail

  4. Alstom SA

  5. Toshiba Corporation

  6. Stadler Rail AG

  7. Central Electronics

  8. Kawasaki Heavy Industries Ltd.

  9. China Railway Rolling Stock Corporation (CRRC)

  10. Bankset Energy  

 
For more Automation and Instrumentation Market reports, please click here
1. Solar Powered Train Market - Overview
    1.1. Definitions and Scope
2. Solar Powered Train Market - Executive Summary
3. Solar Powered Train Market - Comparative Analysis
    3.1. Company Benchmarking - Key Companies
    3.2. Global Financial Analysis - Key Companies
    3.3. Market Share Analysis - Key Companies
    3.4. Patent Analysis
    3.5. Pricing Analysis
4. Solar Powered Train Market - Start-up Companies Scenario
   4.1. Key Start-up Company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Venture Capital and Funding Scenario
5. Solar Powered Train Market – Market Entry Scenario Premium 
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
6. Solar Powered Train Market - Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Market Challenges
    6.4. Porter's Five Force Model
        6.4.1. Bargaining Power of Suppliers
        6.4.2. Bargaining Powers of Customers
        6.4.3. Threat of New Entrants
        6.4.4. Rivalry Among Existing Players
        6.4.5. Threat of Substitutes
7. Solar Powered Train Market – Strategic Analysis
    7.1. Value Chain Analysis
    7.2. Opportunities Analysis
    7.3. Market Life Cycle
8. Solar Powered Train Market – by Type (Market Size – $Million/$Billion) 
    8.1. Full Solar Powered train
    8.2. Hybrid Powered train
9. Solar Powered Train Market – by Operating Speed (Market Size – $Million/$Billion) 
    9.1. Below 100 Kmph 
    9.2. 100-200 Kmph 
    9.3. Above 200 Kmph
10. Solar Powered Train Market – by Component (Market Size – $Million/$Billion) 
    10.1. Solar Panels 
    10.2. Energy Storage Systems
    10.3. Propulsion Systems 
    10.4. Auxiliary Power Systems 
    10.5. Others
11. Solar Powered Train Market – by Battery Technology (Market Size – $Million/$Billion)
    11.1. Gel Tubular
    11.2. Valve Regulated Lead Acid 
    11.3. Lithium-ion
    11.4. Conventional Lead Acid
12. Solar Powered Train Market – by Train Type (Market Size – $Million/$Billion) 
    12.1. Metros
    12.2. Light rail
    12.3. Trams
    12.4. Others
13. Solar Powered Train Market – by Panel Location (Market Size – $Million/$Billion) 
    13.1. Roof Mounted 
    13.2. On-track 
    13.3. Near track
14. Solar Powered Train Market – by Application (Market Size – $Million/$Billion) 
    14.1. Passenger 
    14.2. Freight
15. Solar Powered Train Market – by Geography (Market Size – $Million/$Billion) 
    15.1. North America
        15.1.1. The U.S.
        15.1.2. Canada
        15.1.3. Mexico
    15.2. Europe
        15.2.1. UK
        15.2.2. Germany
        15.2.3. France
        15.2.4. Italy
        15.2.5. Spain
        15.2.6. Russia
        15.2.7. Rest of Europe
    15.3. Asia-Pacific
        15.3.1. China
        15.3.2. India
        15.3.3. Japan
        15.3.4. South Korea
        15.3.5. Australia & New Zealand
        15.3.6. Rest of Asia-Pacific
    15.4. South America
        15.4.1. Brazil
        15.4.2. Argentina
        15.4.3. Chile
        15.4.4. Colombia
        15.4.5. Rest of South America
    15.5. Rest of the World
        15.5.1. Middle East
        15.5.2. Africa
16. Solar Powered Train Market – Entropy
17. Solar Powered Train Market – Industry/Segment Competition Landscape
    17.1. Market Share Analysis
        17.1.1. Market Share by Product Type – Key Companies
        17.1.2.  Market Share by Region – Key Companies
        17.1.3. Market Share by Country – Key Companies
    17.2. Competition Matrix
    17.3. Best Practices for Companies
18. Solar Powered Train Market – Key Company List by Country Premium 
19. Solar Powered Train Market - Company Analysis
    19.1. Byron Bay Railroad Compan
    19.2. Riding Sunbeams
    19.3. Greenrail
    19.4. Alstom SA
    19.5. Toshiba Corporation
    19.6. Stadler Rail AG
    19.7. Central Electronics
    19.8. Kawasaki Heavy Industries Ltd.
    19.9. China Railway Rolling Stock Corporation (CRRC)
    19.10. Bankset Energy 
 
 
"Financials to the Private Companies would be provided on best-effort basis."
Connect with our experts to get customized reports that best suit your requirements. Our 
reports include global-level data, niche markets and competitive landscape.

The Solar Powered Train Market is projected to grow at 8.5% CAGR during the forecast period 2023-2030.

Global Solar Powered Train Market size is projected to reach $3 billion by 2030

The leading players in the Solar Powered Train Market are Byron Bay Railroad Company, Riding Sunbeams, Greenrail, Alstom SA, Ballard Power Systems Inc. and others.

The major trends are growing adoption of solar power to meet sustainability goals, improving efficiency of PV technology, and advancing energy storage capabilities enabling 24/7 renewable operation.

Key drivers and opportunities include urbanization necessitating transit expansion, government decarbonization commitments, and ongoing improvements in battery storage affordability and capacity.