Newark, May 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.9 billion solar-powered trains market will reach USD 3.4 billion by 2032. A solar-powered train is a locomotive transportation medium that uses an onboard rechargeable energy storage system (RESS) with another fuel, such as diesel. They are situated between the power supply and the traction gearbox system, directly connected to the wheels, to provide smooth functioning. They also use energy storage devices such as supercapacitors, flywheels, and batteries to store the extra energy generated by regenerative braking. Solar-powered trains are more reliable, emission-free, noise-free, cost-effective, and environmentally beneficial than conventional fuel trains. Solar-powered, compressed natural gas (CNG), battery-powered, and electro-diesel hybrid trains are commercially available.
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Europe to account for the largest market size during the forecast period.
Europe is expected to have the most significant solar-powered trains market share due to the region's infrastructure and rail activity development. Furthermore, due to government measures to reduce carbon emissions, countries in the region, such as Germany, have created a solar-powered trains market.
The 100-200 Km/h segment dominated the market with the most significant revenue of USD 0.76 billion.
The 100-200 Km/h segment dominated the market with the most significant revenue of USD 0.76 billion. Due to increased demand for electro-diesel trains as they operate at a speed of 100-200 km/h. Similarly, hydrogen fuel cell-powered, battery-powered vehicles now have an operating speed of 100-200 km/h, projected to drive the solar-powered trains market growth throughout the forecast period.
The passenger segment dominated the market with the most significant revenue of USD 1.1 billion.
The passenger segment dominated the market with the most significant revenue of USD 1.1 billion. Rising urbanization, connectivity, and the significance of reducing traffic and pollution are driving passenger sector growth. Similarly, several countries are launching new rail projects to provide an economical mode of transportation that is cost-effective and efficient for passengers and freight. During the forecast period, this is expected to boost the growth of the solar-powered trains market.
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Latest Development:
● In June 2022, Siemens AG announced Siemens Xcelerator, an open digital business platform to speed digital transformation and value creation for customers of all sizes in industries such as buildings, grids, and mobility.
Market Dynamics:
Drivers: Rising Advantages of Solar-Powered Trains
Compared to conventional trains, hybrid trains have several advantages, including achieving zero emissions, economic benefits, the flexibility to run on alternate fuels, and power generation from regenerative braking, all of which support market expansion. Furthermore, because of their ability to generate regeneration power by applying brakes, hybrid trains are more efficient in travel time and safety than standard trains. Furthermore, battery-powered trains have advantages such as reduced costs, lower emissions, less maintenance, and more straightforward operation, which are expected to drive their demand in the coming years. Furthermore, developing hydrogen gas-powered trains, which produce no carbon emissions, use less energy than diesel fuel, and produce low noise and vibration, will likely fuel market expansion throughout the forecast period.
Restraint: Development Cost
The high development costs and complexities associated with hybrid train technology and related infrastructure and the renovation of existing trains are expected to stymie market expansion.
Opportunity: Rising Environmental Issues
Nitrogen oxide, carbon dioxide, particulate matter, and sulfur dioxide are all emitted by diesel and other conventional fuel-powered locomotives. These air contaminants have a negative impact on human health, producing diseases like stroke, heart problems, lung cancer, and asthma. Furthermore, these are harmful to the environment, as nitrogen dioxide is 240 times more damaging to the ozone layer than carbon dioxide. Governments worldwide are enacting various laws, regulations, and efforts to mitigate the adverse effects of these toxic pollutants on people and the environment. New regulations are likely to increase key players' interest in developing hybrid train technologies, which will fuel the expansion of the solar powered train market in the coming years.
Challenge: High Cost
The cost of creating infrastructure rises due to the reliability and safety of hydrogen storage, which is likely to stifle market expansion throughout the forecast period. However, solar-powered trains necessitate the installation of solar panels on the roofs of trains, stations, and platforms to move the trains using solar electricity, raising the cost of creating infrastructure and stifling market expansion.
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Some of the major players operating in the solar-powered trains market are:
● Alstom SA
● Ballard Power Systems Inc.
● Bombardier Inc.
● China Railway Rolling Stock Corporation (CRRC)
● Kawasaki Heavy Industries Ltd.
● Siemens AG
● Stadler Rail AG
● Toshiba Corporation
● Hyundai Rotem Company
● Wabtec Corporation
Key Segments cover in the market:
By Operating Speed:
● Below 100 Km/h
● 100-200 Km/h
● Above 200 Km/h
By Application:
● Freight
● Passenger
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About the report:
The global solar-powered trains market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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