Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Hydrogen Fuel Cell Train Market to 2030 – Global Analysis – by Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, and Others), Component (Hydrogen Fuel Cell Pack, Batteries, Electric Traction Motors, and Others), Rail Type (Passenger Rail, Commuter Rail, Light Rail, Trams, Freight, and Others) and Geography (North America, Europe, Asia Pacific, and Rest of World),” the market was valued at US$ 1.45 billion in 2022 and is expected to reach US$ 3.45 billion by 2030; it is expected to account for a CAGR of 11.5% from 2022 to 2030.
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Increasing focus on energy-efficient, sustainable, and environmentally viable alternatives to carbon-emitting technology in the transportation sector has been a driving factor for the Germany hydrogen fuel cell train market share. A German state-owned railway company, LVNG, has diversified its ways to phase out diesel in 2012. In 2018, it commenced operation of the Alstom Coradia iLint hydrogen fuel-cell trains on trial routes in the Lower Saxony. The rolling out of these hydrogen-driven trains commercially slowed down owing to challenges such as lack of appropriate hardware and software, driver shortage, and challenges of hydrogen refueling stations in the winter season. In addition, the country is finding electric vehicles cheaper than hydrogen fuel cells. However, Germany has set a carbon emissions reduction goal of ~65% by 2030 and 88% by 2040. The rising advent of renewable energy resources and growing focus on utilizing green energy for initiating carbon emission goals are anticipated to boost the hydrogen fuel cell train market growth in Germany in the coming years.
The increasing awareness of the benefits and efficiency level of hydrogen-driven fuel cells is one of the major driving factors for the market. Fuel cells make the trains or vehicles more efficient, with less vibrations in the bogies and less noise production than conventional trains. The hydrogen-driven fuel cell trains only emit water as a waste product and help reduce air pollution. The increasing efficiency and advancement of hydrogen fuel cell technology in speed, noise, vibration, and energy efficiency are enhancing the global hydrogen fuel cell train market growth.
The growing population and urbanization are two major reasons fueling the demand for expanding railway transportation connectivity worldwide. The expanding industrialization and mounting number of working forces in different sectors also boost the requirement for new railway tracks for better connectivity. The overall growth and development in transportation connectivity are also having a positive impact in a broader sense on the growing advent of hydrogen fuel cell trains for fast travel.
Europe is leading the hydrogen fuel cell train market, followed by Asia Pacific and North America. Germany is a leading market in Europe, and the US holds a major shareholder in North America. In addition, China and South Korea are two major contributors to the hydrogen fuel cell train market share in Asia Pacific.
Global Hydrogen Fuel Cell Train Market Scope:
| Market Size Value in | USD 1.45 Billion in 2022 |
| Market Size Value by | USD 3.45 Billion by 2030 |
| Growth rate | CAGR of 11.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Offering, Type, End-User |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Hydrogen Fuel Cell Train Market: Competitive Landscape and Key Developments
Alstom SA, TWI Ltd, Hyundai Corporation, Talgo, Siemens Mobility GmbH, CRRC Corp Ltd, WABTEC, Stadler Rail AG, and Ballard Power Systems are among the key hydrogen fuel cell train market players profiled during this study. In addition, several other important hydrogen fuel cell train market players have been studied and analyzed during the study to get a holistic view of the hydrogen fuel cell train market and its ecosystem.
In 2023, First hydrogen-powered trains by CRRC and Woojin. Traction systems of both trains are equipped with fuel cells and supercapacitors; the travel range on a single charge reaches 600 km. With a top speed of 160 km/h, CRRC’s train outruns the one by South Korea’s Woojin Industrial Systems accelerating to 110 km/h.
In 2023, Hyundai Rotem’s hydrogen electric tram is coming into the spotlight as an eco-friendly transport with safety, feasibility and convenience for a hydrogen society ahead.
In 2023, Hyundai Rotem Commercializes Hydrogen High-Speed Train. Through its R&D and business portfolio, which is centered on three business divisions, namely Rail Solution, Defense Solution, and Ecoplant, Hyundai Rotem will pursue the global market. By adapting to the quickly shifting global environment and securing products that include cutting-edge technology based on the 4th industrial revolution, it is concentrating on developing future growth engines.
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Hydrogen Fuel Cell Train Market Analysis: End User Overview
The global hydrogen fuel cell train market is segmented into passenger rail, commuter rail, light rail, trams, freight, locomotives, and others. In 2022, the passenger rail segment accounted for the largest share of the global hydrogen fuel cell train market and is expected to be the fastest-growing segment during the forecast period.
The demand for passenger trains is growing rapidly across different regions. This is mainly due to the rise in passenger traffic across different countries worldwide. Several governments across different countries have been taking initiatives to upgrade their existing rail infrastructure to reduce the operational expenses and the CO2 emissions from rail operations. For instance, in 2021, the Indian Railways Organization of Alternate Fuel (IROAF) launched an initiative to add hydrogen fuel cell trains to the country's rail infrastructure. The Indian Ministry of Railways has decided to convert several DEMU trains into hydrogen-powered trains through retrofitting operations. In September 2022, the Indian rail system integrator Medha Servo Drives provided the contract to Ballard Power Systems to provide fuel cell technologies for India's first-ever hydrogen power trains. Similarly, in December 2022, Alstom announced the launch of its first fully hydrogen-powered passenger train route in Germany, wherein the rail comprises 14 units of two-car Coradia iLint vehicles equipped with hydrogen fuel cell propulsion. Such developments have driven the demand for hydrogen fuel cell trains across different regions for the passenger rail segment.
Go through further research published by The Insight Partners:
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