According to a new report published by Allied Market Research, titled, โHydrogen Fuel Cell Train Market,” The hydrogen fuel cell train market is expected to be valued at $2.67 billion in 2025, and is estimated to reach $26.41 billion by 2035, growing at a CAGR of 28.2% from 2026 to 2035.
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Prime determinants of growth
Increase in investments in railway infrastructure development, surge in environmental concerns, and rise in demand for public transport servicesย drive the growth of the globalย hydrogen fuel cell trainย market. On the other hand, increase in R&D activities related to hydrogen fuel cell technology and increase in demand for trains for passenger transportation are expected to create enormous opportunities for the market during the forecast period.
The hydrogen fuel cell train market is segmented basis of application, technology, component, rail type, and region. By application, the market is divided into passenger train, freight train, and others. By technology, it is segmented proton membrane exchange, phosphoric acid fuel cell, and others. By component, it is divided into hydrogen fuel cell, batteries, electric traction motors, and others. By rail type, it is divided into passenger rail, commuter rail, light rail, trams, freight, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has negatively influenced the global train market, thereby hampering the growth of the global hydrogen fuel cell train market.
- Major rolling stock manufacturers such as Alstom and Stadler Rail AG were bound to shut down their production, owing to decline in demand, disruption in the supply chain, and shortage of skilled labor force in the U.S, France, Germangy, Spain, and other economies in 2020.
- Sudden decline in demand for passenger rail vehicles impacted the rolling stock industry. At the same time, the economic crisis led to reduction in expenditure on next generation technologies such as hydrogen trains.
- Nevertheless, the market experienced a recovery in 2021, as operations of manufacturing companies and factories resumed.
- Also, government authorities in developing nations are likely to resume metro projects and expansion of the rail network, which is going to boost the growth of the global hydrogen fuel cell train market in the post-pandemic.
Leading Market Players: –
- Alstom
- Ballard Power Systems
- BNSF
- CAF group
- CRRC CORPORATION LIMITED
- ENGIE
- Hitachi
- HYUNDAI CORPORATION
- IHI Corporation
- KAWASAKI HEAVY INDUSTRIES, LTD.
- PESA
- PROGRESS RAIL
- Siemens Mobility
- Stadler
- Talgo
- Toyota
- Wabtec
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