At 11.0% CAGR, the Europe Hydrogen Fuel Cell Train Market is Projected to be worth US$ 1,874.92 million by 2030, says Business Market Insights
According to Business Market Insights research, the Europe hydrogen fuel cell train market was valued at US$ 816.29 million in 2022 and is expected to reach US$ 1,874.92 million by 2030, registering a CAGR of 11.0% from 2022 to 2030. Increasing proliferation of proton exchange membrane fuel cell technology and technological and infrastructural development in transport sector are among the critical factors attributed to the Europe hydrogen fuel cell train market expansion.
Fuel cells primarily work on the principle of electrochemical reaction by converting chemical energy into electrical power. One of the most promising technologies of fuel cells is the Proton Exchange Membrane (PEM). The PEM fuel cell technology is most suitable for automotive applications owing to its high-power density. The function of PEM fuel cells can be reversed for O2 and H2 generation by using a water electrolysis process. The reverse technology of PEM fuel cells is a promising option for storing excess renewable power. When renewable power generation is more than the required amount, surplus renewable energy can be used to generate H2, and later, it can be converted back to electricity using PEM (Proton Exchange Membrane) fuel cell technology. The key end use of PEM fuel cells emphasizes transportation mainly because of its possible influence on the environment, like reducing the emission of greenhouse gases. Other uses include portable and distributed or stationary power production. In addition, the hydrogen fuel cell is a budding electrification technology that can offer mobility and reduced noise features for military vehicles while delivering high torque with scalable energy capacities. The growing technological evolution and more ongoing research are anticipated to boost the application of different fuel cell technologies in the near future.
On the contrary, high capital requirement for developing hydrogen fuel cell technology hampers the growth of Europe hydrogen fuel cell train market.
Based on technology, the Europe hydrogen fuel cell train market is categorized into proton exchange membrane fuel cell, phosphoric acid fuel cell, and others. The proton exchange membrane fuel cell segment held 100.0% market share in 2022, amassing US$ 816.29 million. It is projected to garner US$ 1,861.82 million by 2030 to expand at 10.9% CAGR during 2022-2030.
Based on component, the Europe hydrogen fuel cell train market is categorized into hydrogen fuel cell pack, batteries, electric traction motors, and others. The hydrogen fuel cell pack segment held 40.1% share of Europe hydrogen fuel cell train market in 2022, amassing US$ 327.65 million. It is projected to garner US$ 722.64 million by 2030 to expand at 10.4% CAGR during 2022-2030.
Based on rail type, the Europe hydrogen fuel cell train market is categorized into passenger rail, commuter rail, light rail, trams, freight, and others. The commuter rail segment held 100.0% share of Europe hydrogen fuel cell train market in 2022, amassing US$ 816.29 million. It is projected to garner US$ 1,815.92 million by 2030 to expand at 10.5% CAGR during 2022-2030.
Based on country, the Europe hydrogen fuel cell train market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 61.3% share of Europe hydrogen fuel cell train market in 2022. It was assessed at US$ 500.78 million in 2022 and is likely to hit US$ 1,091.58 million by 2030, exhibiting a CAGR of 10.2% during 2022-2030.
Key players operating in the Europe hydrogen fuel cell train market are TWI Ltd, CRRC Corp Ltd, Hyundai Rotem Co, Stadler Rail AG, Talgo SA, Ballard Power Systems Inc, Alstom SA, PESA Bydgoszcz SA, Siemens Mobility GmbH, and Westinghouse Air Brake Technologies Corp, among others.
In July 2023, Stadler to deliver world first hydrogen propulsion narrow gauge trains to Italy.
In July 2021, Talgo and Repsol agree to develop hydrogen-fueled trains.
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