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The hydrogen fuel cell train market was valued at US$ 1,450.98 million in 2022 and is projected to reach US$ 3,458.62 million by 2030; it is expected to register a CAGR of 11.5% during 2022–2030. The increasing focus on manufacturing hydrogen fuel cells for trains using advanced technologies to produce green hydrogen for zero carbon emission is one of the major trends in the market.
Hydrogen Fuel Cell Train Market Analysis
Growing penetration of the hydrogen cell train across North American countries, including the US, Canada, and Mexico, drives the market growth. In Canada, the expansion of railway tracks in Greater Toronto is anticipated to be completed by 2025. Increasing demand for advanced technologies-based membranes for fuel cell trains is expected to create ample opportunity for market growth. 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.
Hydrogen Fuel Cell Train Market Overview
Governments of different countries are working toward mitigating carbon emissions in the railway sector, boosting the demand for hydrogen fuel cell trains worldwide. The growing focus on sustainable and environment-friendly alternatives to mitigate environmental pollution is boosting the demand for hydrogen-driven trains as an eco-friendly option in the transportation sector. Companies such as Talgo, Alstom, Ballard Power Systems, and CRRC Corporation are key companies working on developing hydrogen fuel cell trains worldwide. Growing government initiatives such as funding projects and infrastructure development drive the hydrogen fuel cell trains market.
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Hydrogen Fuel Cell Train Market: Strategic Insights
Market Size Value in US$ 1,450.98 million in 2022 Market Size Value by US$ 3,458.62 million by 2030 Growth rate CAGR of 11.5% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Hydrogen Fuel Cell Train Market: Strategic Insights
| Market Size Value in | US$ 1,450.98 million in 2022 |
| Market Size Value by | US$ 3,458.62 million by 2030 |
| Growth rate | CAGR of 11.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Hydrogen Fuel Cell Train Market Drivers and Opportunities
Increasing Environmental Concerns and Reducing Greenhouse Gas Emissions
Changing world scenarios due to pollution control and mitigating greenhouse gas emissions for a polluted environment positively influence the hydrogen fuel cell train market. The primary component of a hydrogen fuel cell train is hydrogen. Hydrogen fuel cell utilizes the chemical energy of hydrogen to generate electricity. The growing government concern toward achieving the net zero carbon emission targets of different countries is fueling the application of eco-friendly alternatives such as hydrogen as the key component for running vehicles and trains instead of conventional diesel engines. For instance, the US government has set a target of reducing carbon emissions by 50-52% by 2030. Canada aimed at lowering 40-45% carbon footprints by 2030. Germany targeted to lower carbon emissions by up to 65% by 2030.
Increasing Proliferation of Proton Exchange Membrane Fuel Cell Technology
Fuel cells train work on the principle of electrochemical reaction that converts chemical energy into electrical power. The technology used for the fuel cell train is the Proton Exchange Membrane (PEM). The PEM technology is suitable for most automotive applications due to its high power and 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.
Hydrogen Fuel Cell Train Market Report Segmentation Analysis
Key segments that contributed to the derivation of the hydrogen fuel cell train market analysis are technology, components, rail type, and geography.
- Based on technology, the global market is divided into proton exchange membrane fuel cells, phosphoric acid fuel cells, and others. Several countries have been focusing on integrating various technologies into their respective rail infrastructure as a part of their green initiatives. The railway sector development has been witnessing strong growth due to the introduction of several green energy programs and targets set by governments of different countries, owing to which the hydrogen fuel cell train market witnesses lucrative opportunities for growth. Proton exchange membrane fuel cell (PEMFC) is one of the most commonly used hydrogen fuel cell technologies in the railways industry.
- Depending upon the component, the market is divided into hydrogen fuel cell packs, batteries, electric traction motors, and others. A fuel cell system comprises components such as a cell pack, batteries, traction motors, inverters, storage units, and other components. All the components have different functions that collaboratively work together to run the hydrogen-powered trains. The growth in the number of innovations in railway systems is a major factor supporting the global hydrogen fuel cell pack market growth. Some of the major companies providing hydrogen fuel cell packs are Ballard Power Systems Inc., Intelligent Energy Ltd, FuelCell Energy Inc., Doosan Fuel Cell Co Ltd, Plug Power Inc, and Bloom Energy.
Based on rail type, the market is divided into passenger rail, commuter rail, light rail, trams, freight, and others. 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.
Hydrogen Fuel Cell Train Market Share Analysis by Geography
The geographic scope of the hydrogen fuel cell train market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America is expected to have the largest share in 2022 across the global hydrogen fuel cell train market. This is owing to increasing US government investment in the development of fuel cell technologies for the trains. In 2023, the Canadian government began hydrogen trains in Canada. Also, the region comprises several key players in the market, such as Alstom and Ballard Power Systems. These companies have become one of the pioneers in the hydrogen fuel cell technologies for hydrogen fuel cell trains across the world. Many countries have already provided contracts for hydrogen fuel cell train technologies to these companies to advance their rail infrastructure and take a strong step toward a zero-emission future. In 2022, Stadler Rail-one of the rolling stock manufacturers signed a contract with Ballard Power Systems to provide its hydrogen fuel cell products for the first hydrogen train in the US.
Hydrogen Fuel Cell Train Market Report Scope
Hydrogen Fuel Cell Train Market News and Recent Developments
The hydrogen fuel cell train market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Hydrogen Fuel Cell Train Market are listed below:
- The Indian Railways has designed a train which will run on Hydrogen Fuel Cell, Railway Minister Ashwini Vaishnaw informed the Lok Sabha in a written reply. The Integral Coach Factory, Chennai, has planned its production. (Source: The Economic Times Press Release, February 2024)
- LNVG, which the government of Lower Saxony owns, had invested more than US$ 85 million in 14 hydrogen fuel-cell trains, which began operating in August 2022. The federal government also contributed US$ 9.06 million to the world’s first H2 train refueling station, built by Linde in the town of Bremervörde. (Source: Hydrogen Insights Press Release, August 2022)
Hydrogen Fuel Cell Train Market Report Coverage and Deliverables
The “Hydrogen Fuel Cell Train Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Hydrogen fuel cell train market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Hydrogen fuel cell train market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Hydrogen fuel cell train market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the hydrogen fuel cell train market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Component, Rail Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The market is expected to register a CAGR of 11.9% during 2023–2031.
The hydrogen fuel cell train market size is projected to reach US$ 3,821.4 million by 2031 from US$ 1,554.32 million in 2023.
Alstom SA, TWI Ltd, Hyundai Corporation, Talgo, Siemens Mobility GmbH, CRRC Corp Ltd, WABTEC, Stadler Rail AG, and Ballard Power Systems are among the major companies operating in the hydrogen fuel cell train market.
The increasing focus on manufacturing hydrogen fuel cells for trains using advanced technologies to produce green hydrogen for zero carbon emission is one of the major trends in the market.
Increasing Environmental Concerns and Reducing Greenhouse Gas Emissions
North America is expected to dominate the hydrogen fuel cell train market in 2023.
1. Introduction
1.1 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Hydrogen Fuel Cell Train Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Component Supplier
4.3.2 Hydrogen Fuel Cell Train Manufacturer
4.3.3 End Users
4.3.4 List of Hydrogen Fuel Cell Suppliers
5. Hydrogen Fuel Cell Train Market - Key Industry Dynamics
5.1 Hydrogen Fuel Cell Train Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increasing Environmental Concerns and Reducing Greenhouse Gas Emissions
5.2.2 Technological and Infrastructure Development in Transportation Sector
5.2.3 Growing Efficiency of Hydrogen-Driven Vehicles
5.2.4 Increasing Demand for Public Transportation Connectivity
5.3 Market Restraints
5.3.1 High Capital Requirement for Developing Hydrogen Fuel Cell Technology
5.3.2 High Risk, Cost, and Regulatory Framework Associated with Hydrogen Procurement
5.4 Market Opportunities
5.4.1 Increasing Proliferation of Proton Exchange Membrane Fuel Cell Technology
5.5 Future Trends
5.5.1 Growing Advent of Hydrogen Fuel Cell Technology in Transportation
5.6 Impact of Drivers and Restraints:
6. Hydrogen Fuel Cell Train Market - Global Market Analysis
6.1 Hydrogen Fuel Cell Train Market Revenue (US$ Million), 2022 – 2030
6.2 Hydrogen Fuel Cell Train Market Forecast and Analysis
7. Hydrogen Fuel Cell Train Market Analysis – Technology
7.1.1 Hydrogen Fuel Cell Train Market, By Technology (2022 and 2030)
7.2 Proton Exchange Membrane Fuel Cell
7.2.1 Overview
7.2.2 Proton Exchange Membrane Fuel Cell Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Phosphoric Acid Fuel Cell
7.3.1 Overview
7.3.2 Phosphoric Acid Fuel Cell Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others Market, Revenue and Forecast to 2030 (US$ Million)
8. Hydrogen Fuel Cell Train Market Analysis – Component
8.1.1 Hydrogen Fuel Cell Train Market, By Component (2022 and 2030)
8.2 Hydrogen Fuel Cell Pack
8.2.1 Overview
8.2.2 Hydrogen Fuel Cell Pack Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Batteries
8.3.1 Overview
8.3.2 Batteries Market, Revenue and Forecast to 2030 (US$ Million)
8.4 Electric Traction Motors
8.4.1 Overview
8.4.2 Electric Traction Motors Market, Revenue and Forecast to 2030 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others Market, Revenue and Forecast to 2030 (US$ Million)
9. Hydrogen Fuel Cell Train Market Analysis – Rail Type
9.1.1 Hydrogen Fuel Cell Train Market, By Rail Type (2022 and 2030)
9.2 Passenger Rail
9.2.1 Overview
9.2.2 Passenger Rail Market, Revenue and Forecast to 2030 (US$ Million)
9.3 Commuter Rail
9.3.1 Overview
9.3.2 Commuter Rail Market, Revenue and Forecast to 2030 (US$ Million)
9.4 Light Rail
9.4.1 Overview
9.4.2 Light Rail Market, Revenue and Forecast to 2030 (US$ Million)
9.5 Trams
9.5.1 Overview
9.5.2 Trams Market, Revenue and Forecast to 2030 (US$ Million)
9.6 Freight
9.6.1 Overview
9.6.2 Freight Market, Revenue and Forecast to 2030 (US$ Million)
10. Hydrogen Fuel Cell Train Market - Geographical Analysis
10.1 Overview
10.2 North America
10.2.1 Overview
10.2.2 North America Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.2.3 North America Hydrogen Fuel Cell Train Market Breakdown by Technology
10.2.4 North America: Hydrogen Fuel Cell Train Market, by Component
10.2.5 North America: Hydrogen Fuel Cell Train Market, by Rail Type
10.2.6 North America Hydrogen Fuel Cell Train Market Revenue and Forecasts and Analysis - By Country
10.2.6.1 US Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.2.6.1.1 United States Hydrogen Fuel Cell Train Market Breakdown by Technology
10.2.6.1.2 United States Hydrogen Fuel Cell Train Market Breakdown by Component
10.2.6.1.3 United States Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.2.6.2 Canada Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.2.6.2.1 Canada Hydrogen Fuel Cell Train Market Breakdown by Technology
10.2.6.2.2 Canada Hydrogen Fuel Cell Train Market Breakdown by Component
10.2.6.2.3 Canada Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.2.6.3 Mexico Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.3 Europe
10.3.1 Overview
10.3.2 Europe Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.3.3 Europe Hydrogen Fuel Cell Train Market Breakdown by Technology
10.3.4 Europe: Hydrogen Fuel Cell Train Market, by Component
10.3.5 Europe: Hydrogen Fuel Cell Train Market, by Rail Type
10.3.6 Europe Hydrogen Fuel Cell Train Market Revenue and Forecasts and Analysis - By Country
10.3.6.1 Germany Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.3.6.1.1 Germany Hydrogen Fuel Cell Train Market Breakdown by Technology
10.3.6.1.2 Germany Hydrogen Fuel Cell Train Market Breakdown by Component
10.3.6.1.3 Germany Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.3.6.2 France Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.3.6.2.1 France Hydrogen Fuel Cell Train Market Breakdown by Technology
10.3.6.2.2 France Hydrogen Fuel Cell Train Market Breakdown by Component
10.3.6.2.3 France Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.3.6.3 Italy Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.3.6.3.1 Italy Hydrogen Fuel Cell Train Market Breakdown by Technology
10.3.6.3.2 Italy Hydrogen Fuel Cell Train Market Breakdown by Component
10.3.6.3.3 Italy Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.3.6.4 UK Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.3.6.4.1 UK Hydrogen Fuel Cell Train Market Breakdown by Technology
10.3.6.4.2 UK Hydrogen Fuel Cell Train Market Breakdown by Component
10.3.6.4.3 UK Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.3.6.5 Russia Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.3.6.6 Rest of Europe Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.3.6.6.1 Rest of Europe Hydrogen Fuel Cell Train Market Breakdown by Technology
10.3.6.6.2 Rest of Europe Hydrogen Fuel Cell Train Market Breakdown by Component
10.3.6.6.3 Rest of Europe Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.4 Asia Pacific
10.4.1 Overview
10.4.2 Asia Pacific Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.4.3 Asia Pacific Hydrogen Fuel Cell Train Market Breakdown by Technology
10.4.4 Asia Pacific: Hydrogen Fuel Cell Train Market, by Component
10.4.5 Asia Pacific: Hydrogen Fuel Cell Train Market, by Rail Type
10.4.6 Asia Pacific Hydrogen Fuel Cell Train Market Revenue and Forecasts and Analysis - By Country
10.4.6.1 Australia Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.4.6.2 China Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.4.6.2.1 China Hydrogen Fuel Cell Train Market Breakdown by Technology
10.4.6.2.2 China Hydrogen Fuel Cell Train Market Breakdown by Component
10.4.6.2.3 China Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.4.6.3 India Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.4.6.3.1 India Hydrogen Fuel Cell Train Market Breakdown by Technology
10.4.6.3.2 India Hydrogen Fuel Cell Train Market Breakdown by Component
10.4.6.3.3 India Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.4.6.4 Japan Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.4.6.4.1 Japan Hydrogen Fuel Cell Train Market Breakdown by Technology
10.4.6.4.2 Japan Hydrogen Fuel Cell Train Market Breakdown by Component
10.4.6.4.3 Japan Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.4.6.5 South Korea Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.4.6.5.1 South Korea Hydrogen Fuel Cell Train Market Breakdown by Technology
10.4.6.5.2 South Korea Hydrogen Fuel Cell Train Market Breakdown by Component
10.4.6.5.3 South Korea Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.4.6.6 Rest of APAC Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.5 Rest of the World
10.5.1 Overview
10.5.2 Rest of the World Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.5.3 Rest of the World Hydrogen Fuel Cell Train Market Breakdown by Technology
10.5.4 Rest of the World: Hydrogen Fuel Cell Train Market, by Component
10.5.5 Rest of the World: Hydrogen Fuel Cell Train Market, by Rail Type
10.5.6 Rest of the World Hydrogen Fuel Cell Train Market Revenue and Forecasts and Analysis - By Country
10.5.6.1 Middle East & Africa Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.5.6.1.1 Middle East & Africa Hydrogen Fuel Cell Train Market Breakdown by Technology
10.5.6.1.2 Middle East & Africa Hydrogen Fuel Cell Train Market Breakdown by Component
10.5.6.1.3 Middle East & Africa Hydrogen Fuel Cell Train Market Breakdown by Rail Type
10.5.6.2 South America Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
10.5.6.2.1 South America Hydrogen Fuel Cell Train Market Breakdown by Technology
10.5.6.2.2 South America Hydrogen Fuel Cell Train Market Breakdown by Component
10.5.6.2.3 South America Hydrogen Fuel Cell Train Market Breakdown by Rail Type
11. Hydrogen Fuel Cell Train Market – Impact of COVID-19 Pandemic
11.1 Pre & Post Covid-19 Impact
12. Competitive Landscape
12.1 Company Positioning & Concentration
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development
13.4 Merger and Acquisition
14. Company Profiles
14.1 TWI Ltd
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 CRRC Corp Ltd
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Hyundai Rotem Co
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Stadler Rail AG
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Talgo SA
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Ballard Power Systems Inc
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Alstom SA
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Siemens Mobility GmbH
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Westinghouse Air Brake Technologies Corp
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 PESA Bydgoszcz SA
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
List of Tables
Table 1. List of Vendors in the Value Chain
Table 2. Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Million) – Technology
Table 4. Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Million) – Component
Table 5. Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Million) – Rail Type
Table 6. North America Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 7. North America: Hydrogen Fuel Cell Train Market, by Component Revenue and Forecast to 2030 (US$ Million)
Table 8. North America: Hydrogen Fuel Cell Train Market, by Rail Type Revenue and Forecast to 2030 (US$ Million)
Table 9. United States Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 10. United States Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 11. United States Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 12. Canada Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 13. Canada Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 14. Canada Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 15. Europe Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 16. Europe: Hydrogen Fuel Cell Train Market, by Component Revenue and Forecast to 2030 (US$ Million)
Table 17. Europe: Hydrogen Fuel Cell Train Market, by Rail Type Revenue and Forecast to 2030 (US$ Million)
Table 18. Germany Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 19. Germany Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 20. Germany Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 21. France Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 22. France Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 23. France Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 24. Italy Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 25. Italy Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 26. Italy Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 27. UK Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 28. UK Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 29. UK Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 30. Rest of Europe Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 31. Rest of Europe Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 32. Rest of Europe Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 33. Asia Pacific Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 34. Asia Pacific: Hydrogen Fuel Cell Train Market, by Component Revenue and Forecast to 2030 (US$ Million)
Table 35. Asia Pacific: Hydrogen Fuel Cell Train Market, by Rail Type Revenue and Forecast to 2030 (US$ Million)
Table 36. China Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 37. China Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 38. China Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 39. India Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 40. India Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 41. India Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 42. Japan Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 43. Japan Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 44. Japan Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 45. South Korea Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 46. South Korea Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 47. South Korea Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 48. Rest of the World Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 49. Rest of the World: Hydrogen Fuel Cell Train Market, by Component Revenue and Forecast to 2030 (US$ Million)
Table 50. Rest of the World: Hydrogen Fuel Cell Train Market, by Rail Type Revenue and Forecast to 2030 (US$ Million)
Table 51. Middle East & Africa Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 52. Middle East & Africa Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 53. Middle East & Africa Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
Table 54. South America Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Technology
Table 55. South America Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Component
Table 56. South America Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn) – Rail Type
List of Figures
Figure 1. Hydrogen Fuel Cell Train Market Segmentation, By Geography
Figure 2. PEST Analysis
Figure 3. Ecosystem: Hydrogen Fuel Cell Train Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Hydrogen Fuel Cell Train Market Breakdown by Geography, 2022 and 2030 (%)
Figure 6. Hydrogen Fuel Cell Train Market Revenue (US$ Million), 2022 – 2030
Figure 7. Hydrogen Fuel Cell Train Market Share (%) – Technology, 2022 and 2030
Figure 8. Proton Exchange Membrane Fuel Cell Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Phosphoric Acid Fuel Cell Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Hydrogen Fuel Cell Train Market Share (%) – Component, 2022 and 2030
Figure 12. Hydrogen Fuel Cell Pack Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Batteries Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Electric Traction Motors Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Hydrogen Fuel Cell Train Market Share (%) – Rail Type, 2022 and 2030
Figure 17. Passenger Rail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Commuter Rail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Light Rail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 20. Trams Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Freight Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Hydrogen Fuel Cell Train Market Breakdown by Region, 2022 and 2030 (%)
Figure 23. Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 24. North America Hydrogen Fuel Cell Train Market Revenue Share, by Technology (2022 and 2030)
Figure 25. North America Hydrogen Fuel Cell Train Market Revenue Share, by Component (2022 and 2030)
Figure 26. North America Hydrogen Fuel Cell Train Market Revenue Share, by Rail Type (2022 and 2030)
Figure 27. Hydrogen Fuel Cell Train Market Breakdown by Key Country, 2022 and 2030 (%)
Figure 28. US Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 29. Canada Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 30. Mexico Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 31. Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 32. Europe Hydrogen Fuel Cell Train Market Revenue Share, by Technology (2022 and 2030)
Figure 33. Europe Hydrogen Fuel Cell Train Market Revenue Share, by Component (2022 and 2030)
Figure 34. Europe Hydrogen Fuel Cell Train Market Revenue Share, by Rail Type (2022 and 2030)
Figure 35. Hydrogen Fuel Cell Train Market Breakdown by Key Country, 2022 and 2030 (%)
Figure 36. Germany Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 37. France Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 38. Italy Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 39. UK Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 40. Russia Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 41. Rest of Europe Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 42. Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 43. Asia Pacific Hydrogen Fuel Cell Train Market Revenue Share, by Technology (2022 and 2030)
Figure 44. Asia Pacific Hydrogen Fuel Cell Train Market Revenue Share, by Component (2022 and 2030)
Figure 45. Asia Pacific Hydrogen Fuel Cell Train Market Revenue Share, by Rail Type (2022 and 2030)
Figure 46. Hydrogen Fuel Cell Train Market Breakdown by Key Country, 2022 and 2030 (%)
Figure 47. China Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 48. India Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 49. Japan Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 50. South Korea Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 51. Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 52. Rest of the World Hydrogen Fuel Cell Train Market Revenue Share, by Technology (2026 and 2030)
Figure 53. Rest of the World Hydrogen Fuel Cell Train Market Revenue Share, by Component (2026 and 2030)
Figure 54. Rest of the World Hydrogen Fuel Cell Train Market Revenue Share, by Rail Type (2026 and 2030)
Figure 55. Hydrogen Fuel Cell Train Market Breakdown by Key Country, 2026 and 2030 (%)
Figure 56. Middle East & Africa Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 57. South America Hydrogen Fuel Cell Train Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 58. Company Positioning & Concentration
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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