Hydrogen Fuel Cell Train Market Revenue Trends, Company Profiles, Revenue Share Analysis, 2022-2031

According to a new report published by Allied Market Research, titled, "Hydrogen 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.

Europe is expected to dominate the market, in terms of revenue, followed by Asia-Pacific, North America, and LAMEA. Increase in government support for zero emission transportation and increase in investments from rolling stock manufacturers for development of hydrogen fuel cell technology propels growth of the hydrogen fuel cell train market in the region.

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 The key players that operate in this hydrogen fuel cell train market are Alstom, Ballard Power Systems., BNSF Railway Company, Construcciones Y Auxiliar De Ferrocarriles, S.A. (CAF), CRRC Corporation Limited, Engie, Hitachi Ltd., Hyundai Corporation, IHI Corporation, Kawasaki Heavy Industries, Ltd., PESA Group, Progress Rail (Subsidiary of Caterpillar), Siemens, Stadler Rail AG, Talgo, Toyota Motor Corporation, and Wabtec Corporation.

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 COVID-19 Impact Analysis

Spread of COVID-19 has already negatively influenced the global train market, which impacted growth of the fuel cell train market, globally. For instance, major rolling stock manufacturers such Stadler Rail AG and Alstom have announced suspension of production, owing to decline in demand, supply chain bottlenecks, and to protect safety of their employees in France, Germany, Italy, the U.S., and Spain during the COVID-19 pandemic.
The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import-export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in demand for passenger rail vehicles, further impacting growth of the rolling stock industry.
The COVID-19 pandemic not only affected operations of the rolling stock industry, but economic crisis also led to reduction in expenditure on next-generation technologies, for instance, hydrogen trains.
The demand for rolling stock experienced recovery in 2021 as operations of manufacturing companies and factories resumed, initiating continuation of railway projects around the world. Leading market players are taking various measures to deal with the negative effects of the outbreak of COVID-19. For instance, CRRC (China) is using the current market scenario to further strengthen its position by making strategic future-oriented investments and following a strict cost management program
Government authorities and operators are expected to accelerate and resume metro projects and expansion of the rail network after pandemic, which is anticipated to positively affect growth of the rolling stock market in post pandemic situation, which is expected fuel development of the hydrogen fuel cell train market.
KEY FINDINGS OF THE STUDY

By application, the freight train segment is expected to register a significant growth during the forecast period.
By technology, the proton exchange membrane fuel cell segment is projected to lead the global hydrogen train market
By component, the hydrogen fuel cell pack segment is projected to lead the global hydrogen train market
By rail type, the passenger rail segment is projected to lead the global hydrogen train market
Region-wise, Europe is anticipated to register the highest CAGR during the forecast period.

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