DUBLIN, Sept. 25, 2023 /PRNewswire/ -- The "Hybrid Train Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global hybrid train market witnessed substantial growth in 2022, with a market size reaching US$ 14.4 billion. Looking ahead, industry experts project even more promising prospects as the market is expected to reach US$ 19.6 billion by 2028. This anticipated growth represents a compound annual growth rate (CAGR) of 5.01% during the forecast period from 2023 to 2028.
Hybrid Trains: A Sustainable and Efficient Transportation Solution
Hybrid trains, a form of locomotive transportation, have gained prominence due to their innovative design and sustainability features. These trains are powered by an on-board rechargeable energy storage system (RESS) in combination with other fuels like diesel. Positioned between the power source and traction transmission system, hybrid trains offer a seamless and efficient mode of transportation. They utilize various energy storage devices, including supercapacitors, flywheels, and batteries, to harness additional energy generated from regenerative braking. Compared to conventional fuel trains, hybrid trains are known for their reliability, emission-free operation, reduced noise levels, cost-effectiveness, and eco-friendliness.
Key Trends Driving the Hybrid Train Market
The widespread adoption of hybrid trains can be attributed to their cost-effectiveness, sustainability, and reliability. Factors such as the increasing scarcity of natural resources and rising fuel prices are driving the market's growth. Additionally, governments worldwide are implementing stringent policies to promote alternative fuel-powered trains that meet emission and efficiency standards, further propelling the market.
Conventional fuel-powered trains emit hazardous gases, including nitrogen dioxide (NO) and carbon dioxide (CO2), contributing to environmental and health concerns. Freight companies are increasingly investing in hybrid trains through mergers and acquisitions (M&A) to reduce operating costs, including fuel and maintenance expenses. The incorporation of lithium-ion batteries in hybrid trains, ensuring minimal power consumption, improved voltage capacity, and longer charge retention, is fostering market growth. Rapid urbanization, expanding construction activities to strengthen transportation infrastructure, and increased railway connectivity are also driving factors.
The hybrid train market is segmented based on propulsion type, operating speed, and application.
Propulsion Types Include:
Operating Speed Categories:
The market's performance is analyzed across various regions, including North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Key players in the hybrid train market include Alstom SA, Ballard Power Systems Inc., Construcciones y Auxiliar de Ferrocarriles, CRRC Corporation Limited, Hitachi Ltd., Rolls-Royce Holdings plc, Siemens AG, Stadler Rail AG, The Kinki Sharyo Co. Ltd., Toshiba Infrastructure Systems & Solutions Corporation, and Vivarail Ltd.
Key Questions Answered
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