North America Hydrogen Fuel Cell Train Market Revenue to cross US$ 381.14 million by 2030

At 10.1% CAGR, the North America Hydrogen Fuel Cell Train Market is Speculated to be worth US$ 381.14 million by 2030, says Business Market Insights

According to Business Market Insights research, the North America hydrogen fuel cell train market was valued at US$ 176.50 million in 2022 and is expected to reach US$ 381.14 million by 2030, registering a CAGR of 10.1% from 2022 to 2030. Growing advent of hydrogen fuel cell technology in transportation and growing efficiency of hydrogen-driven vehicles are among the critical factors attributed to the North America hydrogen fuel cell train market expansion.

Hydrogen fuel cells are anticipated to provide long-haul and heavy-duty vehicle transport solutions. Hydrogen fuel cell technology can be advantageous in areas where sufficient and accessible electrical charging infrastructure lags. In contrast to batteries, fuel cells generate electricity from accumulated hydrogen by leveraging electrochemical procedures. When traveling in remote locations and areas where a smaller number of charging stations are available, fuel cell technology can be beneficial. The growing focus on producing hydrogen fuel cells for better consumer reach and using advanced technologies to produce green hydrogen for zero carbon emission are some of the major trends in the market.

On the contrary, high capital requirement for developing hydrogen fuel cell technology hampers the growth of North America hydrogen fuel cell train market.

Based on technology, the North America 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$ 176.50 million. It is projected to garner US$ 380.64 million by 2030 to expand at 10.1% CAGR during 2022-2030.

Based on component, the North America 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 41.4% share of North America hydrogen fuel cell train market in 2022, amassing US$ 73.13 million. It is projected to garner US$ 151.77 million by 2030 to expand at 9.6% CAGR during 2022-2030.

Based on rail type, the North America 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 North America hydrogen fuel cell train market in 2022, amassing US$ 176.50 million. It is projected to garner US$ 378.39 million by 2030 to expand at 10.0% CAGR during 2022-2030.

Based on country, the North America hydrogen fuel cell train market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 53.8% share of North America hydrogen fuel cell train market in 2022. It was assessed at US$ 94.89 million in 2022 and is likely to hit US$ 199.45 million by 2030, exhibiting a CAGR of 9.7% during 2022-2030.

Key players operating in the North America 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, Siemens Mobility GmbH, and Westinghouse Air Brake Technologies Corp, among others.