The Business Research Company’s Hydrogen Powered Transport Global Market Report 2021: COVID-19 Growth And Change
French company Alstom produced the world’s first hydrogen powered train, which is expected to enter into regular service by March 2022. Coradia iLint was successfully tested by LNVG, a German rail operator, from September 2018 to February 2020 on its 123 km long railway section. Alstom has already started the production of these hydrogen powered trains and is slated to deliver 14 units to LNVG. In addition, Alstom also won an order from France’s national railroad for a dual electric-hydrogen train in April 2021.
According to the European Commission, approximately 50% of the train tracks are not electrified in the European Union; the vast opportunity in this market has garnered the attention of Siemens AG, who is also planning to enter the market by 2024.
The process of how hydrogen powers a train is pretty simple. The fuel cells consist of a cathode, an anode, and an electrolyte membrane. The hydrogen, which is stored in high pressure tanks, is passed through an anode, splitting into electrons and protons. The electrons when forced through a circuit generate an electric charge, which can be either stored in lithium batteries or sent directly to the train’s motor. The only waste generated is water and steam, making it a clean form of energy.
The global hydrogen powered transport market size is expected to grow from $2.09 billion in 2020 to $3.27 billion in 2021 at a significant compound annual growth rate (CAGR) of 56.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hydrogen powered transport market size is expected to reach $20.04 billion in 2025 at a CAGR of 58%.
As per data on the Global Market Model, the global hydrogen market size is expected to grow from $9,800.4 billion in 2020 to $12,172.6 billion in 2025 at a rate of 4.43%. The growth is mainly due to the growing demand from energy, oil and gas end user industries which is expected to drive the demand for hydrogen. Asia Pacific was the largest region in the hydrogen market, accounting for 40.2% of the total in 2020. It was followed by the, Western Europe, North America and, then the other regions. Going forward, the fastest-growing regions in the hydrogen market will be South America and the Middle East, where growth will be at CAGRs of 9.5% and 7.8% respectively. These will be followed by Africa and Asia Pacific, where the markets are expected to register CAGRs of 6.1% and 5.3% respectively, according to the report on global hydrogen market opportunities and strategies published by TBRC.
Global Hydrogen Market, By Region, Historic and Forecast, 2015 – 2020, 2025F, 2030F, %
The European Union launched the Clean Hydrogen Alliance last year as part of its effort to decarbonize the transportation sector in order to meet its climate neutrality target by 2050. Some of the notable projects include how the European Aircraft manufacturer Airbus aims to develop the world’s first hydrogen-fueled zero emission commercial aircraft by 2035.
Deutsche Bahn, a German state-owned railway company and Siemens AG aims to operate hydrogen powered trains with a range of 600 kilometers by the year 2024. The project is expected to save 330 tons of carbon dioxide per year. Hydrogen Europe intends to roll out 100,000 hydrogen powered trucks and 1,000 refilling stations by the end of 2030.
The Hydrogen Powered Transport Global Market Report is one of a series of new reports from The Business Research Company that provides hydrogen powered transport market overviews, analyzes and forecasts hydrogen powered transport market size, share, hydrogen powered transport market players, hydrogen powered transport market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
About The Author
Energy Markets Research Head
Abhinay has an overall experience of 15+ years in market research and consulting with companies like GlobalData, ISP, and Eni. He has worked on industries such as Energy, Construction, and Mining, where he has carried out several projects with some of the big companies in his domain. His experience also includes a 3-year stint with his own venture in consulting. Abhinay majored in Oil & Gas and graduated from the University of Petroleum & Energy Studies in 2005.
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