How is the global train battery market shaping up? What role has COVID-19 played in the market?

 Breaking News
  • No posts were found

How is the global train battery market shaping up? What role has COVID-19 played in the market?

September 16
01:51 2020
How is the global train battery market shaping up? What role has COVID-19 played in the market?

Train Battery Market
Train Battery Market by Type & Technology (Lead Acid-Gel Tubular, VRLA, Conventional; Ni-Cd-Sinter, Fiber, Pocket, & Li-Ion), Advanced Train (Autonomous, Hybrid, Fully Battery-Operated), Rolling Stock Type, Application and Region – Global Forecast to 2030

The global Train Battery Market size is projected to reach USD 255 million by 2030, from an estimated value of USD 143 million in 2020, at a CAGR of 5.9%. Rapid urbanization in emerging countries and advanced economies is considered to be one of the largest drivers of infrastructure spending over the next few decades, which is expected to bolster the demand of rail expansion. The incorporation of these developments in urban rail infrastructure is expected to propel the demand for energy storage systems and hence is expected to boost the demand for train batteries during the forecast period.

Demand for rail networks is steadily rising worldwide, particularly in metropolitan areas with soaring populations. Rail transportation is one of the most energy-efficient modes of transport for freight and passengers. The rolling stock regulation aims at the reduction of Particulate Matter (PM) emissions from these engines by as much as 90% and Oxides of Nitrogen (NOx) emissions by 80% when fully implemented. The standards are based on the application of the high-efficiency catalytic after-treatment technology for engines manufactured in 2015 and later. Increasing environmental concerns and energy-efficient transportation has increased the demand for electric rail transportation. Therefore, stringent emission regulations have shifted the focus towards electric rail transport and increased the demand for train batteries. In Europe and North America for diesel locomotives are further expected to boost the demand for electric, hybrid, and hydrogen fuel cell locomotives. These locomotives are expected to require extensive battery storage systems for achieving the required efficiency and thus the demand for train batteries is projected to increase during the forecast period.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6068646

The Li-ion Battery segment is expected to register the highest growth rate of 7.3% from 2020 to 2030. Li-Ion batteries are presently being introduced with a few players in the global market. Additionally, Li-Ion batteries offer various advantages over other battery types such as maintenance-free, battery health tracking, high energy density, lighter in weight, and compact in design. Developed countries are expected to increase their adoption of Lithium-Ion batteries in rail transport faster compared to emerging countries because of the regulations and the better performance of lithium-Ion batteries. Also, Lithium-Ion batteries are best suited for high-speed trains and China being the largest market for high-speed trains, the demand for Lithium-Ion batteries in the region is projected to grow during the forecast period.

Battery demand from electric locomotive is expected to grow at the highest CAGR by 2030. Because, batteries are preferred in electric locomotive for auxiliary functions such as engine electronics, fan, lights, wipers and control panel. Electric locomotives are powered by electricity and are faster than other types of locomotives such as diesel, electric, and hydrogen fuel cell locomotives. Electric locomotives offer enhanced acceleration, are quieter, and do not produce any steam or exhaust as in steam and diesel locomotives, they are majorly preferred over diesel engines. Additionally, battery units are majorly used in electric locomotives for auxiliary functions, leading to the growth of the overall train battery market.

Asia Pacific is estimated to be the largest and fastest growing market due to growth in key countries such as China, Japan, India, and South Korea. The rolling stock power conversion systems industry in the Asia-Pacific has witnessed year-on-year growth. Therefore, creates opportunities for the battery manufacturers to develop high density batteries for rolling stock. The region is the leading manufacturer of rolling stock across the globe and is expected to retain this position during the forecast period as it has the largest rail network, rapid urban developments, and government initiatives towards the development of energy-efficient transportation. Additionally, Asian countries such as China is planning to extend the network to 45,000 km by 2030. High-speed trains, suburban trains, and urban transit trains are majorly run in China, which is expected to make the country the leading market for railway batteries. Furthermore, several developments are being undertaken in Indian railways, and fixed a target for the electrification of 7,000 RKM for the year 2020-21. Moreover, the Indian railways target at 100% electrification of routes by 2024. This offers significant opportunities for train battery manufacturers in the coming future.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=6068646

COVID-19 IMPACT ON MARKET

COVID-19 has severely impacted the rail sector. As per IEA, rail operators lost USD 1.9 billion in revenue in Asia Pacific and USD 2.5 billion in Europe between January and April 2020. Also, social distancing has reduced maximum rail car occupancy and increased sanitation requirements, raising operational costs and reducing profitability. During the lockdown in India, Indian railways, stopped all passenger train services and reduced freight train services to 60% capacity (also due to reduced demand for bulk goods such as iron and coal). Therefore, owing to the stoppage of railway services in most regions, the demand for batteries is expected to witness a downturn.

In Europe, freight rail acted as a key mode of transportation for commodities such as food, coal, and health related materials including medicines, personal protective equipment (PPE) to various areas during the lockdown. Though, the overall traffic was reduced significantly during this period. Therefore, the limited orders for rolling stock across the globe due to the COVID-19 pandemic has affected the demand for train batteries. Nevertheless, due to irregularities in charging cycles and battery maintenance or replacement, the demand for new batteries is expected to increase post the lifting of lockdowns

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/train-battery-market-6068646.html

Categories