The report “Train Battery Market by Type & Technology(Lead-Acid Gel Tubular, VRLA, Conventional, Ni-Cd Sinter, Fiber, Pocket, & Li-ion), Advance Train(Autonomous, Hybrid and Fully-Battery Operated),Rolling Stock Type, Application and Region – Global Forecast to 2030″, size is projected to reach USD 257 million by 2030, from an estimated value of USD 144 million in 2020, at a CAGR of 5.9%. The growth is influenced by factors such as 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 lead to the demand for energy storage systems and hence is expected to propel the demand for train batteries during the forecast period.
The Li-ion Battery segment is expected to register the highest growth rate from 2020 to 2030.
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 higher costs associated with adopting 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.
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Electric locomotive is expected to grow at the highest CAGR from 2020 to 2030.
Batteries for 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 market
The train battery market in the Asia-Pacific has witnessed year-on-year growth. 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.
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Key Market Players:
The train battery market is led by globally established players such as EnerSys (US), Exide Industries (India), Saft (France), Amara Raja Batteries (India), and GS Yuasa Corporation (Japan).
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.
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