Train Battery Market worth $255 million by 2030 - Exclusive Report by MarketsandMarkets
CHICAGO, Sept. 8, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, 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%.
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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 of 7.3% 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.
Electric locomotive is expected to grow at the highest CAGR of 7.8% 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.