Dublin, Ireland (Urban Transport News): Hybrid train is a locomotive transportation medium that is powered by an on-board rechargeable energy storage system (RESS), in combination with other fuel, such as diesel. They are located between power source and traction transmission system that are directly connected with wheels to promote smooth operations.
They further use various energy storing devices, including supercapacitors, flywheels, and batteries, to sustain additional energy produced from regenerative braking. As compared to conventional fuel trains, hybrid trains are more reliable, emission-free, noise-free, cost-effective, and eco-friendly. At present, hybrid trains are commercially available in solar-powered, compressed natural gas (CNG), battery-operated, and electro-diesel propulsion types.
The widespread adoption of the hybrid train as a cost-effective, sustainable, and reliable mode of transportation can be attributed to the increasing scarcity of natural resources and the hiking fuel prices. This represents the key factor primarily driving the market growth.
Furthermore, the emerging trend of green transportation solutions, along with the introduction of stringency policies by governments of various nations to promote the uptake of alternative fuel-powered trains, such as hybrid trains that meet the required emission and efficiency standards, are propelling the market growth. Conventional fuel-powered trains generate various hazardous gases, including nitrogen dioxide (NO) and carbon dioxide (CO2), which is responsible for causing various ecological and health issues.
In line with this, freight companies are increasingly participating in frequent mergers and acquisitions (M&A) to collectively invest in hybrid trains, thus helping them in cutting down operating costs, including fuel and maintenance. Moreover, the incorporation of lithium-ion batteries in hybrid trains to ensure minimal power consumption, improved voltage capacity, longer charge retention is contributing to the market growth.
Other factors, such as rapid urbanization, expansion in construction activities to strengthen transportation infrastructure, and increasing railway connectivity, are positively stimulating the market growth.
According to the recent market report published by Research & Markets team, the global hybrid train market reached a value of US$ 13.71 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 18.73 Billion by 2027, exhibiting a CAGR of 5.34% during 2021-2027.
The report has mentioned recent changes in the business strategy of some leading global railway players such as Alstom SA, Ballard Power Systems Inc., Construcciones y Auxiliar de Ferrocarriles, CRRC Corporation Limited, Hitachi Ltd, Rolls-Royce Holdings plc, Siemens AG, Stadler Rail AG, The Kinki Sharyo Co. Ltd., Toshiba Infrastructure Systems & Solutions Corporation, Vivarail Ltd. etc.