Coherent Market Insights

Train HVAC Market to Surpass US$ 18,430.6 Mn by 2030

Train HVAC Market to Surpass US$ 18,430.6 Mn by 2030 - Coherent Market Insights

Publish On: Dec 08, 2022

The Global Train HVAC Market is estimated to account for US$ 13,430.9 Mn in terms of value by the end of 2021. HVAC systems are a must for the railway sector to be able to operate in extreme conditions. They also have a central role to play in onboard safety. They must be rugged enough to withstand the rail environment. HVAC systems can reduce the spread of smoke and improve passenger comfort. They also play a major role in regulating temperature and moisture control in railways. Another significant factor that is boosting the growth of the train HVAC market is the rapid urbanization of the countries in the Asia-Pacific region.

Global Train HVAC Market: Drivers

Increasing population around the globe leading to high demand for public transportation is expected to propel growth of the global train HVAC market over the forecast period. Due the rise in population the need for safer, more comfortable and faster transportation is increasing all over the world. This is leading to heavy investments in development of railway infrastructure. Due to aforementioned reasons, the demand for air conditioning systems in railways continues to grow globally, which in turn is projected to boost the market growth during the forecast period.

Global Train HVAC Market: Opportunities

Rise in integration of IoT and cloud-based monitoring systems is expected to create a lucrative environment for growth opportunities in the global train HVAC market during the forecast period. The use of IoT technologies has been increased in several final-product context in recent years. Due to the enhanced functionalities and features of IoT, conventional technologies are being discarded. Along with this, use of cloud-based monitoring technologies is also increasing, as these systems help in conveying signals through IoT, regulating load capacity, and tracking people. Thus, this is expected to support the demand for HVAC systems in rail industry, and create growth opportunities in the market.

Global Train HVAC Market: Restraints

Low awareness regarding advantages of HVAC systems in emerging countries is expected to obstruct growth of the global train HVAC market over the forecast period. The technological development continues to increase in HVAC systems, and it is essential to spread awareness regarding the benefits of new products among end-users. The awareness regarding HVAC systems in terms of their environment related benefits and cost efficiency is low in developing economies, which is likely to impede growth of the market in the near future.

Global Train HVAC Market - Impact of Coronavirus (Covid-19) Pandemic:

The Covid-19 epidemic severely impacted various industries around the world. The pandemic affected more than 100 countries worldwide, due to which many of them imposed preventative measures. The pandemic negatively impacted the train HVAC market, as under the lockdown regulations various industrial activities were disrupted. Several manufacturing facilities were closed down temporarily. There was lack of raw material supply and manpower as supply chains and distribution operations were disrupted during the pandemic. Thus, demand for and production of HVAC systems declined significantly during the pandemic and adversely impacted the market growth. However, the market will regain its growth, as the pandemic situation has returned to normal in almost all the regions.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/train-hvac-market-5390

Key Takeaways:

The global train HVAC market was valued at US$ 13,430.9 Mn in 2021 and is forecast to reach a value of US$ 18,430.6 Mn by 2030 at a CAGR of 3.8% between 2022 and 2030.

Passenger Train segment held dominant position in the global train HVAC market in 2021, accounting for 53.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Train HVAC Market Trends:

Increasing focus of governments on reducing carbon emissions from railways is and increasing their energy efficiency is a growing trend in the global train HVAC market. For instance, in February 2022, government of South Korea announced goals of cutting carbon emissions from railway travel by 30% by replacement of all diesel passenger locomotives with novel bullet train by 2029. The country also plans to become carbon neutral by 2050. Moreover, in February 2022, the government of India announced that during 2022-2025, 400 new-generation Vande Bharat trains having better efficiency and passenger riding experience will be developed and manufactured in the country.

Moreover, key players in the market are focused on inorganic growth strategies such as agreement and collaborations, which is a growing trend in the global train HVAC market. For instance, in July 2021, Amtrak entered into an agreement with Siemens Mobility, an infrastructure provider for building and executing a fresh new fleet of 83 trains that will be traveling across the northeastern U.S. in a substantial modernization. This trend is likely to boost growth of the market in the near future.

Global Train HVAC Market: Competitive Landscape   

Faiveley Transport, Thermo King Corporation, Trane Inc., Merak SA, Honeywell International Inc., Liebherr -Transportation Systems GmbH & Co. KG, Lloyd Electric Engineering Limited, Siemens AG, Toshiba Infrastructure Systems and Solutions Corporation, and Mitsubishi Electric Corporation

Global Train HVAC Market: Recent Developments

In June 2020, Liebherr-Transportation Systems announced that it is supplying ultra-light MACS 8.0 air-conditioning units to Max Bögl. The air-conditioning units were installed in TSB, the new maglev urban transportation system of the Max Bögl.

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