Maglev Train Market: Introduction
- The magnetic levitation system, often known as the maglev system, is a rail transportation system that uses electromagnetic forces generated by a linear motor system to levitate trains along its powered tracks and move them forward. Currently, approximately 88% of patents for maglev technologies are held by Japan, China, the U.S., Germany, and South Korea. Maglev trains system possesses several benefits over traditional rail transit systems. It is a cutting-edge electric power and control system that utilizes magnetic forces to lift, propel, and steer a vehicle over a specially created track. This configuration can minimize mechanical friction and enable excellent acceleration, with cruising speeds of up to 300 mph, by reducing or eliminating the need for wheels and several other parts.
- Germany-based Transrapid has developed a maglev technology that is in revenue service in the city of Shanghai, China, where it connects the city with its airport. Japan has innovated its own levitation system that is awaiting decisions on its deployment.
- The U.S. has authorized a ‘Maglev Deployment Program’ that would demonstrate a relatively short (30-50 mile) maglev system in commercial services. In the U.S., projects are currently being planned in four locations: Baltimore/Washington (MD-DC), Pittsburgh (PA), Las Vegas (NV)–Anaheim (CA), and Los Angeles International Airport (LAX)–Riverside (CA).
Key Drivers of Global Maglev Train Market:
- Maglev train systems offer numerous advantages over traditional rail transportation methods, such as passenger comfort and convenience, decreased radiation, and very low noise. Consequently, maglev technology is regarded as an eco-friendly mode of transportation. The advantages provided by maglev trains are anticipated to fuel market growth during the forecast period.
- Lower energy consumption as compared to conventional trains, lower maintenance costs, and extremely high speeds offered by maglev trains are also expected to drive the market
- A maglev train hovers over the track. Therefore, it does not face issues of derailment, and offers superior safety to passengers. This factor is anticipated to boost the market during the forecast period.
- The ability of the maglev train to provide air-competitive trip times at longer distances, as compared to other high-speed ground transportation systems, is projected to boost its extensive deployment in various regions
Restraints of Global Maglev Train Market:
- High costs required for the construction of guideways or tracks are estimated to hamper the global maglev train market during the forecast period. Maglev trains require dedicated infrastructure, including substations and power supplies. Therefore, they cannot be integrated directly into an existing transportation system.
Opportunities in Global Maglev Train Market:
- The maglev trains market is expected to expand due to a rise in R&D spending and high public-private collaborations on the construction of rail infrastructure. Development and maturity phase of maglevs are likely to extend the ground-breaking opportunities in land transportation.
- The market is expected to grow also due to growing awareness about the advantages of this train system. Growing level of safety offered by maglev trains, expansion of high-speed railway corridor, and surge in number of test prototypes are expected to propel the maglev train market. Rise in demand for intra-city urban transportation, such as the Beijing Line S1, is likely to offer lucrative opportunities for the market.
Regional Outlook of Global Maglev Train Market
Asia Pacific is estimated to dominate the global maglev train market during the forecast period due to the early adoption of maglev trains by China, South Korea, and Japan. Increase in awareness about this eco-friendly, effective, and faster rail-transit technology, surge in focus toward the conservation of energy, and expansion of the transportation industry in the region are anticipated to drive the market in Asia Pacific. Maglev systems earlier failed in western countries; however, when larger investments were made in Asia Pacific, the region witnessed highly successful running operations. Currently, countries in Europe and America are reviewing this technology and investing in its R&D.
Key Players Operating in Global Maglev Train Market
- Mitsubishi Heavy Industries Ltd.
- Shanghai Maglev Transportation Development Co. Ltd.
- Central Japan Railway Company
- Nevomo
- Alstom
- SwissRapide AG
- Hyundai Rotem Company
- CRRC Corporation Limited (CRRC)
- American Maglev Technology Inc.
- Talgo
- General Electric
- Construcciones y Auxiliar de Ferrocarriles
Global Maglev Train Market, Research Scope
Global Maglev Train Market, by Levitation Type
- Electromagnetic Suspension (EMS)
- Electrodynamic Suspension (EDS)
Global Maglev Train Market, by Application
Global Maglev Train Market, by Trip
Global Maglev Train Market, by Component
- Levitation
- Guideway
- Input Power Transfer
- Propulsion
- Control System
Global Maglev Train Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Nordic Region
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- GCC
- Turkey
- South Africa
- Rest of Middle East & Africa
