Global Monorail System Market- Industry Analysis and Forecast (2018-2026) – By Type, Propulsion, Sizeand region.
Global Monorail System Market was valued at US$ 5.01 Bn in 2017 and is expected to reach US$ 6.28 Bn by 2026 at CARR of 2.86 % during a forecast period.
The monorail is a train which uses a single track, made of either concrete or metal. The monorail is managed and reinforced by wheels mounted below the train, which are continuously in contact with the track. Usually, monorails are powered by electricity delivered through a third rail mounted along the track. Monorail trains usually have three or four cars and can have up to eight cars. Monorail trains are larger than the track, therefore requires minimum space.
The increasing need for environmental sustainability, urbanization and traffic congestion has obtained in an increasing number of transport systems, which is anticipated to drive the demand for monorail systems. Traffic congestion on the roads has also increased. This has led Governments to enlarge infrastructure for rail networks such as monorail, light rail, and metros. Countries have mainly manufactured metros and heavy rails for traveling to longer distances whereas monorails are used to travel over a shorter distance such as commute.
The growth of monorail systems is charged by expanding infrastructure development and demand for public transformation system in emerging countries. The electric monorails are getting a grip in the market because they are environment-friendly, reliable and efficient. Further electric monorail systems are economics and versatile as compared to maglev monorail system.Global Monorail System MarketThe main restraint of the global monorail system market is its lower passenger taking capacity. There is a deficiency of innovation and Research & development in the monorail systems market. Companies need to put money into the R & D to increase the ability of monorail systems, additionally improve its speed, reliability, and efficiency in order to decrease the turnaround time. Further factor hampering the growth of monorail is the high installation cost of Maglev as compared to an electric monorail system. The monorails have low penetration in the appearing markets. The higher installation cost is one of the major factors stopping the manufacturers from entering the APEJ market especially in countries such as India, South Korea, and China. Straddle type of monorail is able to carry a number of passengers as compared to the suspended type of monorail. Thus, the straddle monorail segment estimated for a major share of the market, in terms of revenue in 2017 and is expected to remain dominant during the forecast period. The electric monorail systems are expected to grip the largest share, in the global market. Since electric monorails are more popular in the market because they are environment-friendly, reliable, cheaper and efficient than maglev monorails. Hence, the demand for electric monorails is high across the globe. The Asia-Pacific is the immense markets for monorail systems and is expected to dominate the global monorail market in forecast period owing to the rise in urbanization in countries and technological advancements in monorail systems. The key market players in monorail systems markets are Hitachi, Ltd., Bombardier Transportation, Scomi Engineering Bhd, Aerobus International, Inc., Mitsubishi Heavy Industries, Ltd., Intamin.
Scope of the Global Ultra-Secure Smartphone Market
Global Monorail Market, by Type
• Straddle • Suspended
Global Monorail Market, by Propulsion Type
• Electric • Maglev
Global Monorail Market, by Size
• Large • Medium • Compact
Global Monorail Market, by Region
• North America • Europe • Asia-Pacific • Middle East & Africa • South America
Key Market Players in Global Monorail Market
• Hitachi, Ltd • Bombardier Transportation • Scomi Engineering Bhd • Aerobus International Inc • Mitsubishi Heavy Industries, Ltd • Intamin