Urbanization is Driving the Growth of the Suspended Monorail Systems Market - By: vicky paramguru
The report "Monorail Market by Type (Straddle, and Suspended), Propulsion Type (Electric, and Maglev), Size (Large Monorail, Medium Monorail, and Compact Monorail), and Region - Global Forecast to 2021", The global Monorail Market is estimated to be USD 4.68 Billion in 2016, and is projected to grow at a CAGR of 2.75% from 2016 to 2021, to reach USD 5.36 Billion by 2021. The growth of this market is fueled by urbanization and increased demand for efficient & cost effective public transport systems in the emerging economies.
Browse 63 market data tables and 43 figures spread through 116 pages and in-depth TOC on “Monorail Market by Type (Straddle, and Suspended), Propulsion Type (Electric, and Maglev), Size (Large Monorail, Medium Monorail, and Compact Monorail), and Region - Global Forecast to 2021”
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Straddle type monorail system to hold the largest share in the global Monorail Market, by type
The straddle type monorail system is estimated to account for the largest share in the global Monorail Market. The primary advantage of straddle type monorail system is that they are easy to install even in the compact areas due to which construction of expensive underground lines can be avoided. Factors such as congestion in the city, technological advancement, space optimization, and urbanization are responsible for the growth of the Monorail Market. The market for maglev technology is expected to grow at a higher rate.
Electric Monorail Systems: A promising market due to the increase in global trade
Electric monorail systems are expected to hold the largest share, in term of value, in the global Monorail Market. This can be attributed to the growing need of efficient and effective public transport systems. Electric operated monorails systems are eco-friendly and cost effective as they produce zero emissions and have low installation cost. Monorail systems are much more energy efficient and easier to operate. The maglev monorails uses 30% less energy compared to a high-speed train travelling at same speed and are more efficient compared to current rail systems.
The monorail market, in terms of value, is projected to grow at a CAGR of 2.75% from 2016 to 2021. The market is estimated to be USD 4.68 Billion in 2016, and is projected to reach 5.36 Billion by 2021. Increase in urbanization has led to increase in demand for alternative transportation which has drive the monorail system industry.
Continuous technological improvisation led to change in monorail speeds and the distance it covers. Countries such as China, Japan, and Germany have developed monorail systems for longer distance and with faster speed compared to other monorail systems. The advantage of a monorail system is the space optimization for its installation over metro and other modes of transportation to commute. Monorails are considered as “rail of the future” due to improvement and development in the technology. Asian countries such as China, India and others are installing monorail systems as they are cost effective. Monorail systems are also being used for connecting two different lines of metro rails. For instance Chongqing monorail system implemented in China and also for connecting airports & shopping centers to the parking lots.
The growing need for urbanization, environmental sustainability, and increase in the traffic congestion has resulted in an increasing number of transport systems, which is expected to drive the demand for monorail systems. In developing countries, the increase in urbanization has led to an increase in the demand for transportation systems. Traffic congestion on the roads has also increased. This has led governments to develop infrastructure for rail networks such as metros, monorails, light rails, and trams. Countries have mostly constructed metros and heavy rails for travelling to longer distances whereas monorails are used to commute over shorter distances. The efficiency operation and low cost of installation of monorail systems has meant that most countries have opted for this as an alternative mode for transportation.
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Asia-Pacific: Largest market for monorail systems
The Asia-Pacific is the largest markets for monorail systems. The Asia-Pacific accounted for the largest market share of the global monorail systems in 2016. This is mainly attributed to the rise in urbanization in countries and the technological advancements in monorail systems. There in increase in demand for urban public transport systems in Asia-Pacific region in countries such as China, India and others. These countries have installed monorail systems which are efficient and cost effective.
The report analyzes all major players in the Monorail Market, including Bombardier Transportation (Canada), Hitachi, Ltd. (Japan), Scomi Engineering Bhd. (Malaysia), Aerobus International, Inc. (USA), Mitsubishi Heavy Industries, Ltd. (Japan), Intamin Bahntechnik (Switzerland), Urbanaut Monorail Technology (USA).
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