The global monorail system market size is expected to reach around US$ 197 bn by 2027 and predicted to expand at a CAGR of about 22% during the forecast period 2020 to 2027.
Monorail is a train which utilizes a single track, made of either metal or concrete. The monorail is guided and supported by wheels mounted beneath the train, which are continuously in contact with the track. Generally, monorails are powered by electricity provided through a third rail mounted along the track. The maglev type of monorail is powered by magnetic lavation and utilizes two sets of magnets, one is for raising the vehicle above the track and the other to propel the vehicle. Monorail trains generally have three or four cars and can have up to eight cars. Monorails trains are wider than the track; hence requires minimum space.
Trains are cost-effective and considerably less polluting mode of transportation and hence, governing bodies are preferring to expand train connectivity in order to enhance train transportation. Internal combustion engine vehicles are a major source of pollution. Therefore, governing bodies are focused on increasing the adoption of other modes of transportation that are less polluting, such as trains. Monorails are a significantly less polluting and faster mode of transportation. Monorails require significantly lesser space than that of conventional trains, and hence, these are more suitable for urban areas where lack of space is a concern. Rapid urbanization occurring due to enhanced job opportunities, increase in number of on-road vehicles due to rise in per capita income, and enlarging urban areas are fueling the demand for faster, safer, and economical modes of transportation, which in turn is fueling the demand for monorail systems. Moreover, the construction of monorail systems is much easier and requires significantly lower expenditure. Consequently, governing bodies, especially across developing nations, are preferring to incorporate the monorail system in densely populated urban areas.
A key restraint of the global monorail system market is its lower passenger carrying capacity. The number of passengers that can travel on monorails is significantly lower than that of other rapid urban transits, as monorails are generally capable of carrying three to four cars, sometimes up to eight cars. Therefore, governing bodies prefer metro and other rapid transit systems over monorail systems.
Straddle type of monorails are capable of carrying more number of passengers than that of suspended type of monorails. Thus, the straddle monorail segment accounted for a major share of the market, in terms of revenue, in 2017. Suspended monorails are suitable for theme parks, zoos, and other small places where the number of passengers is limited. Straddle type monorails are suitable for crowded areas and for high frequency and hence, these monorail systems are preferred for urban areas.
Maglev monorails are capable of running at speeds above 500 kilometer per hour, while electric monorails have speeds in range of 80 to 100 kilometers per hour; however, the cost and required time of construction for electric monorails is considerably lower than that of maglev monorails. Therefore, demand for electric monorails is high across the globe. Maglev monorails are not suitable for short distance travel, such as within urban areas, thus electric monorail systems are being preferred for intra-city transportation. Consequently, the electric monorail segment held a notable share of the market, in terms of revenue, in 2017.
Automation is changing the face of automotive and transportation industries considerably. Raised level of automation has proven to be effective in reducing the number of accidents, number of crashes, and effectively reducing delays. Considering passenger safety and reduced expenditure over longer halt time, governing bodies are preferring to incorporate at least some degree of automation in under-construction and proposed monorail system projects. Therefore, semi-autonomous and completely autonomous segments are likely to expand significantly during the forecast period.
In terms of type, the monorails systems market has been bifurcated into straddle monorail and suspended monorail. Suspended monorails were popular Germany and were installed in zoos, theme parks, and exhibitions. Suspended monorails are suitable for light applications, as their passenger carrying capacity is much lower than that of straddle type monorails. The cost of construction of suspended type monorail is higher than that of straddle type monorail system. Therefore, straddle type monorail systems are preferred for mass and high frequency transportation, such as urban transportation. Major number of proposed and under-construction monorail system projects are incorporating the straddle type monorail system. Consequently, the straddle monorail segment is likely to expand at a CAGR of about 23% during the forecast period.
Maglev trains are capable of achieving cruising speed of more than 500 Km per hour, which makes these trains suitable for long-distance travel. Maglev monorails utilize magnetic levitation to propel the vehicle. These monorails utilize two sets of magnets, one to lift the train and the other to propel the vehicle forward. Maglev trains are considerably fast; however, the cost and time required for construction of maglev monorail system is significantly higher than that of electric monorail system. Electric monorail systems are suitable for transporting passengers for shorter distances. The electric monorail system can have numerous stations across its track, which makes is highly suitable for urban areas. Therefore, the electric monorail system segment dominates the global monorail system market.
Incorporation of automation into trains can save up to 15% of the energy required and can have a significant positive impact on required travel time. Automated trains are proven to have reduced number of crashes and accidents and hence, preference for automated trains has been increasing over the last few years. Completely autonomous vehicles, which are considered as GoA3 and GoA4 trains, don’t have a driver and are more expensive than semi-autonomous trains. GoA1 and GoA2 trains are semi-autonomous trains that have automated train operation and automated train protection technology. In GoA2 trains, cruising and train stopping are automated, which enhances train safety and speed. Moreover, semi-autonomous trains are less expensive than completely autonomous vehicles. Therefore, governing bodies are preferring semi-autonomous vehicles. Developing countries and low GDP countries are adopting semi-automated monorail systems, which is primarily attributed to its lower cost. Major number of prosed monorail system projects have incorporated the GoA2 type of monorails, and hence GoA2 and semi-autonomous segments are expected to expand at a significant pace during the forecast period.
Demand for monorail systems is rising in China, India, and ASEAN countries, which is primarily attributed to the rapid urbanization in these countries. Enlarging urban area, increased migration of people from villages to urban areas due to better income opportunities, and increase in number of daily commuters are increasing the burden over mass transit systems in densely populated areas across these nations. India and ASEAN countries have a bunch of proposed monorail system projects, and hence, Asia Pacific region is estimated to hold a major share of the global monorail system market during the forecast period. Several countries across Latin America and Middle East & Africa are primarily focused on enhancing train connectivity across urban areas, which is likely to offer lucrative opportunities to the monorail system market in these regions.
The Monorail System market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Monorail System market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Monorail System market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Monorail System market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Monorail System market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Monorail System capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Monorail System by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Monorail System market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Monorail System market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Monorail System market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Monorail System industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Monorail System market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Monorail System market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Monorail System market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Monorail System market. These factors have benefited the growth of the global market for Monorail System. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Monorail System. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Key players operating in the global monorail system market are CRRC Corporation Limited, Bombardier Corporation, Hitachi Rail, BYD Company ltd, Ansaldo STS, Alstom S.A., SIEMENS AG, Thales Group, Mitsubishi Electric, General Electric, and ABB. BYD Company ltd. is a subsidiary of a leading electric vehicle manufacturer BYD Auto, which is focused on the development of advanced low and zero-emission modes of transportation.
Global Monorail System Market, by Type
Global Monorail System Market, by Propulsion Type
Global Monorail System Market, by Autonomy
Global Monorail System Market, by Grade of Automation
Global Monorail System Market, by Region/ by Country/ Sub-region
In this study, the years considered to estimate the market size of Monorail System are as follows:
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- Market value USD Million and volume Units Million data for each segment and sub-segment
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In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: