The global monorail systems market size is expected to reach approximately US $ 180.48 billion by 2027 with a CAGR of 21.94%, according to a report study by Precedence Research.
OTTAWA, June 22, 2021 (GLOBE NEWSWIRE) – Recently published report on “Monorail Systems Market (By type: suspended monorail and spanned monorail; by autonomy: semi-autonomous, manual, fully autonomous; by type of propulsion: Maglev monorail, electric monorail; by automation: GoA0, GoA1, GoA2, GoA3 and GoA4) – Market size global, trend analysis, sector forecasts, regional outlook 2020 – 2027 â.
The monorail is a form of transport that uses a single track made of concrete or metal. They are supported and guided by wheels under the train which are in permanent contact with the track. Typically, monorails are electrically driven and their wheels are in full contact with the track, however, maglev trains are magnetically driven and their wheels are slightly above the track. Therefore, maglev trains provide smoother and smoother travel compared to electric monorails. In addition, the monorails can support four to six cars and a maximum of eight cars. Monorail systems are environmentally friendly due to its simple, tapered guideway as the wide bridge structure required for other mass transit systems. This allows sunlight to enter the surface street and the surrounding area. The air flow is not blocked to / from the surface street, which does not create air pollution under the structure from car exhaust gases.
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The global monorail systems market is largely driven by the growing demand for public transport systems and the growing infrastructure development in emerging countries. In addition, the increasing traffic congestion and the need for a reliable and fast transportation system are also driving the market significantly. Monorails offer several advantages over the metro system, such as optimization of space in the installation as well as environmentally friendly switching means. In addition, increasing traffic congestion, especially in Asian countries, has led the government to invest heavily in monorail projects. For example, China, India, Korea, Japan and other ASEAN countries are largely focusing on developing monorails for intra-city travel to reduce travel time and regulate pollution. In the region.
However, the lack of research and development and innovation in the monorail system as well as the manufacturing cost and the cost of installing the monorail are hampering the growth of the market. Nonetheless, the growing government initiatives for monorail are expected to fuel the market growth during the forecast period.
Highlights of the report
- Asia-Pacific seeks to be the most opportunistic market during the forecast period. The significant growth of the region is mainly attributed to increasing urbanization, ever growing population and increasing investments in public transport. In addition, the need for an environmentally friendly mass transit system is also propelling the market growth prominently.
- North America and Europe are the major market players contributing significantly to the market revenue. Being a technologically developed and important government initiative to reduce the carbon footprint in the region, the monorail is the preferred choice for public transportation in the region.
- By type of propulsion, electric monorails are the preferred choice over maglev monorail because they are more economical and suitable for intra-urban travel. However, maglev trains have a very high speed of over 500 kilometers per hour, which makes them unsuitable for traveling over short distances. In addition, it costs more to manufacture and maintain.
- GoA2 has dominated the automation segment with a magnificent revenue share in the global monorail systems market. Benefits offered by GoA2 level of automation over other levels, such as lower installation costs compared to GoA3 and GoA4. Plus, they are operated under surveillance which helps prevent accidents. However, GoA3 and GoA4 are fully automated monorail levels that have a high level of safety and punctuality.
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Asia-Pacific is expected to be the most opportunistic region during the forecast period. The vital factor attributed to this potential is the constant increase in population, rapid urbanization and increasing traffic congestion in this region. Governments of Asian countries invest heavily in public transport and infrastructure development. As for the Asian Development Bank, Asia-Pacific needs $ 8.4 billion in financing by 2030 for transport and development projects. In addition, rising monorail projects in China, India and ASEAN countries are expected to further drive the market growth.
On the other hand, North America and Europe are the major regions in the global monorail systems market. The regions offer significant growth opportunities being technologically advanced and pre-adopting advanced technologies. In addition, Europe is constantly focused on reducing the carbon footprint in the region and has launched several directives and standards related to carbon emissions.
Key players and strategies
The global monorail systems market is consolidated and largely driven by technological advancements. The major players in the market are significantly focused on maintaining their brand by offering a reliable and durable monorail solution. They are working in partnership with the governments of various countries to build the monorail system.
Some of the major players in the market are Bombardier Corporation, CRRC Corporation Limited, Hitachi Rail, Ansaldo STS, BYD Company Ltd, General Electric, Alstom SA, Thales Group, SIEMENS AG, Mitsubishi Electric and ABB, among others.
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