Global Monorail Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Monorail Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global monorail market report has been segmented on the basis of type, propulsion, size, and region.
Monorail Market: Overview
A monorail is a rail-based transportation system based on a single rail and commonly referred as beam way for an elevated system. Monorail requires only a minimal footprint for support pillars. This reduces friction and allows the trains to move faster and use less energy. It is guided and supported by wheels which is mounted beneath the train coaches. Monorails are suitable for densely populated and congested areas for traveling over short or long distances.
Monorail Market: Dynamics
The increasing adoption and integration of advanced technologies to enhance efficiency, speed and maximum optimization are some of the factors expected to drive growth of the global market over the forecast period. The increasing infrastructure development and demand for increasing demand for public transportation systems in the emerging countries is also expected to fuel growth of the monorail market. Demographic growth coupled with fast pace urbanization and government initiatives are some of the factors expected to drive growth of the global market. Furthermore, trend of smart cities expected to propel growth of the target market.
However, lower passenger carrying capacity and availability of alternate modes are some of the major factors may hamper growth of the target market over the forecast period.
Monorail Market: Segment Analysis
On the basis of type, straddle type segment dominates the monorail market and expected to grow at a significant rate during the forecast period.
On the basis of propulsion, the target market is segmented into electric monorail systems and maglev monorail systems. The electric monorails accounts for largest share to the global market over the maglev monorails owing to efficient and cheaper nature.
On the basis of size, medium size segment is estimated to hold major revenue share in the global market. Factors such as increasing demand for efficient & cost effective public transport, space optimization, and technological advancement are responsible for growth of the monorail market.
Monorail Market: Regional Analysis
The Asia Pacific monorail market accounts for major share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. Significant investments in the infrastructural sector and increasing technological advancements is leading to adoption of automated technology. Increasing purchase power of people coupled with swift mode of transportation in emerging countries such as china, Korea, and India is expected to propel growth of the target market. For Instance, In Jan 2018, a driverless monorail transit system named as system "Yungui" developed by leading new energy vehicle maker BYD and telecom giant Huawei – was tested in Yinchuan, Ningxia Hui Autonomous Region. The system will be operational in the first quarter of 2019.
Additionally, partnership between the government and the private companies in developing economies is also expected to drive growth of the target market in Asia Pacific. North America accounts for significant revenue share contribution of the target market. The Europe accounts for moderate revenue share in the global market and is expected to witness considerable growth over the next 10 years. Moreover, the market in Middle East & Africa are also expected to register moderate growth rate over the forecast period.
Global Monorail Market Segmentation:
Segmentation by Type:
- Straddle Monorail
- Suspended Monorail
Segmentation by Propulsion:
- Electric Monorail Systems
- Maglev Monorail Systems
Segmentation by Size:
- Large Size Segment
- Medium Size Segment
- Compact Size Segment
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- CRRC Corporation Limited
- Bombardier Corporation
- Hitachi Rail
- BYD Company ltd
- Ansaldo STS
- Alstom S.A.
- Siemens AG
- Thales Group
- Mitsubishi Electric
- General Electric
- ABB Ltd
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