The global monorail system market size is projected to be worth around USD 180.48 billion by 2027 and anticipated to grow at a CAGR of 21.94% from 2020 to 2027.
Increasing demand for reliable transport, environmental sustainability, and rising traffic congestion have triggered the demand for clean and voluminous transport system are the major factors driving the monorail systems market. As per American Public Transportation Association (APTA), Americans took 9.9 Bn trips on public transport. In addition, rising infrastructure development along with increasing demand for reliable & environment-friendly public transport system expected to fuel the demand of monorail systems in the coming years. U.S. spends nearly US$ 400 Bn on public infrastructure, besides this the American Society of Civil Engineers (ASCE) stated that the investment on public infrastructure falls short every year and require to invest an additional US$ 2.1 Tn between 2016 and 2025 to meet the rising demand.
However, its low passenger carrying capacity hampers the market growth. Monorails are capable of carrying only four to six cars at a time and sometimes up to eight cars. This is the prime factor that governments of several developing nations prefer rapid transit systems or metros over monorails. Nonetheless, its environment-friendly feature as it runs on electric and magnetic energy may make it a preferred choice for the intra-city transport system in the coming years.
Monorails are normally employed to support manufacturing undertakings. Straddle design of monorail system utilizes extremely effectual guideway design. The guideway's narrow beam is fashioned offsite in a way that route corridor can stay highly reachable to the general public during production. The accomplished guideway is considerably thinner and permits more light through compared to widespread bridge structures requisite by other transit vehicle designs, whereas employing suggestively fewer construction material. As a result, it has significantly lower construction costs.
Straddle type monorail led the global monorail system market in 2019 owing to its higher capacity of carrying passengers than suspended type. Thus, straddle type monorail are a preferred choice over for crowded and high-frequency transportation. However, suspended type is most used at zoos, parks, and other small areas where the number of passengers are less.
Propulsion Type Insights
Electric monorails dominated the global monorail systems market in 2019. Electric monorails require less manufacturing time and cost as compared to maglev trains thus they captured most of the revenue share nearly 80% of the global market. In addition, Maglev trains are not suitable for short distance run such as intra-city transportation or within urban city travel as they have very high speed compared to electric monorails. Speed range of electric monorails is between 80 to 100 kilometers per hour on the other hand, maglev train speed is above 500 kilometers per hour.
The grade of automation is decided on the basis of number of automated components in the train. Based on automation the global monorail system market is classified into GoA0, GoA1, GoA2, GoA3, and GoA4. GoA3 and GoA4 grade are considered as fully automated mass transport system and they possess highly level of punctuality and safety. They are mostly preferred in mass transits. However, GoA2 monorails are more preferred across the globe as they are more effective in reducing accidents along with enhances the overall train performance. GoA2 trains are incorporated with Automatic Train Protection (ATP) and Automatic Train Operation (ATO) systems, and operated under surveillance. These are some of the important factors that drive the growth of the electric monorail systems market.
Large number of proposed and under-construction projects in Asia Pacific makes it the most lucrative region during the forecast period. Most of the under-construction projects are based in India, China, and ASEAN countries. In March 2019, India completed its first monorail project in Mumbai with an estimated investment of USD 5019 Mn on the project. In addition, rapid urbanization, rising traffic congestion, along with ever increasing population expected to propel the market growth in the region significantly.
Rest of the world is another most opportunistic region that offers significant revenue growth in the coming years. The factors attributed to the market growth are increased per capita income, enhanced education quality, and rising number of daily commuters are fueling the demand of monorail systems in the region.
Key Companies & Market Share Insights
The global monorail system market is consolidated with significant technological advancement. Market players are largely focused on advancement in automation of monorail. Moreover, rising number of projects expected to flourish the market growth. For instance, in May 2019, Bombardier Transportation, one of the leading players in monorail systems market, signed an agreement with the Egyptian government to build monorail in Cairo. The company is working in partnership with two other Egyptian firms that are the Arab Contractors and Orascom Construction.
Some of the prominent players in the monorail system market include:
Segments Covered in the Report
This research report analyzes and predicts growth of market size at global, regional, and country levels. It also offers comprehensive study of the up-to-date industry developments in all of the sub-segments from 2016 to 2027. In order to study thoroughly this research study classified global monorail system market depending upon different parameters such as propulsion type, autonomy, automation, and region:
By Propulsion Type
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