Monorails are trains that use a single track made of metal or concrete. They are guided and supported by wheels mounted under the train, which are in constant contact with the track below. Usually, the monorail is powered by electricity provided through a third rail mounted along the route. The Maglev monorail is driven by magnetic displacement and uses two sets of magnets. Monorails often have three or four cars and can be increased up to eight. They are more extensive than the tracks, and minimum space is required.
The global market for the monorail system is expected to reach US$ 5.36 billion by 2026 during the forecast period, increasing from US$ 4.68 billion in 2021.
Recent Developments and Trends
BYD Company Ltd., a subsidiary of the leading manufacturer of electric vehicles BYD Auto, which focuses on the development of advanced low-emission and zero-emission modes of transportation, have been investing lately in the event of advanced monorails.
The global monorail system market is estimated at $ 4.68 billion in 2018 and is expected to grow at a compound annual rate of 2.75% from 2018 to 2025, reaching $ 5.36 billion by 2025.
As the demand for stable transport has increased, and traffic congestion and environmental sustainability have increased, the need for a clean and massive transport system has improved. This is expected to boost demand for monorail systems across the world.
Monorail systems are being adopted due to their cost and efficiency advantages. At the same time, the growing awareness of the benefits of using sustainable energy has increased the propensity for electric monorail systems. The demand for these systems is expected to increase due to advantages such as high reliability, sustainability and high efficiency. Over the years, monorail systems have undergone enormous technical changes, making them more practical and efficient. Newer systems can cover more distance. These factors are supporting the growth of the global monorail system market. The growth of monorail systems is driven by the growing demand for infrastructure development and public transformation systems in emerging countries. Electric monorails are attracting attention in the market because they are ecological, reliable and efficient. The new electric monorail system is economical and versatile compared to the magnetic levitation monorail system.
The main limitation in the global monorail systems market is the low passenger capacity. Another factor that hinders the growth of the monorail is the high cost of installation of Maglev compared to the electrical monorail systems. The monorail has a low penetration rate in emerging markets. High installation costs are mainly preventing manufacturers from entering the APEJ market, especially in countries such as India, Korea, and China.
The segment analysis in the market was performed based on the type of propulsion, type of monorail, size, and region.
Depending on the type of propulsion, the market was divided into magnetic levitation and electric levitation. The electricity sector has a notable market share and is expected to show healthy growth in the near future.
Depending on the type of monorail, the market has been divided into suspensions and strata. In terms of value, the straddle segment dominates the global monorail systems market. The monorail straddle system is less sophisticated and straightforward to install.
By region, the global monorail system market was classified in Europe, Asia Pacific (APAC), North America and the rest of the world (RoW). The Asia Pacific is likely to emerge as an attractive market for monorail systems during the forecast period. The region offers favorable growth opportunities for market participants. Increased investment in infrastructure development and demand for more efficient public transport solutions, together with the constant growth of GDP in China and India, and the economic boom is creating lucrative market opportunities in the APAC.
The main players operating in the global monorail systems market include Bombardier Corporation, CRRC Corporation Limited, Hitachi Rail, Ansaldo STS, BYD Company, Alstom S.A., Thales Group, Siemens AG, General Electric, Mitsubishi Electric, and ABB.
The research done takes place in two phases namely-
Secondary Research The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypotheses and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook, etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies.
Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is a result of a competitive environment.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Monorail System Market, By Type
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Monorail System Market, By Propulsion Type
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Propulsion Type
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Type
7.3.3 By Propulsion Type
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Propulsion Type
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Type
7.5.3 By Propulsion Type
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Type
7.6.3 By Propulsion Type
8. Key Player Analysis
8.1 Bombardier Corporation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 CRRC Corporation Limited
8.3 Thales Group
8.4 Siemens AG
8.5 General Electric
8.7 Mitsubishi Electric
8.8 Hitachi Rail
8.9 BYD Company
8.10 Ansaldo STS
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
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