Monorail Systems market size is estimated to be valued over US$ XX billion in 2019 and will register a CAGR of 30.1% between 2018 and 2028. Since 2015, 220 miles new monorail tracks has been planned and the number is expected to register upward trajectory growth throughout the forecast period.
These are the railway systems wherein the tracks consists of single rail. These railway systems are usually found in urban metropolitan cities with higher population base. Rise in urbanization rate and city expansion along with increasing influx of urban population has been a detrimental force for overall demand of monorail systems. Started in developed economies, monorail systems has penetrated widely in developing regions including China. As a matter of fact, China has the longest monorail route globally. The system has helped maintain traffic in highly efficient way. Earlier there were concerns related to switching tracks. However, newer technology has solved the issues. Various projects has been proposed dealing with either new installation of upgrading the aging monorail infrastructure. As such, there exists huge business opportunity to engaged players.
Though the monorail is becoming preferred choice for many government worldwide, capacity to cost ratio is better in metro system than that in monorail. Standard monorail has 4 bogies while metro system can have upto 9 – thereby lowering the cost for longer distance. These monorail systems are still far superior considering buses systems since the operational cost is low and is ecofriendly. AS per the estimates, the monorail system costs around US$ 57 million per kilometer. It varies depending on the geographical location. Overall, the cost to kilometer is lesser compared to metro systems.
Global Monorail Systems Market Size and Forecast: Regional Analysis
In the last few years, demand for monorail has heightened owing to expanding suburban regions and rising population. The trend is strong in developing regions including Asia Pacific and Latin America. Major manufacturers reported of doubling or tripling their manufacturing capacities owing to increased tenders. For instance, China’s BYD is expanding its presence from traditional electric buses business to monorail industries. Recently, in February 2019, BYD signed agreement with Brazil government to build monorail in Salvador. The project is expected to be completed by 2021.
In Asia Pacific, many new projects are coming up. As per the estimates, Asia Pacific is projected to account for 53% of global monorail system market by 2028. Countries such as Nepal are also emphasizing on monorail. In December 2018, China Railway 25th Bureau Group Co. Ltd. started working on monorail project report in Kathmandu, Nepal.
Global Monorail Systems Market Size and Forecast: Competition Landscape
Some key Monorail Systems market players are:
- Bombardier Corporation
- ABB Ltd.
- General Electric.
- CRRC Corporation Limited
- BYD Company ltd
- Mitsubishi Electric
- Ansaldo STS
- Hitachi Rail
- Siemens AG
- Thales Group
- Alstom S.A.
By Vehicle Type:
- Suspended Monorail
- Straddle Monorail
By Propulsion Type:
- Electric Monorail
- Maglev Monorail
By Application Type:
What Will You Discover in the Report?
- An in-depth analysis of the Monorail Systems market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Monorail Systems market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Monorail Systems market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Monorail Systems industry during the forecast period
- Who are the Monorail Systems industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Monorail Systems Industry Suppliers
- Monorail Systems Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
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