Market Analysis of Monorail Systems Market
The global monorail
systems market will develop at a 2.70% CAGR between the forecast period 2022-
2030, according to the new Market Research Future (MRFR) analysis. A monorail,
simply put, is a train that uses a single track manufactured of metal or concrete.
It is reinforced and managed by wheels that are mounted below the train that is
in contact with the track continuously. Monorails generally are powered by
electricity that is delivered with the help of a third rail mounted along the
track. Usually, it has three to four cars and can have up to eight. As it is
bigger than the track, it needs minimum space.
Various factors are
fuelling the global monorail systems market size. According to the recent MRFR
market estimates, such factors include an increase in urbanization, constant
technological improvisation, environmental sustainability, a rise in traffic
congestion, demand for public transport in emerging countries, increasing
infrastructure development, and improving marketing channels for monorail systems
industry.
On the contrary,
lower passenger carrying capacity, high installation cost, lack of innovation
and research and development in the market, and the impact of the COVID-19
pandemic are factors that may limit the global monorail systems market share
over the forecast period.
Market
Segmentation
The MRFR report
throws light on an inclusive segmental analysis of the global monorail systems
market based on type, propulsion type, and size.
By type, the
monorail systems market is segmented into straddle and suspended. Of these, the
straddle segment will lead the market over the forecast period. Increased
investment in rail infrastructure and the growing need for high-speed trains in
emerging economies are adding to the growth of the segment.
By propulsion type,
the global monorail systems market is segmented into magnetic levitation and
electric. Of these, the electric segment will dominate the market over the
forecast period. Growing popularity for being efficient, cheaper, reliable, and
eco-friendly is adding to the growth of the segment.
By size, the global
monorail systems market is segmented into medium, compact, and large.
Regional
Analysis
By region, the
global monorail systems market covers the growth opportunity and recent trends
across Europe, North America, the Asia Pacific (APAC), and the Rest of the
World (RoW). Of these, the APAC region will spearhead the market over the
forecast period. Quickly developing smart cities, plan to put in sensible
transport modes to decrease traffic problems, adoption to offer transport and
decongestion of high traffic in China and India, heavy investments for
expansion, growing demand in Thailand and Korea, OEMs catering to both domestic
and overseas, growing demand for public transport systems, a huge number of
proposed and under-construction monorail system projects, presence of large
population, rapidly occurring urbanization, availability of small spaces that
prompt governing bodies, and increased road traffic congestion are adding to
the global monorail systems market growth in the region.
In North America,
the global monorail systems market is predicted to have healthy growth over the
forecast period and that in Europe is predicted to have sound growth over the
forecast period.
In the Rest of the
World, the global monorail systems market is predicted to have steady growth
over the forecast period. Surge in urbanization, improved education quality,
rising per capita income, rising job opportunities, rise in the number of daily
commuters, and demand for economical, secure, and fast mode of transportation
are adding to the global monorail systems market growth in the region.
Key
Players
Key contenders
profiled in the global monorail systems market report include Woojin Industrial
System, Intamin Bahntechnik, Aerobus International, Inc., Urbanaut Monorail
Technology, Mitsubishi Heavy Industries Ltd., CSR Corporation Limited, Hitachi,
Ltd., Bombardier Inc., Siemens AG, and Scomi Engineering Bhd, among
others.
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