Global Monorail Systems Market: Introduction
The monorail is a transportation system commonly referred as a beam way for an elevated system, supported along a single rail. Monorail has a wide range of applications from airport transportation to medium capacity metros. However, companies are offering nowadays, with mass transit planners. For instance, Hitachi Monorail Systems provides mass transit planners which are an alternative with distinctive features when compared to other public transportation systems. The growth of monorail systems is fueled by increasing infrastructure development and demand for public transportation systems in the emerging countries.
Global Monorail Systems Market: Market Dynamics
The growth of monorail systems is fueled by increasing infrastructure development and demand for public transportation systems in the emerging countries. The electric monorails are gaining traction in the market as they are environment-friendly, reliable and efficient. Further electric monorail systems are economic and are adaptable compared to maglev monorail systems. Maglev monorail systems are comparatively a new technology and are expensive as compared to electric monorail systems.
Electric monorail system provides a solution for a whole range of applications, and even manufacturers are offering customization for use in any type of material flow or line management system. With the help of electric monorails, the vehicles can travel at a speed of up to 120 m/min. The faster the vehicle moves, the fewer vehicles are required, making the whole process cost effective. For instance, Metrail, the world's most advanced hybrid electric monorail system, is one of the innovative public transport system which is economical, clean and sustainable.
However, there is a lack of innovation and R&D in the monorail systems market. Companies need to invest heavily in the R&D to enhance the ability of monorail systems, further improve its speed, reliability, and efficiency in order to reduce the turnaround time. Another factor hindering the growth of monorail systems is the high installation cost of maglev as compared to electric monorail system. These vehicles have low penetration in the emerging markets. The higher installation costs is one of the major factors preventing the manufacturers from entering APEJ market particularly in countries such as India, China, and South Korea.
Global Monorail Systems Market: Market Segmentation
On the basis of the type, the global monorail market can be segmented into:
The straddle type is expected to dominate the monorail market and with an accelerated growth rate during the forecast period.
On the basis of size, the global monorail market can be segmented into:
On the basis of propulsion, the global monorail market can be further segmented into:
The electric monorails are preferred over the maglev monorails as they are efficient in operation and are cheaper in terms of installation costs. Moreover, countries such as U.S. Japan, Germany, China, India, and South Korea have higher penetration rate for electric monorail systems.
Global Monorail Systems Market: Regional Outlook
APEJ region is projected to dominate the monorail system’s market, due to the emerging and fastest economies such as China, India, and South Korea. Nowadays, the OEM’s are not only catering to the domestic demand, but also the overseas demand as well. Further, due to the increase in demand for public transport systems, the demand for large monorail systems are enhancing in the region.
Global Monorail Systems Market: Market Players
The market players in Monorail System’s market are Hitachi, Ltd., Bombardier Transportation, Scomi Engineering Bhd., Aerobus International, Inc., Mitsubishi Heavy Industries, Ltd., Intamin Bahntechnik, Urbanaut Monorail Technology