Monorail System Market - Snapshot
Monorail is a train which utilizes a single track, made of either metal or concrete. The monorail is guided and supported by wheels mounted beneath the train, which are continuously in contact with the track. Generally, monorails are powered by electricity provided through a third rail mounted along the track. The maglev type of monorail is powered by magnetic lavation and utilizes two sets of magnets, one is for raising the vehicle above the track and the other to propel the vehicle. Monorail trains generally have three or four cars and can have up to eight cars. Monorails trains are wider than the track; hence requires minimum space.
Trains are a minimal polluting mode of transportation and hence, governing bodies are enhancing train transportation in order to limit the pollution emitted by different modes of transportation. Governing bodies of several nations are focused on the incorporation of less or zero emission modes of transportation in order to meet the Paris Climate Accord, which pledges to keep the global temperature rise within 2 degree Celsius in the near future, which has been signed by 195 nations. Such government policies and agreements signed at the global level are propelling the demand for trains across the globe. Monorail is a faster and safer mode of transportation. The rate of accidents for monorails is significantly lower than that of other types of train. The cost of per kilometer construction for monorail is marginally lower than that of other rapid urban transits such as metro and bullet train. The space required for monorail is significantly lower and it is easy to construct. Consequently, monorails are suitable for densely populated and congested areas. Monorails are suitable for traveling over short distances; therefore, governing bodies are preferring for them for urban rapid transits. All the aforementioned qualities of monorails are fueling the global monorail system market.
A key restraint of the global monorail system market is its lower passenger carrying capacity. The number of passengers that can travel on monorails is significantly lower than that of other rapid urban transits, as monorails are generally capable of carrying three to four cars, sometimes up to eight cars. Therefore, governing bodies prefer metro and other rapid transit systems over monorail systems.
Straddle type of monorails are capable of carrying more number of passengers than that of suspended type of monorails. Thus, the straddle monorail segment accounted for a major share of the market, in terms of revenue, in 2017. Suspended monorails are suitable for theme parks, zoos, and other small places where the number of passengers is limited. Straddle type monorails are suitable for crowded areas and for high frequency and hence, these monorail systems are preferred for urban areas.
Maglev monorails are capable of running at speeds above 500 kilometer per hour, while electric monorails have speeds in range of 80 to 100 kilometers per hour; however, the cost and required time of construction for electric monorails is considerably lower than that of maglev monorails. Therefore, demand for electric monorails is high across the globe. Maglev monorails are not suitable for short distance travel, such as within urban areas, thus electric monorail systems are being preferred for intra-city transportation. Consequently, the electric monorail segment held a notable share of the market, in terms of revenue, in 2017.
Automation is changing the face of automotive and transportation industries considerably. Raised level of automation has proven to be effective in reducing the number of accidents, number of crashes, and effectively reducing delays. Considering passenger safety and reduced expenditure over longer halt time, governing bodies are preferring to incorporate at least some degree of automation in under-construction and proposed monorail system projects. Therefore, semi-autonomous and completely autonomous segments are likely to expand significantly during the forecast period.
Based on number and type of automated components in a train, the grade of automation is decided. Completely autonomous trains are considered as driverless and unattended trains. In GoA3 and GoA4 trains, all operations are performed automatically. GoA3 and GoA4 monorails are considered to possess considerably high levels of safety and punctuality and hence, mass transits are being incorporated with GoA3 and GoA4 technology. GoA2 is being widely preferred across the globe owing to its effectiveness in reducing accidents and enhancing the overall train performance. In a GoA2 trains, Automatic Train Operation (ATO) and Automatic Train Protection (ATP) are incorporated and operated under surveillance of the driver, as well as the train cruising and stopping are performed automatically, which reduces the chances of accidents and crashes and enhances the safety of passengers. GoA2 trains provide numerous benefits, in terms of cost of installation, and hence, are being adopted widely. Thus, the segment is likely to expand at a notable pace during the forecast period.
Large number of under-construction and proposed monorail system projects are based in Asia Pacific, especially China, India, and ASEAN countries, which have a large population and comprise of densely populate areas, which in turn drives the demand for monorail systems. Rapidly occurring urbanization, increase in number of daily commuters, increased road traffic congestion, and availability of small spaces are prompting governing bodies to prefer monorail systems. Therefore, Asia Pacific is likely to offer lucrative opportunities to the monorail system manufacturers as the region has a large number of proposed monorail system projects. Middle East & Africa and Latin America are witnessing a surge in urbanization. Enhanced education quality, increased per capita income, increased job opportunities, and increase in number of daily commuters across the aforementioned regions are fueling the demand for fast, secure, and economical mode of transportation, which in turn is fueling the demand for monorail system in these regions.
Key players operating in the global monorail system market are CRRC Corporation Limited, Bombardier Corporation, Hitachi Rail, BYD Company ltd, Ansaldo STS, Alstom S.A., SIEMENS AG, Thales Group, Mitsubishi Electric, General Electric, and ABB. BYD Company ltd. is a subsidiary of leading electric vehicle manufacturer BYD Auto, which is focused on the development of advanced low and zero-emission modes of transportation.
Monorail System Market - Overview
This report analyzes and forecasts the market for monorail system at the global and regional level. The market has been forecasted based on volume (Units) and value (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global monorail system market. It also covers the impact of these drivers and restraints on the demand for monorail system services during the forecast period. The report also highlights opportunities and future scope in the market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global monorail system market. The Porter’s Five Forces model for the market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein the service is benchmarked based on market size, growth rate, and general market share.
The study provides a decisive view of the global monorail system market by segmenting it in terms of type, propulsion type, autonomy, grade of automation, and geography. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for monorail system in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for individual segments in all major countries across all the regions.
The study includes profiles of major companies operating in the global monorail system market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
Key driver of the global mono rail system market is the lower cost of construction and ease of constructing the monorail system. Monorail system requires significantly lower space, which makes it system suitable for congested urban areas. Monorails are preferred for mass rapid transportation services, as they are capable of carrying considerable number of passengers at a significant pace at high frequency. Rapid urbanization is fueling the demand for faster and safer modes of public transportation, which in turn is fueling the demand for monorail systems across the globe.
The report provides the estimated cumulative market size of monorail system for 2017 and forecast for the next nine years. The global market size has been provided in terms of volume and revenue. Market numbers have been estimated based on type, propulsion type, autonomy, grade of automation, and geography segments. Market size and forecast for each type, propulsion type, autonomy, and grade of automation have been provided in terms of global and regional/country markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key player’s product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, statistics data from government websites, trade associations, UITP data, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, UITP, International Monorail Association, IRRB, UIC, European Rail Research Advisory Council, Association of American Railroads (AAR), Consumer Connectivity Association, Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, Linked interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help to develop the analysis team’s expertise and market understanding.
The global monorail system market has been segmented as follows:
Global Monorail System Market, by Type
- Straddle Monorail
- Suspended Monorail
Global Monorail System Market, by Propulsion Type
- Electric Monorail
- Maglev Monorail
Global Monorail System Market, by Autonomy
- Completely Autonomous
Global Monorail System Market, by Grade of Automation
Global Monorail System Market, by Region/ by Country/ Sub-region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA