Global monorail market is expected to rise to an estimated value of USD 6.38 billion by 2026, registering a steady CAGR of 2.87% in the forecast period of 2019-2026. Rising demand for cost effective public transport system is the major factor for the growth of this market.
Market Definition: Global Monorail Market
Monorail is railway systems which consist of single rail which are usually made of concrete and metals. These monorails have wheels under the train which were usually in contact with the track. They are used in applications like airport transportation, medium metros etc. They are usually of two types – straddle monorail and suspended monorail. These monorails are usually run on the elevated tracks. These monorails usually have four to eight cars. Increasing urbanization in the developing country is the major factor fuelling the growth of this market.
- Rising urbanization and industrialization is the major factor driving the market growth
- Technological advancement and development in monorail is driving the growth of this market
- Increasing prevalence for cost- effective public transport system is driving the market.
- Presence of alternatives modes is restraining the market growth
- Limited number of manufacturer is another factor restraining market growth
Segmentation: Global Monorail Market
- Straddle Monorail
- Suspended Monorail
- Electric Monorail Systems
- Maglev Monorail Systems
- Large Size Segment
- Medium Size Segment
- Compact Size Segment
By Grade of Automation
- Semi- autonomous
- Completely- autonomous
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In October 2016, BYD announced the launch of their electric monorail system- Skyrail which has rechargeable batteries. The main aim of the launch is to expand public transportation so that it can become the core business sector after IT, automobiles and new energy. This new skyRail has the capacity to carry 10000 to 30000 passengers in an hour.
- In August 2016, TC/American Crane Company announced that they have acquired TC/American Monorail Systems, Inc. This acquisition will help the company to expand their business and provide better services to the customers.
Competitive Analysis: Global Monorail Market
Global monorail market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of monorail market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Monorail Market
Few of the major competitors currently working in the Global monorail market are Scomi Group Bhd, Siemens, Bombardier, Hitachi, Ltd., CSR Corporation Limited, MITSUBISHI HEAVY INDUSTRIES, LTD., Einar Svensson, The Urbanaut Company, Inc., Aerobus International, Inc., Intamin Amusement Rides Int, Thales Group, Alstom, Hitachi Rail STS, Ltd., EC21 Inc.
Research Methodology: Global Monorail Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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