Global Monorail System Market to Post 2.70% CAGR Between 2016 and 2022
Monorail systems are a compact version of broad-gauge railway systems. Monorail are deployed in area with limited space for public transportation infrastructure. Monorail systems continue to prevail in various parts of the world. Demand for monorail is on the rise owing to rapid urbanization in emerging economies. Market Research Future (MRFR) reports that the global Monorail systems Market Revenue will demonstrate a CAGR of 2.70% during the assessment period (2016-2022).
For many years now, monorails are being used for both passenger and freight movement. The fact that monorails are compact make their technical specification different the other railway systems. Monorail systems are mostly installed on elevated structure in order to avoid disruptions in road traffic. Monorail systems are usually deployed in urban areas to resolve public transportation issues. Rising urban population is driving the need for efficient transportation solutions.
Monorail systems are being adopted owing to cost-benefits and efficiency. At the same time, there has been an increased inclination towards electric monorail systems owing rising consciousness about advantages of using sustainable energy. Demand for electric monorail systems is expected to grow owing to their benefits such as higher reliability, sustainability and higher efficiency. Over the years, monorail systems have undergone tremendous technological transformation making them viable and more efficient. Latest systems are capable of the covering greater distances. Such factors are supporting the growth of the global monorail systems. However, the arrival of new transportation systems is analysising the uptake of monorail systems. There shift towards options that allow to reduce traffic congestion in metropolitans.
Global Monorail systems Market Revenue: Segmental Analysis
The segmental analysis of the market has been conducted based on propulsion type, monorail type, size and region.
On the basis of propulsion type, the market has been segmented into magnetic levitation and electric levitation. The electric segment accounts for a notable share of the market and is anticipated to witness a healthy growth in the foreseeable future. The growing environment consciousness across the global is driving the electric propulsion monorail systems. Moreover, the arrival of energy-efficient and more reliable electric monorail systems is reflecting favourably on the segment. On the basis of monorail type, the market has been segmented into suspended and straddle. In terms of value, the straddle segment dominates the global Monorail systems Market Revenue. Straddle monorail systems are less sophisticated, which makes them highly convenient and easy to install. Straddle monorail system is less expensive and low maintenance compared to suspended monorail system. On the basis of size, the market has been segmented into compact, medium and large.
Global Monorail systems Market Revenue: Regional Analysis
On the basis of region, the market has been segmented into Europe, Asia Pacific (APAC), North America and rest of the world (RoW). Asia Pacific is expected to emerge as a standout market for monorail systems of the forecast period. The region presence lucrative growth opportunities for market players in APAC. Increased investment in infrastructure development and growing need for more efficient public transportation solutions. Economic boom along with a steady GDP growth in China and India is creating attractive market opportunities. Development agendas such as smart city initiative, vertical housing, and high-speed broadband are gaining momentum in these countries. Moreover, the growing population in India and China continues to prompt local policy market make structural reforms that enable them to tackle urban issues.