Monorail System Market Size, Industry Share & Trends | 2031
Monorail System Market Size, Industry Share & Trends | 2031
Segments - Monorail System Market by Autonomy (Completely Autonomous, Semi-autonomous, and Manual), Type (Straddle Monorail and Suspended Monorail), Propulsion Type (Electric Monorail and Maglev Monorail), Automation (GoAO, GoA1, GoA2, GoA3, and GoA4), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :AL-5229
| 4.9 Rating
| 52 Reviews
| 199 Pages
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Report Description
The global monorail system market size was USD 5.51 Billion in 2022 and is likely to reach USD 7.03 Billion by 2031, expanding at a CAGR of 2.75% during 2023–2031. The market growth is characterized by the growing need for cost-efficient, environmentally sustainable, and feasible public transit systems.
Monorails are designed to function seamlessly in urban environments to alleviate city traffic and congestion. A monorail system operates on an elevated track supported by a single rail. Monorails run on elevated tracks; hence, they do not interact with road traffic and crossings, thus reducing the chances of accidents and derailment.
In modern monorails, a single solid beam guides and supports the train. Conductive shoes are located above the wheels of the monorail train that provide electrical power to the wheels of the monorail. Conductive shoes integrated into the wheels of the train provide electric power in the form of electrical current to the train. The carriages of the train either sit on top or are suspended beneath the track.
Monorails are usually designed to extend passenger services in congested areas or airports, due to their modular design, comfort, and safety. Monorails reduce travel time substantially.
Supporting beams are structurally designed to provide structural support and stability, and prevent side-to-side swaying of the monorail train. Monorail trains are energy-efficient and generate less noise pollution. Monorails provide gangways between the compartments to provide walking space for passengers.
The COVID-19 pandemic affected the market, due to the temporary closure of the monorail manufacturing facilities, construction of monorail projects, and supply chain disruptions of raw materials during the pandemic period. During the pandemic period, passengers avoided using public transit systems, due to fear of catching infection. Policymakers and city councils postponed the purchase of monorail systems during the pandemic, due to lack of funds.
Monorail System Market Dynamics
Drivers
Growing traffic congestion issues in urban areas and the subsequent need for feasible, energy-efficient, and cost-effective public transit systems are anticipated to drive the market. Monorail systems are modular and are able to pass through narrow passes between city infrastructure. Monorails are preferred for intra-city travel, as it reduces travel time by avoiding traffic congestion.
Restraints
Low passenger carrying capacity and complex track crossovers of monorails are likely to hinder the market. Monorails carry a maximum of up to eight cars. This limits the passenger capacity. Track crossovers in monorails are a complex and time-consuming process as compared to conventional rail infrastructure. These factors hinder market growth.
Opportunities
Growing urbanization in underdeveloped economies and space constraints to build infrastructure are likely to create significant opportunities for market growth. People are moving to urban areas to explore opportunities. This leads to space constraints in the cities. Monorails have modular designs and require less space to operate.
Scope of the Monorail System Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Monorail System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Autonomy (Completely Autonomous, Semi-autonomous, and Manual), Type (Straddle Monorail and Suspended Monorail), Propulsion Type (Electric Monorail and Maglev Monorail), and Automation (GoAO, GoA1, GoA2, GoA3, and GoA4) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Hitachi, Ltd.; Bombardier; Siemens; Mitsubishi Electric Corporation; Alstom; Bradken; PKC Group Ltd.; INTAMIN Deutschland; Einar Svensson; and NEWAG S.A. |
Market Segment Insights
Based on autonomy, the monorail system market is segmented into completely autonomous, semi-autonomous, and manual. The semi-autonomous segment is expected to expand at a significant growth rate during the projection period, owing to the affordability and feasibility provided by the semi-autonomous monorail systems. Semi-autonomous monorail systems enable operators to operate the trains safely and efficiently.
On the basis of type, the global market is bifurcated into straddle monorail and suspended monorail. The straddle monorail segment is projected to expand at a considerable CAGR during the forecast period, due to the feasibility and stability of straddle monorail systems in the urban and mountainous landscape. Straddle monorail systems are economical and easy to operate.
Based on propulsion type, the monorail system market is segmented into electric monorail and maglev monorail. The electric monorail segment is expected to expand at a significant growth rate during the projection period, owing to cost-efficiency in manufacturing operations and the feasibility of electric monorails in the urban landscape. Electric monorails are preferred for intra-city public transit systems, due to less operating costs and complexities involved in monorail systems.
On the basis of automation, the global market is segmented into GoAO, GoA1, GoA2, GoA3, and GoA4. The GoA2 segment is projected to expand at a considerable CAGR during the forecast period, due to its enhanced safety features and performance. GoA2 trains have automatic train operation (ATO) systems and automatic train protection (ATP) systems that enhance safety through surveillance of the train operations.
In terms of region, the global monorail system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, owing to the rising need for cost-effective public transit systems in urban areas. Rising urbanization in the Asia Pacific is creating a high demand for supportive public transport infrastructure. Monorail systems serve as a viable alternative for short-distance travel in the urban landscape.
Segments
The monorail system market has been segmented on the basis of
Autonomy
- Completely Autonomous
- Semi-Autonomous
- Manual
Type
- Straddle Monorail
- Suspended Monorail
Propulsion Type
- Electric Monorail
- Maglev Monorail
Automation
- GoAO
- GoA1
- GoA2
- GoA3
- GoA4
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the monorail system market are Hitachi, Ltd.; Bombardier; Siemens; Mitsubishi Electric Corporation; Alstom; Bradken; PKC Group Ltd.; INTAMIN Deutschland; Einar Svensson; and NEWAG S.A.
These companies adopted various development strategies, including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion, to expand their consumer base globally. For instance,
- In February 2023, Alstom announced its mass transit solutions named Innovia for urban transport services. The Innovia train family comprises automated people movers (APMs) and monorails.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Monorail System Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Monorail System Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Monorail System Market - Supply Chain
4.5. Global Monorail System Market Forecast
4.5.1. Monorail System Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Monorail System Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Monorail System Market Absolute $ Opportunity
5. Global Monorail System Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Monorail System Market Size and Volume Forecast by Types
5.3.1. Straddle Monorail
5.3.2. Suspended Monorail
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Monorail System Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Monorail System Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Monorail System Demand Share Forecast, 2019-2026
7. North America Monorail System Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Monorail System Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Monorail System Market Size and Volume Forecast by Types
7.4.1. Straddle Monorail
7.4.2. Suspended Monorail
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Monorail System Demand Share Forecast, 2019-2026
8. Latin America Monorail System Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Monorail System Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Monorail System Market Size and Volume Forecast by Types
8.4.1. Straddle Monorail
8.4.2. Suspended Monorail
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Monorail System Demand Share Forecast, 2019-2026
9. Europe Monorail System Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Monorail System Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Monorail System Market Size and Volume Forecast by Types
9.4.1. Straddle Monorail
9.4.2. Suspended Monorail
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Monorail System Demand Share Forecast, 2019-2026
10. Asia Pacific Monorail System Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Monorail System Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Monorail System Market Size and Volume Forecast by Types
10.4.1. Straddle Monorail
10.4.2. Suspended Monorail
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Monorail System Demand Share Forecast, 2019-2026
11. Middle East & Africa Monorail System Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Monorail System Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Monorail System Market Size and Volume Forecast by Types
11.4.1. Straddle Monorail
11.4.2. Suspended Monorail
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Monorail System Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Monorail System Market: Market Share Analysis
12.2. Monorail System Distributors and Customers
12.3. Monorail System Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Hitachi, Ltd.
12.4.2. Bombardier
12.4.3. Siemens
12.4.4. Mitsubishi Electric Corporation
12.4.5. Alstom
12.4.6. Bradken
12.4.7. PKC Group Ltd.
12.4.8. INTAMIN Deutschland
12.4.9. Einar Svensson
12.4.10. NEWAG S.A.
Methodology
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