Monorail Systems Market - Forecasts from 2024 to 2029

The monorail systems market is projected to grow at a CAGR of 4.23%, from US$6.981 billion in 2022 to US$9.329 billion in 2029 during the forecast period.

Monorails are a type of train or locomotive for passenger travel that only has one track that it operates on and has no driver because it works on electricity and automatically. These locomotives or rails are generally built high above the ground and in metropolitan cities to avoid congestion on the road and provide fast travel for busy passengers during working hours. These monorails offer cheap fare to the passengers that travel daily on these rails to commute within the metropolitan cities which makes it convenient and efficient for the passenger to use them. The single rail beam or track that the monorail locomotive is supported by is made such that it can support the weight of that locomotive at high altitudes where it generally operates.

This high-quality material for the tracks of monorails ensures the safety of the passengers and thus provides trust in them to use these monorails. The monorails run on electricity rather than using fossil fuel energy resources like diesel which makes them more energy efficient and reduces the harmful impact on the environment. These monorail systems are widely adopted across different end-users and applications such as for easy commute to airports these monorails can connect several cities in a region to the common airport of that region.

MONORAIL SYSTEMS MARKET INTRODUCTION:

The monorail system market is driven by the growing developments in locomotive and monorail technology over the years which has increased the efficiency and speed of the monorail. The growth in the technological developments in monorail systems has led several governments across the globe to adopt these monorails as they require less infrastructure compared to the metro and are more cost-effective while developing monorails. These monorails run on electricity without any drivers, which is one of the key reasons for their adoption across several regions.

The need for energy-efficient and eco-friendly alternatives is growing in popularity with severe environmental issues like climate change and global warming. The need for high-speed and cost-effective public transport is increasing among the general public for traveling during work hours as the roads are too congested and a lot of traffic is on the road. The monorail systems can solve this problem by providing high-speed travel across the cities in a cost-effective manner, which is why the market for monorail systems is predicted to grow over the forecast period.

MONORAIL SYSTEMS MARKET DRIVERS:

Growth in the technological development of monorails across the globe is predicted to propel the market.

The demand for cost-effective and energy-efficient railway solutions is increasing with the growth in different environmental issues like global warming and climate change. Hence, these monorails are developed to provide the general public with high safety and cost-effective travel while reducing harmful impact on the environment by using electricity to operate providing energy-efficiency and reduction of carbon footprint globally. Hence, the growth in monorail system technology is expected to fuel the market growth over the forecast period.

The growing congestion and traffic on roads are projected to drive the monorail systems market.

The growing global population across the globe has resulted in the widespread adoption of automobiles with growth in economies of several countries and rising disposable incomes among the general public. This has led to high congestion and traffic on the road which makes it difficult for daily passengers to reach the required location like office during business hours on time if they travel by road. Hence, the growth in these traffic conditions across the globe has driven the demand for monorail systems to be installed in metropolitan cities that can provide cost-effective and fast travel during business hours.

MONORAIL SYSTEMS MARKET RESTRAINT:

High maintenance costs and lack of awareness among the public can restrain market growth

The monorail systems market, despite having an important role in improving the public transport services for the general public across the different cities and short-range distances providing cost-effective and safe travel for passengers, can lead to various challenges that can be faced by the manufacturers of these monorails system that may impact the monorail systems market negatively over the forecast period. For instance, the high-cost requirement for the development of monorail projects in metropolitan cities is needed to design and develop the route and effective monorail system according to the city.

The failure of the monorail system after having a large investment and long development time can lead to great loss for the manufacturer as well as the governments that invested in the monorails to be developed in their cities. The extra cost requirement of regular maintenance and safety checkups of the monorails is also necessary, but if the monorail has failed in the region due to lack of awareness among the general public about it or low acceptance rate for monorails can create huge losses for manufacturers. Hence, these factors are expected to hinder the monorail systems market growth over the forecast period.

MONORAIL SYSTEMS MARKET - GEOGRAPHICAL OUTLOOK

The growth is projected to be prominent in the Asia Pacific region.

The Asia Pacific region is expected to show major growth in the monorail systems market due to the rapid increase in the need for efficient rail solutions in developing countries in the region with growing industrialization and urbanization in several countries across the Asia Pacific region. The government policies that promote energy-efficient solutions and strict regulations regarding emission control from public transport like railways are making different railway manufacturers develop energy-efficient railway solutions as monorails.

The growth in population in countries like China and India is leading to a growth in the need for monorails that can help the public avoid road congestion due to high population growth. The presence of key railway manufacturers that develop effective monorail systems, like Hitachi Rail from Japan, is contributing to the monorail system market growth significantly in this region.

Monorail System Market Players and Products:

• Hitachi Rail:The monorails are installed in metro cities like the Tokyo monorail which connects several cities with the Tokyo airport. The monorail solutions offered by Hitachi Rail are environmentally friendly as they run on electricity, they are simple in design which makes them easy to use, and they provide comfort to the large number of passengers that the monorail solution can carry around the metropolitan cities.
• Alstom:The Innovia monorail system provides cost-effective and fast manufacturing coupled with easy integration of the Innova monorail system into the metropolitan cities. This monorail system is made from modern technology that is quieter and more comfortable for passengers traveling in the monorail systems. This monorail system can accommodate high-capacity passengers across long-range and short-range travel while ensuring safety with its infrastructure.

Monorail System Industry Updates:

• In December 2023,Alstom announced the launch of their automated Innovia monorail system at the Bangkok metro’s 34.5-kilometer pink line. This monorail is driverless and can go up to the speed of 80 km/hr while carrying around 470,000 passengers at the same time. This will improve the connection of rail lines and reduce the passenger travel time by 50%, which is under an hour on average.

The Monorail System market is segmented and analyzed as:

By Type

• Straddle Monorail
• Suspended Monorail

By Autonomy

• Semi-Autonomous
• Completely Autonomous
• Manual

By Propulsion Type

• Electric Monorail
• Maglev Monorail

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others