LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global monorail systems market to grow at a CAGR of more than 3% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global monorail systems market for 2017-2021. The report also lists straddle monorail and suspended monorail as the two major segments based on the type of monorail system.
According to Sharan Raj, a lead analyst at Technavio for transportation and distribution research, “Monorail systems market is expected to witness growth during the forecast period as it is considered safer because it has its own elevated and dedicated path. Furthermore, monorails take up around 50% less space than light rails. In addition, they are easy to construct as they are elevated, resulting in less road traffic disruptions and congestion.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global monorail systems market:
- Growing urbanization
- Rising rail supply market
- Emergence of new manufacturing sites
Growing urbanization
Growing urbanization leads to an increase in mobility and accelerates the demand for high-capacity public transportation solutions, especially in congested cities and areas. Growing urbanization has increased the demand for monorails and passenger coaches in the urban rail transit market. Urban rail transit comprises various types of light and high rail systems, which provide passengers services within or around urban areas.
This increase in demand will be met by an increase in the production of rail supply components, therefore, enhancing the growth of the market. Most of the urbanization will be seen in developing regions such as Asia, Africa. A total of 28% of the urban movement is expected to take place in India and China.
Rising rail supply market
The rail supply market includes all rail infrastructure turnkey projects, rail signaling services, and rolling stock. The growth in the overall rail supply market exerts a positive impact on the monorail system as they are correlated. The global rail supply market, operated by key rail industry value chain vendors, grew steadily at the rate of 2.01% during 2013-2016 despite the economic slowdown in many European and Asian economies.
The European region is the predominant marketplace in the global rail supply market as countries such as France, Germany, and the UK have most of the leading vendors with operations and manufacturing sites in these countries. In addition, these countries have various rail infrastructure projects, which will enhance the growth of the rail supply market in these countries. China and Japan are the leading rail supply markets in APAC. The economic growth in these countries has spurred the demand for investment in rail infrastructure projects, which propels the growth of the rail supply market.
“Therefore, the growing rail supply market exerts an increase in the demand for urban transportation solutions, driving the growth of the global monorail system market,” says Sharan.
Emergence of new manufacturing sites
The manufacturers of monorail systems are expanding their manufacturing operations to various parts of the globe to enhance their productivity and optimize their procurement processes. They are building new manufacturing sites, especially in developing regions, such as Asia, South America, and Africa. Since 2012, APAC and South America have witnessed an increase in the number of manufacturing sites for the production and maintenance of monorail systems. This increase in the number of manufacturing units is also attributed to the increase in the introduction of new rail projects, especially in South America and APAC. Therefore, an increase in manufacturing will enhance the demand for urban rail transit solutions and will spur the growth of the global monorail system market.
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