The global monorail systems market, in terms of value, is projected to grow at a CAGR of 2.75% from 2016 to 2021. The market is estimated to be USD 4.68 billion in 2016, and is projected to reach 5.36 Billion by 2021. Increase in urbanization has led to increase in demand for alternative transportation which has driven the monorail system industry.
The Asia-Pacific region is estimated to dominate the monorail systems market, in terms of value, in 2016, as it comprises some of the fastest developing economies in the world, including China, India, and South Korea. This has led to an increase in monorail systems installation volumes in recent years, with OEMs catering not only to the domestic demand but to overseas demand as well.
There is a lack of innovation and R&D for monorail systems. OEMs need to invest heavily in R&D to enhance the ability of monorail systems to improve its speed, reliability and efficiency in order to reduce turnaround time. Maglev monorail systems have a higher installation cost than electric monorail systems. These vehicles have not yet penetrated in the emerging markets. The high installation cost is one of the major factors preventing manufacturers from entering the Asia-Pacific market, particularly in countries such as China, India, and South Korea.
Bombardier Transportation (Canada) is a major player in the monorail systems market. It is an industry leader in the implementation and installation of monorail systems. It has a strong product portfolio, with fully automated monorail system under brand called "Innovia". Bombardier Transportation and Chinese CSR Nanjing Puzhen entered into a joint venture to develop and manufacture Innovia Monorail vehicles for urban transit systems in China. Bombardier Transportation (Canada) invested in a site in Brazil worth USD 15 million to manufacture its new and improved monorail systems that will strengthen its presence globally.
Major players profiled in the report are:
- Aerobus International, Inc.
- Bombardier Inc.
- CSR Corporation Limited
- Hitachi, Ltd.
- Intamin Bahntechnik
- Mitsubishi Heavy Industries Ltd.
- Scomi Engineering Bhd
- Siemens AG
- Urbanaut Monorail Technology
- Woojin Industrial System
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Monorail Systems Market, by Type
7 Global Monorail Systems Market, by Propulsion
8 Global Monorail Systems Market, by Size
9 Global Monorail Systems Market, by Region
10 Competitive Landscape
11 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/59k3d5/monorail_systems
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets