Monorail System Market - Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 05/13/2019 -- Transparency Market Research has released a new market report titled "Monorail System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026." According to the report, in terms of revenue, the global monorail system market is predicted to expand at a CAGR of about 22% during the forecast period.
Trains are cost-effective and considerably less polluting mode of transportation and hence, governing bodies are preferring to expand train connectivity in order to enhance train transportation. Internal combustion engine vehicles are a major source of pollution. Therefore, governing bodies are focused on increasing the adoption of other modes of transportation that are less polluting, such as trains. Monorails are a significantly less polluting and faster mode of transportation.
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Monorails require significantly lesser space than that of conventional trains, and hence, these are more suitable for urban areas where lack of space is a concern. Rapid urbanization occurring due to enhanced job opportunities, increase in number of on-road vehicles due to rise in per capita income, and enlarging urban areas are fueling the demand for faster, safer, and economical modes of transportation, which in turn is fueling the demand for monorail systems.
Moreover, the construction of monorail systems is much easier and requires significantly lower expenditure. Consequently, governing bodies, especially across developing nations, are preferring to incorporate the monorail system in densely populated urban areas.
Incorporation of automation into trains can save up to 15% of the energy required and can have a significant positive impact on required travel time. Automated trains are proven to have reduced number of crashes and accidents and hence, preference for automated trains has been increasing over the last few years. Completely autonomous vehicles, which are considered as GoA3 and GoA4 trains, don't have a driver and are more expensive than semi-autonomous trains.
GoA1 and GoA2 trains are semi-autonomous trains that have automated train operation and automated train protection technology. In GoA2 trains, cruising and train stopping are automated, which enhances train safety and speed. Moreover, semi-autonomous trains are less expensive than completely autonomous vehicles. Therefore, governing bodies are preferring semi-autonomous vehicles.
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Developing countries and low GDP countries are adopting semi-automated monorail systems, which is primarily attributed to its lower cost. Major number of prosed monorail system projects have incorporated the GoA2 type of monorails, and hence GoA2 and semi-autonomous segments are expected to expand at a significant pace during the forecast period.