The global monorail system market is expected to grow at a CAGR of more than 3% during the forecast period, 2017-2021.
Technavio has announced its latest market research report on the global monorail system market, under its transportation and distribution portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Bombardier, Hitachi, Mitsubishi, and Siemens.
According to Sharan Raj, a lead analyst for transportation and distribution research at Technavio, “With the growing population moving toward urban areas, the demand for transportation services has increased. This increase in demand will lead to a growth in the number of rail passenger carriers, such as trams, monorail systems, monorail, and commuter rail services. In addition, this increase in demand will be met by an increase in the production of rail supply components, therefore, enhancing the growth of the market.”
Growing urbanization and increased mobility have increased the demand for monorails and passenger coaches in the urban rail transit 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.
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Emergence of PPP model in developing countries
Developed and developing economies favor the adoption of the PPP model for the financing of infrastructure projects and their implementation. The use of the PPP model in railway infrastructure projects for their funding and implementation provides cost savings and better risk-sharing benefits. For instance, in January 2014, the Government of Queensland in Australia formed a project with Bombardier for its New Generation Rolling stock project (NGR).
Growing inclination for public transportation
The use of public transport, such as monorail, is preferred for commuting as it saves on fuel cost and time. Furthermore, governments of countries, fueled by economic growth, are increasing their investments in rail infrastructure projects to provide better public transportation services. Therefore, the increasing popularity of these modes of transportation will lead to an increase in the demand for monorail, which will drive the growth of the global monorail system market.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Monorail System Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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