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A monorail is a railway system that consists of a single rail that has wheels under the train, which are usually in contact with the track. They are used in applications for shorter distances such as airport transportation.
Continuous technical advancement has resulted in changes in monorail speeds and the distance covered. China, Japan, and Germany have created monorail systems larger in length and quicker than previous monorail systems. The benefit of a monorail system over the metro and other means of transportation for commuting uses less area for installation. Due to technological advancements, monorails are seen as the "rail of the future". Such systems are being installed in Asian nations, including China, India, and others as they are cost-effective. They are often utilized to connect two separate metro rail lines. For example, the Chongqing monorail system connects airports and commercial malls to parking lots in China.
The increasing desire for urbanization, environmental sustainability, and traffic congestion has led to the growth of transportation systems, which will fuel the product demand. The increased urbanization in emerging nations has increased the need for transportation networks. Road traffic congestion has also worsened. This has prompted governments to build rail infrastructures such as metros, monorails, light rails, and trams. Countries have generally built metros and heavy tracks for long-distance transport while monorails are employed for shorter commutes. Due to the effectiveness of operation and inexpensive construction cost, most nations have chosen monorail systems as an alternate means of transportation.
The COVID-19 outbreak had a remarkable impact on the monorail market. The global production and sale of new rail cars have ended due to the whole ecosystem's disruption. OEMs were forced to wait until lockdowns were lifted before they could commence manufacturing, which hurt their bottom line. Following the outbreak, there was a significant decrease in demand for new trains as individuals avoided public transit in favor of private vehicles to avoid crowds. The closure of numerous facilities and factories has disrupted worldwide supply chains, severely impacting production, delivery schedules, and product sales in the global market. A few corporations have already anticipated delays in product deliveries and a drop in future product sales. Furthermore, the worldwide travel limitations enforced by North America, Europe, and Asia Pacific affect business collaborations and partnership opportunities.
The Report will cover the following key insights:
Cheaper energy consumption compared to conventional trains, lower maintenance costs, and extraordinarily high speeds offered by maglev trains are likely to promote market expansion. However, as maglev monorail systems are more expensive to install than electric monorail systems, the high expenses necessary for track construction and maintenance may impede the global maglev train market growth over the projected period. Furthermore, the high degree of safety given by maglev trains is expected to drive the market growth. Maglev trains float over the track. As a result, they do not experience derailment and provide improved safety to passengers.
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The market is segmented into four regions, North America, Europe, Asia Pacific, and the rest of the World. Asia Pacific dominates the monorail market share due to increased industrialization, technical improvement, and development in monorail, and the region's preference for cost-effective public transportation systems. North America and Europe are predicted to expand in the monorail market due to increased space optimization, technological improvements, and traffic congestion in the respective countries.
Bombardier Transportation (Canada) is a key player in the market. It is a market leader in the development and construction of monorail systems. It boasts a diverse product range, including a fully automated railway system under the moniker "Innovia". Bombardier Transportation and Chinese CSR Nanjing Puzhen formed a partnership to design and produce Innovia Monorail cars for China's urban transport networks.
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