The biggest obstacle to monorails is cost. Monorails cost about twice the cost of a comparable light rail system. Light rail costs £20-30m/km in the UK, and a monorail would cost in the region of £40-60m/km.
Installing light rail is a complex business. Firstly, the whole road must be torn up, in order that the utilities underneath the road are found, and moved out of the way of the tracks - once the track has been laid, it cannot be removed in order to provide access to the utilities. The road surface must then be relaid, and then dug up again in order to install the foundations of the tracks.
By contrast, the tracks for monorails are pre-fabricated off-side, and are then bolted together in situ. This makes building a monorail track easy and fast. So monorails should cost less than light rail.
A more convincing reason is as follows. Light rail systems are designed with a standard gauge. It provides greater choice in the vehicles that can be bought, at that time and in the future. By contrast, as can be seen in Figure 1, monorail beams, around which the undercarriage is wrapped, vary greatly from one system to the next. The width of the beam is more important than the height, since the undercarriage doesn't wrap around the bottom of the beam. The location of the power supply rails of either side is, however, very important, as this restricts the trains that can run on the track.The consequence is that each monorail system is turnkey, and the contracts are inflated accordingly. Ultimately, this damages the interests of the monorail companies, as they sell very few systems every year. A vicious circle is set up, of increased costs, and few sales.

Figure 1: Monorail beam cross-sections



Figures 2-4: GWR rail viaduct, Bath
Part of the reason why the viaduct fits into Bath is that it is hidden to an extent by foliage, and because it runs behind the garage and other office buildings and houses. Part of the reason is that the viaduct has been in Bath for a long time (the GWR was built by IK Brunel in 1836), and so people have got used to it.
By comparison, a monorail line in Sydney, Australia,is shown in Figure 5. The visual blight of the monorail system is clearly less than that of the GWR in Bath.

Figure 5: Sydney Monorail (WM/ Greg O'Beirne)
More information on the visual impact of monorails can be seen on the Monorail Society web-site.
"Many of the Series 1000 monorail’s new features became the standard adopted by the Japanese ministry of transport in conjunction with the Japanese monorail association in a push to lower costs through standardization."
Standardisation would require the setting of standards for the following quantities:
Metrail supplies monorail systems with an internal hybrid drive
system. Under the process of standardisation, however, any train units supplied would have to run on the
standardised beam, and make allowance for the presence of the power supply rails.