Hyperloop Technology Market Overview
The Hyperloop Technology market is projected to grow at an expected CAGR of 47.4% during the forecast period 2021-2031. Hyperloop is one of the new form of ground transport and it is revolutionizing travel. The hyperloop technology helps passengers travel at 700 miles an hour in floating pod.
The pod races along inside gigantic low-pressure tubes, either below or above ground. Mainly, there are two differences between traditional rail and hyperloop.
Firstly, the floating pods carrying passengers travel through tunnels or tubes and it reduces friction for most of the air. This further allows floating pods travel at 700 miles an hour. Secondly, the floating pods are designed to float on air skis.
The technology uses the basic idea of an air hockey table or the magnetic levitation for reducing friction. Decreased transport costs and travel time are some of the major factors driving the growth of hyperloop technology globally.
What is Driving Demand for Hyperloop Technology?
It has been predicted that they hyperloop could be faster and cheaper than car or train travel. The technology could be also less polluting and cheaper than air travel.
Companies are finding the technology cheaper and quicker to build than traditional rail. Hyperloop technology will take the pressure off gridlocked roads and make travel between places easier. As a result it is unlocking economic benefits.
Hyperloop technology is significantly better than traditional high-speed rail. At the same time, it is more energy efficient as floating pods does not power continuously by the track. It is like an on-demand service and two times faster than high-speed rail and, 10 times than regular speed rail services. Such benefits will contribute to the growth of hyperloop technology during the forecast period.
What are the Key Trends for Hyperloop Technology?
There is an increase in demand for efficient mode of transportation and as a result, the governments of developing and developed nations are testing the hyperloop technology in their states and also has started working on building the tracks. Technology developing companies and investors around the world are showing great interest in hyperloop as the technology is at a nascent stage.
For an instance in 2020, China announced to invest over $300 billion yearly on infrastructure to address rapidly growing urban populations. As the China is a world leader in investing the amount on high speed, it has started to test the technology as a low cost alternative to address problems of infrastructure and pollution. Such initiative will help the hyperloop technology to grow in upcoming years.
North America Outlook for Hyperloop Technology
The global market of hyperloop technology will be dominated by North America as most of the key players located in the region have already started working on the technology. United States has always been an innovation leader and giving opportunity to company like Virgin Hyperloop and others to deploy hyperloop technology using innovative and transformative technologies.
Many key players in the United States are aiming for acquisition, collaboration and new strategies to expand their business presence in hyperloop market. The companies in United States and Canada are focusing on cost effectiveness as they have one of the advanced technologies or strong R and D capability.
South Asia & Pacific Demand Outlook for Hyperloop Technology
South Asia & Pacific is likely to lead the market of hyperloop technology, globally. There is an increase in demand for efficient mode of transportation at low cost in countries like India, Australia, New Zealand and others. This is impelling government of these countries to adopt hyperloop technology.
As millions of people in country like India travel across cities each working day, the government is willing to invest a good amount of money in hyperloop technology.
For an instance in 2019, the government of Maharashtra, a state in India, approved the project plans by Virgin Hyperloop for developing a high-speed line between Pune and Mumbai. The hyperloop line will connect the 2 cities in Maharashtra, which are around 100 miles apart, in 35 minutes.
Who are the Key Hyperloop Technology Vendors?
- Dinclix GroundWorks (DGW Hyperloop)
- Hyperloop India
- Hyperloop One Inc.
- Hyperloop Transportation Technologies
- Space Exploration Technologies Corp.
- Tesla Inc.
- Transpord Inc.
- Uwashington Hyperloop
and others are some of the key players in the hyperloop technology market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
By Transportation System:
- Propulsion System
By Carriage Type:
- More than 700 kmph
- Less than 700 kmph
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- North Africa
- Rest of Middle East & Africa