Hyperloop technology is a concept introduced by the prolific Elon Musk. Market Research Future’s report on the global hyperloop technology market has revealed highly promising growth during the forecast period of 2022 to 2027. This new form of ground transport has resulted in a highly competitive market due to the race among market players to establish themselves in a premier position in the Hyperloop technology market.
Similar to rail transport, hyperloop has one key difference which makes it revolutionary and drives demand for the technology. Hyperloop technology uses magnetic levitation to reduce friction and allows travel “pods” to travel at high speeds of up to 750mph. Presently airplanes are the fastest mode of transport. However, there is a soaring demand for a faster mode of transport which is cheaper and offers better infrastructure facilities. Hyperloop technology is naturally resistant to natural calamities making it a safer travel option, this driving the demand for the same. Heavy investments in research and development of this technology have greatly added to its increasing value.
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Presently, the lack of awareness and the high cost of implementation of this technology and its infrastructure are expected to impede market growth. However, the rapid development and increasing efforts on the part of prominent market players to increase awareness will likely mitigate the challenges mentioned above.
The key players in the global Hyperloop Technology Market include- AECOM (U.S.), Hyperloop Transportation Technologies (US), Hyperloop One (US), Dinclix GroundWorks (India), TransPod Inc. (Canada) and Space Exploration Technologies Corp (U.S.) among others.
The global hyperloop technology market has been segmented in MRFR’s report on the basis of component, type, and region. Components of hyperloop technology have been segmented into capsule, type, propulsion system, and station. The propulsion system segment has been further sub-segmented into passive magnetic propulsion system and electromagnetic propulsion system.
Types have been segmented primarily into passenger and freight.
Regions covered in MRFR’s analysis of the hyperloop market include Europe, North America, the Asia Pacific and the Rest of the World.
There are a number of proposed routes that are expected to drive the growth of specific regions in the global hyperloop market. Notably, no deployments have been made with regards to proposed routes. Some countries feature prominently in the market for their proposed routes include India, U.A.E, the U.S, Slovakia, Belgium, Canada, China, Norway, Sweden, and some other European countries.
The Middle Eastern market is expected to make a significant impact on the global hyperloop technology market with the first planned deployment of a hyperloop route between Dubai and Abu Dhabi in the U.A.E. The U.S is also expected to make a significant impact with proposed routes between L.A and San Francisco which is estimated to deploy by 2023. Europe and the Asia Pacific are in close competition with each other with various countries in the region expected to deploy hyperloop technology in the same time-frame.
Latest Industry News
- Hyperloop Transportation Technologies in collaboration with German insurance company Munich Re has set core safety requirements for Ohio to Chicago hyperloop transport system.
- Elon Musk’s Boring Company has received approval for the building of a prototype garage which will transport cars to an underground hyperloop.
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