Hyperloop Technology Market

Hyperloop Technology Market Overview

Hyperloop technology is an innovation in the ground transport system currently in development by several companies, through which passengers would be able to travel at over 700 miles an hour in a floating pod that races along inside giant low-pressure tubes, either above or below ground. These pods are designed to float on air skis, similar to an air hockey table, or use magnetic levitation to reduce friction.

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Major Hyperloop Technology Market Drivers

Emerging need for a high-speed, safe, and cost-effective mode of transportation has driven the demand for hyperloop technology market. Hyperloop infrastructure is easier to develop and not vulnerable to natural calamities such as earthquakes, which further augments the market growth. Moreover, with the growing concerns about air pollution, depletion of natural resources, and environmental degradation caused by conventional vehicles, government has enforced stringent norms to encourage the adoption of hyperloop as an alternative solution to minimize pollution, fueling the market growth.

Furthermore, increasing investment by leading players on research and development (R&D) activities in order to optimize the costs of hyperloop technology and test and display the developed technologies for commercialization is forecast to expand the Hyperloop Technology Market Industry Share. For example, Hardt initiated The European Hyperloop Program, with an intent to merge with hyperloop companies and co-developing partners in a common standardization to reduce the hyperloop cost through R&D and test and display the developed technologies to allow its commercialization. Hyperloop solves the problem of traffic congestion and saves time while commuting. However, the growing safety and security concerns of passengers in the hyperloop technology, chances of technical glitches, and power shortage might hamper the hyperloop technology market size.

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Carriage Type – Segment Analysis

Based on the Carriage Type, the Passenger segment is expected to grow at a higher CAGR during the forecast period. Many companies are focusing on commuters to connect different cities to gain market share. This is expected to reduce travel time by many hours. For example, in 2020, 2 human passengers traveled in one of Virgin Hyperloop’s floating hyperloop capsules, which was sent at 100 mph through a near-airless tunnel in the Nevada desert. The company carried out a 15-second-long test trip at its DevLoop site 35 miles north of Las Vegas in Nevada, which comprises a 500-meter concrete tube located in a barren stretch of desert.

Speed – Segment Analysis

Based on the Speed, the More than 700 Kmph segment is expected to grow at a higher CAGR during the forecast period. Hyperloop technology is the future of high-speed transportation. It is multiple times faster than Japan’s Shinkansen bullet trains and even faster than a Boeing 747. This technology will make working and living in 2 different cities a norm, while also creating a world with less congestion and pollution.

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Regional – Segment Analysis:

Based on the region, the Asia-Pacific region is projected to dominate the market during the forecast period. China is working on expanding its transportation network rapidly and trying to reduce the costs related to freight hauling. As China is a developing country, it spends about 15% of its GDP on logistics, where the average stands out at approximately 10%-12% of the GDP. Furthermore, hyperloop technology can transport goods at a fraction of the time taken by conventional road or rail transport. Moreover, In India, the Maharashtra government has conferred the status of a public infrastructure project to the Mumbai-Pune hyperloop, which is estimated to be a USD 10 billion project under the authorization of the Pune Metropolitan Regional Development Authority.

Top Market Players

Various notable players operating in the market include Virgin Hyperloop, Hyperloop Transportation Technologies, Hardt B.V., TRANSPOD, Zeleros, AECOM, Tesla, Inc., VicHyper, Dinclix GroundWorks Private Limited., Uwashington Hyperloop, among others. 

Key Developments:

• • In 2022, ZELEROS, the Valencia-based European company guiding the development of hyperloop transport system, will establish prototype of its Sustainable Electric Freight-forwarder autonomous container transport system. This technology will help the companies to lead in the development of its hyperloop system with an application intended to decarbonize and automate container movements between terminals.
  • In March 2021, Virgin Hyperloop announced that the passenger-carrying vehicle, dubbed Pegasus, will be making its public debut at the Smithsonian Arts and Industries Building in November 2021.
  • In November 2020, Virgin Hyperloop gave the first ride on its test track. Josh Giegel, Co-Founder and Chief Technology Officer, and Sara Luchian, Director of Passenger Experience, were the first people in the world to have a ride on this new form of transportation. The test took place at Virgin Hyperloop’s 500-meter DevLoop test site in Las Vegas, where the company has previously run around 400 unoccupied tests.

Segments covered in the Report:

The global Hyperloop Technology market has been segmented on the basis of Transportation System, Carriage Type, Speed and regions. Based on Transportation System, the market is segmented into Capsule, Guideway, Propulsion System and Route. Based on Carriage Type, the market is segmented into Passenger and Cargo/Freight. Based on Speed, the market is segmented into More than 700 kmph and Less than 700 kmph. 

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Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Transportation System, By Carriage Type, By Speed, By, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Virgin Hyperloop, Hyperloop Transportation Technologies, Hardt B.V., TRANSPOD, Zeleros, AECOM, Tesla, Inc., VicHyper, Dinclix GroundWorks Private Limited., Uwashington Hyperloop, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Hyperloop Technology Market by Transportation System

• • Capsule
  • Guideway
  • Propulsion System
  • Route

Global Hyperloop Technology Market by Carriage Type

• • Passenger
  • Cargo/Freight

Global Hyperloop Technology Market by Speed

• • More than 700 kmph
  • Less than 700 kmph

Global Hyperloop Technology Market by Region

• • North America Hyperloop Technology Market (Option 1: As a part of the free 25% customization)

    • By Transportation System
    • By Carriage Type
    • By Speed
    • US Market All-Up
    • Canada Market All-Up

  • Europe Hyperloop Technology Market (Option 2: As a part of the free 25% customization)

    • By Transportation System
    • By Carriage Type
    • By Speed
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Hyperloop Technology Market (Option 3: As a part of the free 25% customization)

    • By Transportation System
    • By Carriage Type
    • By Speed
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Hyperloop Technology Market (Option 4: As a part of the free 25% customization)

    • By Transportation System
    • By Carriage Type
    • By Speed
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Hyperloop Technology (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Virgin Hyperloop
  • Hyperloop Transportation Technologies
  • Hardt B.V.
  • TRANSPOD
  • Zeleros
  • AECOM
  • Tesla, Inc.
  • VicHyper
  • Dinclix GroundWorks Private Limited.
  • Uwashington Hyperloop