The Hyperloop Technology market with COVID-19 impact is expected to grow from USD 1.2 billion in 2021 to USD 6.6 billion by 2026, at a CAGR of 40.4%. The major factors driving the growth of the Hyperloop technology market are decreased travel time and transport costs. less expensive and minimum infrastructural maintenance, creation of hyperloop network requires less land area, tolerance to earthquakes and other natural calamities and emphasis on solar power for energy consumption in the hyperloop transportation technology. However, Lack of awareness regarding hyperloop transportation technology, regulation not yet implemented for hyperloop transportation technology by governments and bureaucrats and safety and security concerns is expected to restrain the growth of the market.
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Regulations not yet implemented for hyperloop transportation technology by governments and bureaucrats
The main restraint in implementing the hyperloop transportation system is the governmental regulations in countries where it is being implemented. Certifications and regulatory environment pose a restraint as companies building hyperloop transportation systems are dealing with a technology that is not yet regulated. The formation of regulations or framework is an important aspect of this process. Also, land rights and bureaucratic obstacles are some of the hurdles in building a hyperloop transportation system.
Safety and security concerns
Passenger safety and security is one of the major concerns for the growth of the hyperloop market. Hyperloop is a new transportation system that is elevated and enables travel at very high speeds of around 650 mph inside a low air-pressure tube. In comparison with bullet trains and airplanes, which have past precedents in the form of regular trains or commercial airplanes, hyperloop has no resemblance to any conventional means of transportation. There is still skepticism about the reliability of hyperloop technology.
Capsules are projected to witness highest CAGR for the forecast period
Capsules are expected to grow at the highest CAGR in the coming years owing to additional technological developments in the architecture of the capsules. Additionally, freight capsules will require modifications according to requirements for the forecast period.
Passenger segment to account for largest share of Hyperloop technology market during the forecast period
Passenger transportation is expected to hold a major share of the market as most companies are focusing on commuters to gain a higher share of the market by connecting major cities and countries. It is expected to reduce travel time by many hours. For instance, in November 2020, 2 human passengers travelled in one of Virgin Hyperloop's levitating hyperloop capsules, which was sent at 100 miles per hour through a near-airless tunnel in the Nevada desert. The 15-second-long test trip was carried out by the company at its DevLoop site 35 miles north of Las Vegas in Nevada, which comprises a 500-metre concrete tube located in a barren stretch of desert.
Hyperloop with speed more than 700 kmph will have highest growth in coming years
Hyperloop with speed more than 700 kmph is expected to grow at a higher CAGR for the forecast period as it 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 could make working and living in 2 different cities a norm, while also creating a world with less congestion and pollution.
APAC is attributed to holding the largest share of the Hyperloop technology market in the coming year
APAC is expected to witness highest CAGR as the companies that are into hyperloop technology are focusing on this region due to the presence of a few evolved economies and the population crisis leading to crowded streets. Australia, India and South Korea are countries that have already signed MoUs with hyperloop companies and are working on the commercialization phase.
Key Market Players
The Hyperloop Technology market was dominated by Virgin Hyperloop (US), Hyperloop Transportation Technologies (US), Hardt B.V. (Netherlands), TRANSPOD (Canada), and Zeleros (Spain).
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