The report "Hyperloop Technology Market with COVID-19 impact by Transportation System (Capsule, Guideway, Propulsion System, and Route), Carriage Type (Passenger, and Freight), Speed (Less than 700 kmph, and More than 700 kmph), and Region - Global Forecast to 2026", 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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Impact of Covid-19 on Global Hyperloop Technology market
COVID-19 will certainly delay the rollout of hyperloop, thereby affecting every stakeholder in the supply chain. The disruptions caused by COVID-19 may affect transport and mobility for much longer than the duration of the emergency. Several transport operators have lost a significant part of their income since mid-March 2020, raising worries about their financial stability and their capacity to recover their services. Aversion and self-imposed social distancing may result in modifications of the current trends in personal mobility patterns and user choices.
However, the Hyperloop Technology Market is expected to witness continuous growth across the world in coming years, particularly in the emerging economies of APAC and RoW. The market for hyperloop technology is primarily driven by the continuously growing need for connectivity between different countries and states. Demand for transport and mobility services will probably rebound once restriction measures are removed and activity gradually recovers. Nevertheless, the rate of recovery will vary across transport modes and countries will depend to a large extent on the speed of economic recovery, the cost of the measures to support it, and the changes in the supply and demand of transport services as a result of the direct and indirect impacts of the pandemic. A clear picture of the full impact will be possible after the end of 2021, and the repercussions will be probably still visible at least 3 years after the crisis has been neutralized.
Guideway is attributed to holding a major share of the Hyperloop technology market
Guideway is attributed to holding a major share in the coming years owing to the increasing construction of elevated structures depending on the terrain of the tracks.
Freight transportation is expected to grow at the highest CAGR in the coming years
Freight transportation is expected to grow at the highest CAGR due to less regulations and minimal environmental restraints (For instance, impact of acceleration and pressure) for cargos, it is expected to attain higher adoption in the coming years.
Less than 700kmph is attributed to holding a major share in the Hyperloop technology market
Less than 700kmph is attributed to holding a major share in the hyperloop technology market because in the present scenario, hyperloop with speed less than 700 kmph seems to be more feasible as per the tests conducted by different players in the hyperloop technology market.
APAC to witness highest CAGR of Hyperloop technology market during the forecast period
APAC is expected to witness the 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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