Market Research Report
Hyperloop Technology Market with COVID-19 Impact Analysis, By Transportation System, By Speed, By Capacity, By Route, By Carriage Type and By Region - Size, Share, & Forecast from 2021-2027
|Hyperloop Technology Market with COVID-19 Impact Analysis, By Transportation System, By Speed, By Capacity, By Route, By Carriage Type and By Region - Size, Share, & Forecast from 2021-2027|
Published: January 1, 2021
AnalystView Market Insights
Content info: 300 Pages
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The global hyperloop technology market was valued at USD 1.16 billion by 2019, growing with 36.4% CAGR during the forecast period, 2021-2027.
Hyperloop technology is an advanced technology made for transportation purposes and in order to move any consignment and people to various places. Hyperloop structure consists of alternate magnetism technology with minimum air pressure in the tube. It is used to travel and transfer people and other goods things easily from one place to another with the energy-efficient method. Hyperloop technology reduces travel times drastically as compared to trains and planes for long distances of under approximately 2000 kilometers.
Increasing approval for the hyperloop technology by several governments for the commercial viability of the technology for traveling of the goods and people created massive growth for this market. For instance, recently on 27th Nov 2020, The National Democratic Alliance (NDA) government of India has made hyperloop technology commercially viable for traveling in the country. This is being done to accelerate and transform India's public transportation system faster with this new-age transport technology.
Further rising testing of the hyperloop technology by the leading players for adopting faster transportation of the people and goods from one place to another stipulated the market growth. For instance, on 9th Nov 2020, Virgin Hyperloop California-based futuristic transport company has successfully conducted a test passenger run on its hyperloop technology-based high-speed levitating transportation system at its DevLoop facility (Nevada). Two test passengers successfully traveled through its second generation XP-2 or Pegasus Pod, for a 500 meters Vergin hyperloop. It created a massive demand for the growth of the hyperloop technology market.
The hyperloop technology market is segmented on the basis of Transportation System, Speed, Capacity, Route, Carriage Type, and region.
In terms of the transportation system, the global hyperloop technology market is divided into tube, propulsion, capsule, and route. Among these tube segment has the highest market share in 2020, this is primarily due to rising demand for transportation through tubes at the highest speeds to reduce travel time.
Further, in terms of speed, the global hyperloop technology market is classified as more than 700 miles and less than 700 miles.
On the basis of capacity, the global hyperloop technology market is divided into seat capacity and carriage capacity. Among these, wireless has more than the highest market share in 2020, this is primarily due to the rising adoption of smart devices for healthcare sector around the globe. For instance, on 5th Dec 2020, Ferrovial has signed a framework agreement with HyperloopTT to analyze united projects. The company will assist the projects related to hyperloop technology with transportation technology in the Great Lakes Hyperloop, United States.
Depending upon the route, the global hyperloop technology market is divided into intercity and intracity.
Based on the carriage type, the global hyperloop technology market is classified as a passenger, cargo/freight, and others.
Several leading manufacturers are adopting advanced technology such as AI. IoT etc for smart hyperloop technology which may create huge opportunities for the growth of this market. Also, several leading players are adopting strategies such as partnerships, collaboration, mergers, and acquisitions for the advancement and development of advanced technology which may create ample opportunity for the growth of this market. For instance, on 7th Dec 2020, Hitachi Rail made a partnership with Hyperloop Transportation Technologies (HyperloopTT) for integrating hyperloop's capsule traveling system.
Key features of the study:
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
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