PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1098561
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1098561
According to Stratistics MRC, the Global Hyperloop Technology Market is accounted for $1.18 billion in 2021 and is expected to reach $11.49 billion by 2028 growing at a CAGR of 38.4% during the forecast period. Hyperloop technology is a mode of transportation for passengers or goods. Hyperloop is a conceptual high-speed, intercity surface transportation system, that utilizations pod or capsule-like vehicles operating in a sealed vacuum tube with reduced pressure.
Market Dynamics:
Driver:
High speed of hyperloop technology
The hyperloop technology is a pod-like vehicle, which operates through a reduced-pressure tube that reaches average speeds of more than 350 miles per hour. A hyperloop system enables pods to run at high speeds and have efficient propulsion because of the low air pressure inside the tube, which prevents the outside air friction from restricting the speed of the pod. Consequently, the high speed of this technology is significantly driving the growth of the global market.
Restraint:
Lack of awareness
The hyperloop transportation system is different from trains, cars, airplanes, or boats. It has not yet been completely implemented anywhere in the world. Most people are unaware of the hyperloop transportation system. The hyperloop model is not as popular as that of bullet trains or other faster transportation modes. However, the organizations that are working on building a hyperloop transportation system have adopted different ways of advancing this technology. Therefore, a lack of awareness regarding hyperloop transportation technology is restraining the growth of the market.
Opportunity:
Decongestion of traffic
Decongestion of traffic is expected to act as a huge opportunity for the development of the market because people do not prefer to get stuck in traffic. The increasing population on a global scale is causing high traffic, leading to congestion and, consequently, high carbon emissions, which leads to environmental pollution. Therefore, reaching on time is their main goal and this hyperloop technology provides the fastest mode of transportation. Thus, this acts as a major opportunity for the market.
Threat:
Implementation cost
The implementation cost of the hyperloop technology is very high which is a challenging factor for the market. Because of the high implementation cost of hyperloop technology, many developing countries are avoiding implementing this technology in their country. They are instead using a conventional mode of transportation that causes air pollution.
The more than 700 kmph segment is expected to be the largest during the forecast period
The more than 700 kmph segment is estimated to have a lucrative growth as it is the future of high-speed transportation. It is multiple times faster than a few bullet trains. This technology could make working and living in 2 different cities a norm, while also creating a world with less congestion and pollution.
The passenger segment is expected to have the highest CAGR during the forecast period
The passenger segment is anticipated to witness the fastest CAGR growth during the forecast period as passenger hyperloop capsules, with a potential carrying capacity of 40 passengers are likely to be operational, according to various subject matter experts. Most firms are focusing on commuters to get a larger piece of the market by connecting key cities and nations
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to the presence of a few evolved economies and the population crisis leading to crowded streets. Australia, India, and South Korea are countries working on the commercialization phase. The growing participation of the government bodies in exploring the feasibility of implementing hyperloop technology is anticipated to boost the growth of the market.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period owing to the presence of prominent market players, rising R&D investments, and technological development. Thus, North America is forestalling to emerge as a market leader. The United States has always been an innovation leader and giving opportunities to companies like Virgin Hyperloop and others to deploy hyperloop technology using innovative and transformative technologies.
Key players in the market
Some of the key players profiled in the Hyperloop Technology Market include Hyper Chariot, Zeleros, Virgin Hyperloop, TransPod, Space Exploration Technologies Corporation (U.S.), Hardt Global Mobility, Dinclix GroundWorks Global Limited, Arrivo, Hyperloop Transportation Technologies and Autodesk.
Key Developments:
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 2019, Autodesk partnered with Virgin Hyperloop to explore advanced route optimization, transportation design, and construction technology for the development of hyperloop systems.
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