Hyperloop Technology Market by Components (Capsule, Tube, and Propulsion System) and Transportation Type (Passenger & Freight) - Market Potential Assessment - Global Analysis & Forecast 2022-2030
Report ID : 201 | Published Date : Jun 2020 | Pages : 160 | Region : Global | Report Code : AT-6
Hyperloop Technology Market Introduction & Overview
Hyperloop is a futuristic transportation technology that focuses on reducing friction against air and the ground for fast transportation. Elon Musk first described the hyperloop technology in 2013. He stated that it would involve carrying passengers through tubes at high speeds (nearly hundreds of miles per hour). Hyperloops offer a potential revolution in transportation systems by achieving aircraft speeds at the ground level. This is achieved by creating a low-pressure environment with no support except that of a magnetic field, which will help the capsule to float in the air and is pushed ahead using electrical energy.
The global hyperloop technology market is driven by factors, such as the growing population and economy, which requires faster, safer, and efficient transportation mode thus the increase in popularity for hyperloop technology among people. Also, other benefits of hyperloop technology considered are that it is less expensive, less land is required for construction and not vulnerable to natural calamities such as an earthquake. These are some of the factors fueling the growth of the market. However, the costs involved in building and operating hyperloop are high, which may negatively impact market growth to a certain extent.
The global hyperloop technology market can be segmented into components, transportation, and region.
Hyperloop Technology Market By Components
Based on components, the market can be segmented into the capsule, tube, and propulsion systems. Hyperloop tubes account for the largest market share as tubes make a large part in the hyperloop infrastructure. It acts as a tunnel or encapsulated pathway wherein hyperloop capsules travel. Moreover, hyperloop tubes are made up of steel, which reduces the building time and construction costs.
Hyperloop Technology Market By Transportation Type
Based on transportation type the market can be classified into passengers and freight. The passengers segment holds the largest market share in the forecast period majorly because the design of the capsules or pods is dedicated to carrying passengers.
Hyperloop Technology Market By Region
Based on the region, the market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). Asia-Pacific is expected to grow at the highest CAGR owing to factors such as a growing economy in the region with countries like China and India that are boosting the demand for faster modes of transport in the region. For instance, the Government of India has authorized Virgin Hyperloop One to develop high-speed lines between Mumbai and Pune, which would become the world’s first hyperloop.
Hyperloop Technology Market Prominent Players
Some of the key players operating in the global hyperloop technology market include Hyperloop Transportation Technologies, Hyperloop One, Transpod Inc., SPACE EXPLORATION TECHNOLOGIES CORP., DGWHyperloop, Aecom, Tesla, and others.