The Hyperloop Technology Market with COVID-19 impact is expected to grow from USD XX billion in 2021 to USD 6.6 billion by 2027, at a CAGR of 40.4%.
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Some of the key players in the study are Hyperloop One, SpaceX, TransPod, Hyperloop UC, Badgerloop, Hyperloop India, Delft Hyperloop. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Hyperloop Technology Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Hyperloop Technology Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Hyperloop Technology Market, By System Type (Capsule, Tube, Propulsion System, and Others), Carriage Type (Passenger and Cargo/Freight), Geography (North America, Europe, APAC, South America, Middle East and Africa) Industry Trends and Forecast to 2027″. Early buyers will get 10% customization on study.
To Avail deep insights of Hyperloop Technology Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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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.
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.
Drivers: Decreased travel time and transport costs
Hyperloop is expected to be the fastest proposed commute option, running at an average speed of 600 mph. In this mode of transportation, pods travel through vacuum-sealed tubes, reaching a speed of around 500 miles per hour. A hyperloop system enables pods to run at high speeds and have efficient propulsion due to the low air pressure inside the tube, which prevents the outside air friction from limiting the speed of the pod.
Less expensive and minimum infrastructural maintenance
According to the Alpha Document by Elon Musk, the total expected cost of the hyperloop passenger transportation system is between USD 6 and 7.5 billion, which is much lesser than a high-speed rail project. According to World Bank estimates, hyperloop will cost less than high-speed rail. The proposed high-speed rail project in California will cost up to USD 64 billion, i.e., USD 56 million per km—which is much higher than hyperloop. According to Virgin Hyperloop, the route between Abu Dhabi and Dubai cost USD 4.8 billion, i.e., USD 52 million per 1.6 km. Hyperloop is considered as a less expensive option than bullet trains.
Creation of a hyperloop network requires less land area
Obtaining land for any transportation project is becoming an important issue worldwide. Infrastructure refers to the fundamental, physical, or organizational structures needed for the operation of civilization or enterprise. Economic and social growth needs to be ensured by an efficient and reliable transport system. To fulfill these increasing demands, huge investments are being made by governments worldwide in roads, railways, ports, and civil aviation sectors for increased capacities and transformation of the transportation system. The land requirement for railways, airports, seaports, and roads is very high compared to that for hyperloop transport. Hyperloop does not require designing of station area plans and runway spaces, or relocation of surrounding utilities, huge building material costs, etc.
Tolerance to earthquakes and other natural calamities
Ground-based transportation systems, such as railways, high-speed rail, and bullet train, are more susceptible to earthquakes. Hyperloop is built on pylons where the tube carrying passenger pods is above the ground level, which reduces the risk of earthquakes or other natural calamities. The tube is not firmly fixed, which allows for flexibility. Moreover, it does not frequently need expansion joints to deal with thermal expansion or contraction, large-scale land movement, etc.
Emphasis on solar power for energy consumption in the hyperloop transportation technology
The current modes of transportation, including high-speed rail or the metro system, use old technology and has a huge capital cost and requires continuous government subsidies. On the other side, the rising population on a global scale is causing high traffic, leading to congestion and, consequently, high carbon emission, which leads to environmental pollution. Hyperloop transport technology, powered by solar energy, can improve fundamental transportation ways, making it more efficient, profitable, and environmentally safe.
Restraints: Lack of awareness regarding hyperloop transportation technology
Though the concept of high-speed travel in tubes has been around for many decades, the interest in pneumatic tube transportation systems was retriggered after 2013 since the idea was introduced again, using updated technologies, by Elon Musk. The hyperloop transportation system is different from trains, cars, airplanes, or boats. It has not yet been fully implemented anywhere in the world. Most people are unaware about the hyperloop transportation system. The hyperloop model is not as popular as that of bullet trains or other faster transportation modes. However, the companies that are working on building a hyperloop transportation system have adopted various ways to promote this technology.
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).
Virgin Hyperloop (US)
Virgin Hyperloop is modifying transportation to eliminate the constraints of time and distance by using hyperloop for the instantaneous, safe, efficient, and sustainable movement of cargo and passengers. It aims to provide 2 types of hyperloop networks—passenger hyperloop system and cargo hyperloop system.
As of December 2019, Virgin Hyperloop raised USD 400 million and recently partnered with the Saudi Arabia’s Economic City Authority (ECA) to conduct a study to build the world’s longest test and certification hyperloop track as well as a research and development center and hyperloop manufacturing facility north of Jeddah.
Scope of the Report:
This report categorizes the Hyperloop Technology market based on transportation system, carriage type, speed, and region.
Hyperloop Technology Market, by Transportation system:
- Propulsion System
Hyperloop Technology Market, By Carriage Type
Hyperloop Technology Market, By Speed
- More than 700 kmph
- Less than 700 kmph
Hyperloop Technology Market, By Region:
- North America
- Latin America
- 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 2020, Virgin Hyperloop gave the first ride on its test track. Josh Giegel, Co-Founder and Chief Technology Officer, and Sara Luchian, Director of Passenger Experience, were the first people in the world to ride on this new form of transportation. The test took place at Virgin Hyperloop’s 500-meter DevLoop test site in Las Vegas, where the company has previously run over 400 un-occupied tests.
Key Questions Answered in Competitive Landscape-
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