Hyperloop Technology Global Market Report 2022: Growing Demand for Efficient and Emission Free Mass-Transit Drives Investment - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 22, 2022--
The “Hyperloop Technology Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)” report has been added to ResearchAndMarkets.com’s offering.
The Hyperloop Technology Market was valued at USD 1 billion in 2021, and it is anticipated to reach USD 7.68 billion by 2027, at a CAGR of more than 40.45% during the forecast period (2022 - 2027).
The hyperloop has the potential to provide a sustainable solution to the growing demand for high-speed travel and alleviate the rising challenges in transportation. Hyperloop is a concept for very high-speed, fixed-guideway, intercity surface transportation, using capsule-like vehicles that operate in sealed partial-vacuum tubes. At this stage, the technology is unproven, but it has elicited a great deal of interest from journalists, investors, engineering firms, and government organizations.
With governments across the world implementing stringent emission norms, the hyperloop is expected to be adapted as an alternative solution to reduce pollution in developed countries across the world. Hyperloop is also expected to solve the problem of traffic congestion and the loss of time while commuting. Hyperloop can effectively reduce vehicle emissions as it uses solar energy.
Key Market Trends
Demand for Efficient Mode of Transportation
Hyperloop is a concept for very high-speed, fixed-guideway, intercity surface transportation, using capsule-like vehicles that operate in sealed partial-vacuum tubes. However, the hyperloop is at a nascent stage, but investors, technology developing companies, and governments around the world are taking great interest in this technology.
As Hyperloop’s proposed speeds (maximum 720-760 mph and average of 600 mph) would indeed be faster than any other mode of transportation with no carbon emissions, if feasible, it is anticipated that it would solve many problems associated with congestion and pollution across the world.
As a result, the governments of developed and developing countries are testing the hyperloop transport technology in their countries and also has started building the tracks. For instance;
- China spends over USD 300 billion annually on infrastructure to address its rapidly growing urban populations. The country has opted to test the hyperloop as a cheaper alternative to address its infrastructure and pollution problems. In May 2020, China announced a project in Tongren, Guizhou province, with the help of Hyperloop Transportation Technologies. The 50-50 joint venture between Hyperloop Transportation Technologies (HTT) and government-owned Tongren Transportation Tourism Investment Group will cover 10 kilometers (6.21 miles) in its first phase.
- Hyperloop Transportation Technologies (HTT), a company that is currently developing hyperloop technology, has started building its first full-scale transportation system in Toulouse, France. The company aims to develop a high-speed intercity transporter using a low-pressure tube train that travels in a vacuum at a speed of about 760 miles per hour.
- Different European projects related to the hyperloop have received funding from the European Commission. For instance, The commission has funded Eureka Eurostars projects to deploy hyperloop side technologies in port applications.
Because Hyperloop is an entirely new system that runs on neither roads nor rails, it may present novel issues related to the Federal role in ensuring safe operation. Due to this move, the companies are investing more time and money in safety features of transport. With increasing support from the government, companies are coming together to standardize the hyperloop. One such example is the European Hyperloop Program initiated by Hardt. Its objective is to collaborate with hyperloop companies and co-developing partners in a common standardization roadmap, to bring down the costs of hyperloop through R&D, and to test and display the developed technologies to allow its commercialization.
Asia-Pacific is Expected to Lead the Hyperloop Technology Market
Asia-Pacific is likely to lead the hyperloop technology market globally. Hyperloop Technologies and Hyperloop Transportation Technologies say that the first hyperloop will be built outside the USA. Two competitors have chosen the United Kingdom, Singapore-Kuala Lumpur, or Middle-East as their possible sites for the hyperloop due to supportive government initiatives and minimal bureaucracy.
China is expanding its transportation network rapidly and trying to bring down the costs related to freight hauling. Being a developing country, China spends about 15% of its GDP on logistics, which makes it incompetent compared to the West, where the average stands at around 10%-12% of the GDP. Hyperloop technology can transport goods at a fraction of the time conventional road or rail transport takes.
The United Kingdom shows tremendous potential for the implementation of a hyperloop system, as the country’s current transportation systems are operating beyond capacity. This is because London is a congested city, with over one million people traveling across central London each working day, increasing its daytime population six times.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Hyperloop Transportation Technologies
- Virgin Hyperloop
- Transpod Inc.
- Dinclix GroundWorks
- Hardt Global Mobility
- Zeleros Hyperloop
- Arrivo Corporation
- The Boring Company (SpaceX)
For more information about this report visit https://www.researchandmarkets.com/r/31fjrt
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PUB: 12/22/2022 01:49 PM/DISC: 12/22/2022 01:49 PM