Hyperloop Technology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Across the globe, demand for high-speed railway networks is quickly taking up steps. This is attributed to increased passenger concerns regarding travel duration and increased comfort during the journey. In addition, with the inception of the hyperloop, several consumer segment challenges would become much easier during the longer-term perspective.

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. 

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.

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.

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.

Considering these factors and rising concerns of energy efficient transportation, demand for hyperloop technology is expted to evelated during the forecast period.