|Fastest Growing Market:||North America|
|Largest Market:||North America|
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The Hyperloop Technology Market (henceforth, referred to as the market studied) is anticipated to register a CAGR of about 40.45%, during the forecast period (2022-2030).
- The hyperloop has the potential to provide a sustainable solution to the growing demand for high-speed travel and to 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 will also solve the problem of traffic congestion and the loss of time while commuting. Hyperloop can be very effective in reducing the emissions from transportation vehicles because it will be powered by solar energy and 69 million gallons of fuel that is burned for local transportation of cargo.
- The various hyperloop proponents make much of the idea that hyperloop would be completely powered by solar technology. While that is certainly not true of air travel, both maglev and HSR are electrically powered and could be powered by solar, if desired. It is not clear how much energy would be needed to operate hyperloop, but most routes would be two to three times more energy efficient than air travel per passenger mile.
Scope of the Report
A hyperloop is a proposed high-speed mass transportation system for both passenger and freight transport. Hyperloop is a sealed tube or system of tubes with low air pressure through which a pod may travel substantially free of air resistance or friction which are capable of completely running off-grid. The scope of the study covers segmentation by Component Type by Carriage Type, and by Geography. The component type segmentation includes Capsule, Tube, Propulsion System, and Other System Types while the carriage type includes Passenger and Cargo/Freight. The report also covers the market sizing and forecast for 14 countries/regions across the world. For each segment market sizing has been done on basis of market value (USD Billion).
|By Component Type|
|Other System Types ( Communication Systems, Pressure Maintenance Systems, Etc)|
|By Carriage Type|
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 counties 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 their infrastructure and pollution problems. In May 2020, China has 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 which 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 which travels in a vacuum at a speed of about 760 miles per hour.
- In Sep 2021, Feasibility study was conducted in the Brazil state of Rio Grande do Sul. The design proposed would connect the metropolitan regions of capital Porto Alegre and Caxias do Sul. The 137km can be covered in less than 20 minutes (compared to two hours by car), with passengers and achieving maximum speeds of 835km/h. The total cost of this project is estimated to be USD 7.7 billion.
- Different European projects related to hyperloop have received funding from the European Commission. For instance, The commission has funded Eureka Eurostars projects for the deployment of 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 on safety features of the transport. With increasing support by the government companies are coming together to standardize the hyperloop. One such example is the 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.
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Asia-Pacific is Expected to Lead the Hyperloop Technology Market
Asia-Pacific is likely to lead the hyperloop technology market, globally. Both Hyperloop Technologies and Hyperloop Transportation Technologies say that first hyperloop will be built outside USA. Two competitors have chosen United Kingdom, Singapore-Kuala Lumpur or Middle East as their possible sites for 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 taken by conventional road or rail transport.
In Aug 2019, The Maharashtra Government approved the development plans by Virgin Hyperloop. The initial plans were that the procurement process will close at the end of 2019 and project construction will start as early as 2020. Safety certification to be awarded by 2024 and full commercial operations to start on the Mumbai-Pune line by 2029. However, in Jan 2020 the change in the ruling government has resulted in scrapping the project plan. The new government cited that the technology is not yet in use anywhere in the world and is not willing to spend huge amounts on unproven projects.
The United Kingdom shows a tremendous potential for the implementation of hyperloop system, as the country’s current transportation systems are operating beyond the capacity. This is because of London being a congested city, with over one million people travelling across central London each working day, increasing its daytime population six times.
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Some of the key players of the global hyperloop technology market are Hyperloop Transportation Technologies, Hyperloop One, Space Exploration Technologies Corp., Transpod Inc., and Tesla Inc., among others. The market is highly driven by factors, like partnerships with start-ups, land availability, and governments' interest across the world.
- In November 2020, Virgin Hyperloop has successfully conducted passenger travel in the hyperloop systems developed by the company.
- In November 2019, Autodesk and Virgin Hyperloop announce a partnership to explore advanced route optimization, transportation design, and construction technology for the development of hyperloop systems
- In February 2020, Saudi Arabia announced an agreement with Virgin Hyperloop to conduct a feasibility study on the use of hyperloop technology for the transport of passengers and cargo in the country.
- In September 2020, the Virgin Hyperloop announced MoU with Bangalore International Airport (India) to study viable hyperloop corridors from the airport.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Component Type
5.1.3 Propulsion System
5.1.4 Other System Types ( Communication Systems, Pressure Maintenance Systems, Etc)
5.2 By Carriage Type
5.3.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.4 Rest of the World
18.104.22.168 Middle-East and Africa
22.214.171.124 South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Vendor Market Share/Positioning**
6.2 Company Profiles
6.2.1 Hyperloop Transportation Technologies
6.2.2 Virgin Hyperloop
6.2.3 Transpod Inc.
6.2.4 Dinclix GroundWorks
6.2.5 Hardt Global Mobility
6.2.6 Zeleros Hyperloop
6.2.7 Arrivo Corporation
6.2.9 The Boring Company (SpaceX)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Hyperloop Technology Market market is studied from 2020 - 2030.
What is the growth rate of Hyperloop Technology Market?
The Hyperloop Technology Market is growing at a CAGR of 40.45% over the next 5 years.
Which region has highest growth rate in Hyperloop Technology Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Hyperloop Technology Market?
North America holds highest share in 2021.
Who are the key players in Hyperloop Technology Market?
Hyperloop Transportation Technologies, Virgin Hyperloop One, Transpod Inc., Space Exploration Technologies Group, AECOM Inc. are the major companies operating in Hyperloop Technology Market.