Global Hyperloop Technology MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $6,822 million by 2026 from $1,493 million in 2022, growing at a CAGR of 46.2% from 2022 to 2026. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 48.1% and 47.1%, respectively, during the forecast period. Hyperloop is a new form of ground transport currently in development by a number of companies, which could see passengers travelling at 700 miles an hour in floating pods within low-pressure tubes.
“Hyperloop TechnologyMarket (By Component: Tubes, Capsules, and Propulsion System; By Transportation: Passengers, and Freight; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2022 – 2026”
The global hyperloop technology market is mainly driven by increase in global demand for fastest and cheap transportation
Rising global demand for fastest and low-cost transportation, less costly and easy to build infrastructure, less land requirement for transportation are some of the primary factors driving the growth of the global hyperloop technology market. In addition, this technology is unsusceptible to earthquakes and other natural disasters which also motivates the market to grow. However, stringent government regulations, and lack of public awareness are some of the major glitches to deal with respect to market. Moreover, need for de-congestion of cities, and commercialization in technology are expected to present lucrative growth opportunities for the market in the forthcoming years.
Component, transportation, and geography are the segments considered in the global hyperloop technology market. The component segment includes tubes, capsules, and propulsion system. Furthermore, transportation segment is bifurcated into passenger, and freight.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Russia and Rest of Europe are analyzed under the European market. India, China, Japan, Australia and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
North America occupied the principal share in the global hyperloop technology market
North America is expected to dominate the global market with major share in the year 2022, and is probable to continue its trend during the forecast period 2022 – 2026. The high growth in the region could be attributed to the presence of majority of the key players in the region. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR over the forecast period, owing to surging need for fast transportation.
Prominent players operating in the market include Hyperloop One, Hyperloop Transportation Technologies, SPACE EXPLORATION TECHNOLOGIES CORP., MIT Hyperloop, Open loop Inc., Badgerloop, BITS Hyperloop, AZloop, Transpod Inc., and Delft Hyperloop, among others.