The Hyperloop Technology Market Report Share is estimated to be USD 1.2 billion in 2021 and expected to reach USD 6.6 billion by 2026, at a CAGR of 40.4% from 2021 to 2026.
Few of the drivers for the growth of this market include less expensive and minimum infrastructure maintenance, and decreased travel time and transport costs.
The Hyperloop Technology Market is dominated by a few globally established players such asVirgin Hyperloop(US), Hyperloop Transportation Technologies (US), Hardt B.V. (Netherlands), Zerelos (Spain), Nelove (Poland), AECOM (US), The Boring Company (US) and Transpod (Canada).
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Creation of hyperloop network requires less land area
An increase in the number of connected devices has led to the requirement for high-speed internet connectivity, especially in digitally-advanced workplaces. With 3G becoming obsolete and 4G expanding its prospects rapidly across different applications, efforts are being made worldwide on a large scale for the development of the 5G technology. The 5G network infrastructures are expected to offer connectivity of ≥1 Gbps as speculated by several leading network providers, such as AT&T, Sprint, and T-Mobile, among others.
Need for urban decongestion
The rapidly increasing population is one of the major reasons for traffic congestion worldwide. Every country in the world is facing problems related to road congestion. Countries such as China, Japan, India, the US, the Netherlands, the UK, and France are facing heavy road traffic issues in metro cities, and it is becoming difficult to control the growing number of vehicles on the roads on a daily basis. Other modes of transport are not always viable; air transport is costly, and water transport is time-consuming. Thus, hyperloop would be an efficient solution to overcome all these problems.
Guideway is attributed to holding a major share of the Hyperloop Technology Market
Guideway is attributed to holding a major share in the coming years owing to the increasing construction of elevated structures depending on the terrain of the tracks.
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Freight Transportation is expected to grow at the highest CAGR in the coming years
Freight transportation is expected to grow at the highest CAGR due to less regulations and minimal environmental restraints (For instance, impact of acceleration and pressure) for cargos, it is expected to attain higher adoption in the coming years.
Less than 700kmph is attributed to holding a major share in the Hyperloop Technology Market
Less than 700kmph is attributed to holding a major share in the hyperloop technology market because in the present scenario, hyperloop with speed less than 700 kmph seems to be more feasible as per the tests conducted by different players in the hyperloop technology market.
APAC to witness highest CAGR of Hyperloop Technology Market during the forecast period
APAC is expected to witness the 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.
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