According to the new market research report published by MarketsandMarkets, the hyperloop technology market is expected to grow from USD 1.2 billion in 2021 to USD 6.6 billion by 2026, at a CAGR of 40.4%.
Tech mogul Elon Musk coined the term Hyperloop back in 2013, when he released his vision for a fifth mode of transport. Since then, engineers across the world, working on the idea, could make the Hyperloop a reality sooner than we may think.
With Hyperloop, vehicles called pods accelerate gradually via electric propulsion through a low-pressure tube. The pod floats along the track using magnetic levitation and glides at airline speeds for long distances due to ultra-low aerodynamic drag.
The Hyperloop Technology market is dominated by Virgin Hyperloop (US), Hyperloop Transportation Technologies (US), Hardt B.V. (Netherlands), TRANSPOD (Canada), and Zeleros (Spain).
What’s driving Hyperloop technology market’s growth?
The major factors driving the growth of the Hyperloop Technology market are decreased travel time and transport costs, less expensive and minimum infrastructural maintenance, creation of hyperloop network requires less land area, tolerance to earthquakes and other natural calamities and emphasis on solar power for energy consumption in the hyperloop transportation technology.
However, Lack of awareness regarding hyperloop transportation technology, regulation not yet implemented for hyperloop transportation technology by governments and bureaucrats and safety and security concerns is expected to restrain the growth of the 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.