Northbrook, IL 60062 -- (SBWire) -- 07/25/2022 --The Hyperloop Technology market with COVID-19 impact is expected to grow from USD 1.2 billion in 2021 to USD 6.6 billion by 2026, at a CAGR of 40.4%.
The major factors driving the growth of the hyperloop 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.
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Based on transportation system, capsules are expected to grow at the highest CAGR in the coming years owing to additional technological developments in the architecture of the capsules. Additionally, freight capsules will require modifications according to requirements for the forecast period.
Based on carriage type, passenger transportation is expected to hold a major share of the market as most companies are focusing on commuters to gain a higher share of the market by connecting major cities and countries. It is expected to reduce travel time by many hours. For instance, in November 2020, 2 human passengers travelled in one of Virgin Hyperloop's levitating hyperloop capsules, which was sent at 100 miles per hour through a near-airless tunnel in the Nevada desert. The 15-second-long test trip was carried out by the company at its DevLoop site 35 miles north of Las Vegas in Nevada, which comprises a 500-metre concrete tube located in a barren stretch of desert.
Based on speed, Hyperloop with speed more than 700 kmph is expected to grow at a higher CAGR for the forecast period as it is the future of high-speed transportation. It is multiple times faster than Japan's Shinkansen bullet trains and even faster than a Boeing 747. This technology could make working and living in 2 different cities a norm, while also creating a world with less congestion and pollution.
North America is attributed to hold major share of the hyperloop market as it seems to be more feasible according to the tests conducted by different players in the hyperloop market. Also, presence of key players such as Virgin Hyperloop and Hyperloop Transportation Technologies is expected to fuel the adoption of hyperloop in the region.
Hyperloop Technology Market Size, Share, Forecast (2021-2026)