Maharashtra, India -- (SBWIRE) -- 01/14/2019 -- Hyperloop technology
Hyperloop technology is a new high-speed transportation system that was initially proposed by Elon Musk, Chief Executive of SpaceX and Tesla. The technology was enabled to build an ultra-high-speed ground transportation system for passenger, freight loading passengers and cargo into a pod using electric propulsion.
Hyperloop are considered to be special vacuum tubes build underground or over through which pods can travel at elevated pace utilizing several features such as air bearings and electromagnetic motors. The technology assures to be faster and cheaper alternative as compared to the present mode of transportation which will lift above the track pick-up pace and levitate over long distances.
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Hyperloop can increase productivity by potentially connecting business hubs, ports and capitals thereby reducing travel time. Additionally, this sealed vacuum tubes with reduced friction is expected to offer 600-760 mph speed which is comparatively faster than the other transportation methods such as rail, road, water and air. Moreover, these pods are characterized to detect obstacles using an array of sensors offering speedy, safe and secure transportation to passengers with convenient infrastructure.
Real-time data with auto braking sensor ensures system operations, maintenance, and stronger network topology these factors are expected to influence the hyperloop technology market positively.
Market Segment by Companies, this report covers: Hyperloop One, TransPod Inc, SpaceX, Hyperloop Transportation Technologies, Dgwhyperloop, Aecom, and More
Market Segment by Type, covers: Capsule, Tube, Propulsion system, and More
Market Segment by Applications, can be divided into: Passenger, Freight, and More
Innovation — driving the market growth
Rising environmental concerns of degradation; depletion of natural resources occurred by conventional transportation system and increasing level of exposure to noise and traffic are expected to drive the hyperloop technology market. Additionally, increasing need for safer, faster and cost-effective method of transportation is projected to accelerate the market demand. In turn, this can be attributed to the technology that requires less area as compared to current means of transportation with growing traffic congestion and motorization.
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Whereas, emerging industrialization across the globe, energy-efficiency and environment friendly nature of the technology are expected to boost the market. Apart from cost-effective and faster means of transportation, easier to build infrastructure with less land requirement which is not susceptible to natural calamities such as earthquake are some of the substantial factors to impact the market growth positively.
However, passenger's safety and security concerns such as a single breach in hyperloop can cause major damage by pushing air into the tube about the speed of sound is expected to be the factor that can hamper the growth of the market.
Passenger transportation to influence the Hyperloop market growth
Passenger transportation segment is projected to foster the hyperloop technology market owing to its services in transportation industry. It facilitates fastest mode of transportation with low cost as compared to existing mode of transportation such as flights, trains and others.
The several type of transportation include freight or cargo and passenger among which passenger transportation is expected to have the major share in the market owing to its embracing benefits in transportation industry. Furthermore, its high-speed and cost-effectiveness is expected to be comparatively less than that of present transportation system.
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Economies around the globe are projected to witness higher demand
North America is expected to witness significant growth in hyperloop technology market. This can be attributed to the presence of major industry players and their increasing adoption of hyperloop technology in the region such as SpaceX, Tesla, Hyperloop Transportation Technologies, Hyperloop One and others. Europe, on the other is driven by high income and its developed economies.
Asia Pacific is expected to experience considerable growth in the market owing to the growing government initiatives in exploring growth opportunities towards developing the hyperloop technology in transportation. For instance, in November 2017, one of the U.S based company Virgin Hyperloop One has signed Memorandum of Understanding (MoU) with Karnataka Urban Development Department to conduct preliminary study to understand hyperloop feasibility and Identify potential routes to improve mobility in Bengaluru and other emerging cities within the state.
Since, the Hyperloop technology is in its planning and development phase, growing government initiatives and awareness about the technology is expected to foster the hyperloop market growth.
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