The global hyperloop technology market is anticipated to grow at an exponential CAGR of 40.9% during the forecast period. One of the core factors that is fueling the market is the rising migration of people to mega cities for jobs or studies. People have been migrating to mega cities for studies or jobs which are hard to find in small towns. This has increased the population and expenses in mega cities. In such a situation, people tend to live near the city or distant cheap areas from their destination, and the daily travel to such distance through public transport. For instance, as per the Western Railway of India report in June 2021, the passenger density on Western Railway was 60,000 passengers per km per day, which is the highest among all the leading Metro Railways of the world. Such a complex situation can be simplified with the availability of hyperloop technology since it can travel at such high speed, that migration will decline as people can reach their destination quickly from their hometown.
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Governments across the globe have acknowledged this situation and have been collaborating with market players for adopting the technology at their busiest roots. For instance, in January 2021, South Korea’s railway Korean Railroad Research Institute (KRRI), a research & development organization, announced that its Hyper-Tube train reached a speed of more than 1,000 km/h (621 mph) during a test. South Korea has been working on this Hyper-Tube project since 2017. In September 2020, the concept reached 714 kmph (443 mph) in a full-fledged aerodynamic test in sub-vacuum conditions. The country hopes to launch its first hyperloop train by 2024 between Seoul and Busan to reduce travel time from 3.5 hours to 30 minutes. Moreover, Virgin Hyperloop was in discussions with the Maharashtra state government for the hyperloop corridor between Mumbai-Pune since 2017. The project aimed to reduce travel time between Pune and Mumbai to 25 minutes. The project was estimated to be ready by 2029. However, the project got stuck as the power shifted to other political parties.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Hyperloop Technology Market Report by Segment
By Transportation System
- Tube
- Propulsion
- Capsule
- Route
- Others
By Carriage Type
- Passenger
- Cargo/Freight
Global Hyperloop Technology Market Report by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global hyperloop technology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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