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.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
Segment Covered-
- By Transportation System
- By Carriage Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- AECOM Inc., Hyperloop Transportation Technologies, Space Exploration Technologies Corp., TransPod Inc., and Virgin Hyperloop LAHQ.
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Hyperloop Technology Market Report by Segment
By Transportation System
- Tube
- Propulsion
- Capsule
- Route
- Others
By Carriage Type
- Passenger
- Cargo/Freight
Hyperloop Technology Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Arrivo Corp.
- Badgerloop
- Delft Hyperloop
- Dinclix GroundWorks (DGWHyperloop)
- Hardt B.V.
- MIT Hyperloop III
- Nevomo Poland Sp. z o.o
- Tesla, Inc.
- VicHyper
- Zeleros Global SL
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