The report “Hyperloop Technology Market by Components (Capsule, Tube, and Propulsion system), Transportation Type (Passenger and Freight), and Geography (North America, Europe, Asia-Pacific, and Middle East & Russia) – Global Forecast to 2026”, The hyperloop technology market is expected to be valued at USD 1.35 Billion in 2022 and is expected to reach USD 6.34 Billion by 2026, at a CAGR of 47.20% between 2022 and 2026.
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The increasing global demand for fastest and cheapest mode of transportation, less expensive and easier-to-build infrastructure, transportation type with less land area requirement, and technology that is not vulnerable to earthquakes and other natural calamities are some of the significant drivers for the growth of the hyperloop technology market.
Passenger Transportation is expected to lead the hyperloop technology market
Passenger transportation is expected to hold the largest share of the hyperloop technology market between 2022 and 2026. The transportation types include cargo/freight transportation and passenger transportation. Passenger transportation has the largest share of the overall hyperloop technology market owing to its extensive benefits in transportation industry. Hyperloop offers a fastest mode of passenger transport compared to current available transportation options such as train, airplane, etc. The cost of hyperloop travel is expected to be low compared to airplanes or bullet train that will attract more population. For instance, hyperloop travel from Los Angeles to San Francisco will take 30 minutes compared to 6 hours of road journey, with the ticket cost much less than the cost of an airplane ticket.
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Hyperloop technology is first expected to be commercialized in Dubai by 2022
The first operational hyperloop route is expected to be built between Dubai and Abu Dhabi. The reason is the ongoing development in the construction of hyperloop routes in the country. Support from local government, capital investors, and others play a major role in commercialization of hyperloop in the region.
Hyperloop technology is expected to commercialize in US by 2023
Hyperloop technology in the US is expected to commercialize by 2023. The first operational hyperloop can be built between Los Angeles and California. Hyperloop One Global Challenge (HOGC) shortlisted 11 teams from the US to present hyperloop route plans that might be developed after the feasibility check in the respective regions. Government approval, hyperloop technology development companies in the region, and capital investments play a major role in hyperloop development in the US.
Hyperloop technology is expected to commercialize in Slovakia and Czech Republic by 2024
Slovakia and Czech Republic are expected to see the operational hyperloop by 2024. The hyperloop route is expected to be built between Brno (Czech Republic), Vienna (Austria), and Bratislava (Slovakia). HTT have received government approvals from both the countries to check the hyperloop route feasibility, which is boosting the hyperloop route development in the region. After the feasibility study in these countries, actual construction will be initiated, which is expected to be completed by 2024.
Some of the major players in the hyperloop technology market are Hyperloop Transportation Technologies (US), Hyperloop One (US), TransPod Inc. (Canada), and SpaceX (US) among others.