Hyperloop Technology Market 2019 To See Worldwide Massive Growth – Industry Trends, Forecast Of Top Countries 2025
Hyperloop technology is the future of transportation. While air transport has been gaining momentum in the past few decades, the need for less polluting and environment friendly is growing due to global warming and climate change. It was in 2013 when Elon Musk came out with the idea of Hyperloop Technology to beat the issues of time, cost, and pollution. Today, large players in the transportation sector are investing into R&D to develop pods for Hyperloop technology.
The technology works based on the principle of matter travelling in vacuum. Pods made of new-age materials will carry passengers in a vacuum tube at high speed. Electromagnetic rotors fixed on rails will drive move the pod. Many developed and developing nations have already showed interest in the technology and some governments have partnered with leading companies to conduct trial runs.
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Hyperloop technology requires materials which are light yet strong. This is where players in the new age materials market will come into play. Further, the Hyperloop can be laid above the ground, over bridge, or below the ground. This will open new doors for companies in the construction industry too.
It is a capital-intensive technology, thus has only a handful players in the market today. On the other hand, there are some challenges posing the global Hyperloop technology market. Experts in the field are wary about accidents and collisions that could result in the loss of lives. Due to the high speed, a collision or derailment could result in death of several people and loss of property.
The idea of Hyperloop technology was put forth by Elon Musk, who in 2013 made it open source through a white paper. Hyperloop technology revolves around the idea of building an ultra-high speed ground transportation system. In a hyperloop system, specially vacuumed tubes are built over or underground in which pods can travel at high speed. Such systems can utilize various features such as electromagnetic motors and air bearings. Hyperloop systems have many advantages over conventional transportation systems. Hyperloop systems offer a much faster and cheaper alternative to other forms of transportation. These systems are also very secure and immune to even natural disaster. Various players in the market are investing heavily in R & D to further develop this technology. These market players either have their own manufacturing facilities or import the components from different vendors. Amidst the positive government response, growing number of market players, and increasing capital investment, the hyperloop technology market is expected to witness exponential growth in the coming years.
There are many factors driving the global hyperloop technology market. Rising demand for faster, cheaper, and safer modes of transportation is expected to emerge as a major driver of the market. Within the growing traffic and congestion owing to growing motorization, Hyperloop technology requires less area as compared to conventional transportation systems. This is expected to propel the market growth. Growing industrialization around the world is also expected to drive the market.
There are however some factors hampering the growth of the market. The pre-requisite of superior infrastructure is expected to be a major restraint. Moreover, factors such as lack of awareness and security issues are also expected to hinder the growth of the market. Lack of regulations over the technology is also expected to slow down the growth rate of the market.
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The global hyperloop technology market can be segmented on the basis of components, transportation type, and geography. On the basis of components, the market can be segmented into capsule, tube, and propulsion system. Tube segment is expected to hold significant share of the total market. On the basis of transportation type, the market can be segmented into passenger and freight wherein the passenger segment is expected to expand at a prominent rate as it plays a vital role in passenger commuting.
On the basis of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a major share of the total market due to the presence of a large number of major industry players. The region is also expected to expand at a significant rate, driven by countries such as the U.S. and their increasing adoption of Hyperloop technology. Europe, primarily driven by developed and high income European Union economies is expected to follow North America in terms of market share. Europe is expected to be followed by Asia Pacific in terms of market share. The hyperloop network in the region is anticipated to present strong business opportunities and bolster business relationships. Middle East & Africa, and South America, with growing awareness about hyperloop technology are expected to hold a minor share of the total market.
Major players in the global hyperloop technology market are Hyperloop Transportation Technologies, Hyperloop One, SpaceX, TransPod Inc., Hyperloop UC, and AECOM India Pvt. Ltd. Other prominent players in the market include Badgerloop, Hyperloop India, Delft Hyperloop, Hyperloop UPV, WARR Hyperloop, AZLoop, DGWHyperloop, and VicHyper.
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