The Hyperloop technology market is expected to grow from USD 1.3 billion in 2022 to USD 6.3 billion by 2026, at a CAGR of 47.2%. Reduced travel time and transportation cost, less expensive and minimum infrastructural maintenance, and less land area required to construct a Hyperloop network than other transport modes are some of the major driving factors for the market’s growth during the forecast period.
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Hyperloop is expected to be the fastest proposed commute option, running at an average speed of 600 mph. In this mode of transportation, pods travel through vacuum-sealed tubes, reaching a speed of around 500 miles per hour. Hyperloop system enables pods to run at high speeds and have efficient propulsion due to the low air pressure inside the tube, which prevents the outside air friction from limiting the speed of the pod.
Hyperloop Technology Market Segmentation:
In this report, the Hyperloop technology market has been segmented into the following categories:
Hyperloop Technology Market, by Component:
- Capsule
- Tube
- Propulsion System
- Route
Hyperloop Technology Market, by Transportation Type:
- Passenger
- Cargo/Freight
Hyperloop Technology Market, by Geography:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Slovakia
- Czech Republic
- Asia Pacific (APAC)
- China
- Japan
- Indonesia
- India
- Australia
- Middle East & Russia
- Dubai
- Russia
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.
