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Hyperloop Technology Global Market Report 2022

·4-min read

Major players in the hyperloop technology market are AECOM, Dinclix Groundworks. (DGW Hyperloop), Hyperloop One, Inc. , Hyperloop Transportation Technologies, Space Exploration Technologies Corp. , Transpod Inc.

New York, June 16, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Hyperloop Technology Global Market Report 2022" -
, Zeleros, Dinclix GroundWorks, Hyperloop India, Tesla, Inc., Uwashington Hyperloop, VicHyper, Arrivo Corporation, Hardt Global Mobility, and The Boring Company.

The global hyperloop technology market is expected to grow from $0.74 billion in 2021 to $1.05 billion in 2022 at a compound annual growth rate (CAGR) of 41.44%. The hyperloop technology market is expected to reach $4.17 billion in 2026 at a CAGR of 41.27%.

Hyperloop technology consists of sales of hyperloop technology by entities (organizations, sole traders, and partnerships), which refers to ultra-high-speed ground transportation technology for passenger and goods transportation. The transportation system consists of sealed or partially evacuated tubes connecting mobility hubs in metropolitan areas through pressurized vehicles, which are referred to as pods.

The main types of hyperloop transport system includes capsule, guideway, propulsion system, and route, and they are used for passenger and freight transportation.The capsule segment consists of sales of capsule-based hyperloop technology products by entities (organizations, sole proprietors, partnerships) that refers to hyperloop technology products, which consists of a passenger pods or capsules and move via a tube that is either above or below ground.

Pumps remove most, but not all, of the air from the tubes to reduce friction.Overcoming air resistance is one of the most energy-intensive aspects of high-speed transportation.

These transportation systems travel at a speed of less than 700 kmph and more than 700 kmph.

North America was the largest region in the hyperloop technology market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the hyperloop technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rise in demand for a faster mode of transportation has propelled the growth of the hyperloop technology market.The Hyperloop system contains sealed and partially evacuated tubes that connect mobility hubs in large metropolitan areas, as well as pressurized vehicles, commonly referred to as pods, that can travel at high speeds.

Contactless levitation and propulsion methods, as well as reduced aerodynamic drag, make this possible.Passengers may travel from city to city in less than 45 minutes, at a top speed of 760 mph, using this hyperloop technology.

For instance, Virgin Hyperloop stated in November 2021 that the Pegasus passenger-carrying vehicle would make its public premiere at the Smithsonian Arts and Industries Building.Between November and July 2022, visitors will be able to witness the Pegasus vehicle at the Futures exhibition.

Because of the increased desire for faster modes of transportation, the demand for hyperloop technology is expected to boost during the forecast period.

Strategic collaboration between companies is a key trend gaining popularity in the Hyperloop technology market.Companies that are developing hyperloop technology are undergoing partnerships and collaboration to develop new technologies.

For instance, in Feb 2020 Saudi Arabia announced an agreement with Virgin Hyperloop to conduct a study on the use of hyperloop technology for the transport of passengers and cargo in the country.It added that under a deal with Virgin Hyperloop One (VHO), the world’s leading hyperloop firm, a revolutionary pre-feasibility study on the usage of hyperloop technology would be completed, laying the framework for a network of hyperloop routes across Saudi Arabia.

With the capacity to travel from Riyadh to Jeddah in 46 minutes, Neom from Jeddah in 40 minutes, Riyadh to Dammam and Jubail in 28 minutes, and beyond the Kingdom, Riyadh to Abu Dhabi in 48 minutes, the Kingdom is well connected to the Gulf.The increase in these agreements between the governments and companies for the development of hyperloop technology will help for the Development of this industry.

R&D and testing investments are a key trend gaining popularity in the hyperloop technology market.The companies developing hyperloop technology products are increasing investing development of innovative technology with great operational potential and testing of developed products to their existing products into commercialization.

For instance, in April 2022, TransPod, a Canada-based developer of hyper technology received $550 million in funding from UK’s Broughton Capital Group and China-state owned China-East Resources Import and export company, which would be used for the construction of the project.

The countries covered in the hyperloop technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Read the full report:

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