The Hyperloop Technology market with COVID-19 impact is expected to grow from USD 1.2 billion in 2021 to USD 6.6 billion by 2026, at a CAGR of 40.4%. The major factors driving the growth of the hyperloop market are decreased travel time and transport costs. less expensive and minimum infrastructural maintenance, creation of hyperloop network requires less land area, tolerance to earthquakes and other natural calamities and emphasis on solar power for energy consumption in the hyperloop transportation technology. However, Lack of awareness regarding hyperloop transportation technology, regulation not yet implemented for hyperloop transportation technology by governments and bureaucrats and safety and security concerns is expected to restrain the growth of the market.
In 2020, the Hyperloop Technology market was dominated by Virgin Hyperloop (US), Hyperloop Transportation Technologies (US), Hardt B.V. (Netherlands), TRANSPOD (Canada), and Zeleros (Spain). The major strategies adopted by the top 5 players in the hyperloop market included product launches, agreements, and investments which helped them to innovate on their product offerings, cope up with the COVID-19 outbreak and broaden their customer base.
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Top 2 players in the Hyperloop Technology Market are:
Virgin Hyperloop is modifying transportation to eliminate the constraints of time and distance by using hyperloop for the instantaneous, safe, efficient, and sustainable movement of cargo and passengers. It aims to provide 2 types of hyperloop networks—passenger hyperloop system and cargo hyperloop system.
As of December 2019, Virgin Hyperloop raised USD 400 million and recently partnered with the Saudi Arabia’s Economic City Authority (ECA) to conduct a study to build the world’s longest test and certification hyperloop track as well as a research and development center and hyperloop manufacturing facility north of Jeddah.
Hyperloop Transportation Technologies (US)
Hyperloop Transportation Technologies is an American research company that is engaged in the development of state-of-the-art transportation and technology focused on the hyperloop concept. The company leverages technology, crowd collaboration, and various teams working globally to bring disruptive innovation in the transportation industry. It partners with companies, such as Ferrovial (Spain), Altran (France), Hitachi Rail (Italy), among others.
In March 2021, Hyperloop Transportation Technologies (HyperloopTT) revealed its safety isolation valves, which are critical safety components for HyperloopTT systems. Built to precise specifications by GNB KL Group in Elk Grove (US), the valves will isolate sections of hyperloop system tubes to allow for easier system pressurization for main
Hyperloop Technology Market with COVID-19 impact by Transportation System (Capsule, Guideway, Propulsion System, and Route), Carriage Type (Passenger, and Freight), Speed (Less than 700 kmph, and More than 700 kmph), and Region - Global Forecast to 2026
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