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Market Leader - Hyperloop Technology Market

Hyperloop technology is a supersonic transportation system initially proposed by Elon Musk in 2013. The new transportation system is faster and cheaper compared to current transportation modes. Hyperloop technology market is diversified and competitive with a limited number of market players. The companies working to develop hyperloop technology worldwide are Hyperloop Transportation Technologies (US), Hyperloop One (US), TransPod, Inc. (Canada), DGWHyperloop (India), SpaceX (US), and AECOM (US). Some of these major players in hyperloop market are encouraging talent from top universities worldwide through different competitions such as Hyperloop One Global Challenge (HOGC) and SpaceX Hyperloop Pod Design Competition.

Companies are working towards getting legal approvals from different governments worldwide to start the construction of hyperloop routes. For instance, in January 2017, HTT signed an agreement with France to open a 3,000 square meter facility for development and testing of hyperloop that is expected to drive the growth of hyperloop technology in Europe. HTT also signed an agreement with Czech Republic government for connecting Brno, Bratislava, and Prague; in March 2017, the company announced an agreement with USA to develop a test site at Nevada. In December 2016, the company announced an agreement with Abu Dhabi to conduct a feasibility study between Abu Dhabi and Al Ain. In March 2016, Slovakian government agreed to conduct a feasibility study between Bratislava (Slovakia), Vienna (Austria), and Budapest (Hungary). Also in June 2016, HTT signed an agreement with the Summa Group, Russia, to develop hyperloop technology in the country.

In hyperloop technology market, many of the companies have got investments for hyperloop project development. For instance, HTT raised USD 2.5 Million from private investors in Indonesia to check hyperloop feasibility between Jakarta and Sumatra. In December 2016, Edgewater investments (US) funded USD 30 million to HTT.  In October 2016, DP World Group (Dubai) provided USD 50 million funding to Hyperloop One. Also, in May 2016 Hyperloop One received USD 80 million investment from different venture capital firms in the US. The companies are looking for more government approvals and investments for hyperloop route developments across the world. Hyperloop route connecting Dubai and Abu Dhabi is expected to be the first passenger hyperloop to be operational by 2022 in the hyperloop technology market. Hyperloop technology market in US is expected to see operational system by 2023. Slovakia and Czech Republic is expected to see operational hyperloop by 2024 provided the current development in route construction continues with the same pace. Hyperloop technology market is expected to see remarkable developments in the recent years.

Related Reports:

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

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