Hyperloop Technology Market Research Report- Forecast 2027

Global Hyperloop Technology Market, By Component (Capsule, Tube, Propulsion System, Station), By Type (Passenger and Freight), Region (North America, Asia Pacific, Europe, RoW) - Forecast till 2027

ID: MRFR/ICT/2382-HCR | February 2021 | Region: Global | 100 pages         

Hyperloop Technology Market

The global hyperloop technology market is estimated to reach USD 7.32 billion at a CAGR of 47.14% during the forecast period (2020-2027).

Segmentation

By Component type Station Capsule Tube Propulsion system
By Transportation type Cargo or Freight Passenger
By Application Soil monitoring Yield monitoring Scouting Others

Key Players

  • Space Exploration Technologies Corporation (U.S.)
  • Virgin Hyperloop One (U.S.)
  • Hyperloop Transportation Technologies (U.S.)
  • TransPod (Canada)
  • Dinclix GroundWorks Global Limited (India)
  • Arrivo (U.S.)
  • Hardt Global Mobility (The Netherlands)
  • Hyper Chariot (U.S.)
  • Zeleros (Spain)

Drivers

  • Rising demand for a fast mode of transportation
  • Growing industrialization
  • Resistant towards natural calamities
  • Trust of more safety
  • Cheaper transportation
  • Time-saving
Speak to Analyst Request a Free Sample

Market Overview


Hyperloop technology refers to an ultra-high-speed mode of transportation for goods or passengers. It was proposed by Elon Musk, the CEO of Tesla and SpaceX, in 2013. It consists of pods and tubes that enable frictionless movement. This boosts the travel time for the passengers. The pods float within the tubes and are again pushed inside by electromagnets. Once these pods read 100 miles glide, they will start running without any external energy. 


Hyperloop technology has got several benefits which include safety, security, efficient infrastructure, and speedy transportation. Though airplanes are known to be the fastest mode of transportation, the advancements of rising technology will lead to even faster means of transportation. The global hyperloop technology market is estimated to reach USD 7.32 billion at a CAGR of 47.14% during the forecast period. 


COVID-19 Analysis


The sudden outbreak of the COVID-19 pandemic has affected several industries across the world which also includes the hyperloop technology industry. The COVID-19 has affected the market of hyperloop technology by reducing the demand and production of the products which in turn affected the supply chain. Governments of various countries imposed strict lockdown and social distancing norms due to this outbreak. Travelling was totally stopped. This led to a huge financial impact on the hyperloop technology business. However, the hyperloop technology market is expected to grow in the near future due to its major benefits that will force people to use such technologies.


Market Dynamics



  • Drivers


Hyperloop technologies emerged to be the fastest mode of transportation which takes minimal time to travel from one place to another. The increasing concern for the demand for safety and security has made the hyperloop technology market boost its sales. Also, the rising demand for a faster and cheaper mode of transportation is expected to drive market growth. Another major driver of this market is that it requires less area as compared to other conventional transportation systems.



  • Opportunities


Decongestion of traffic is expected to act as a huge opportunity for the expansion of the market because people do not prefer to get stuck in traffic. Reaching on time is their key objective and this hyperloop technology provides the fastest mode of transportation. Hence, this acts as a major opportunity for the market.



  • Restraints


Hyperloop technologies are an electricity-efficient mode of transportation. Hence, there is a high possibility of technical glitches that may occur while the passengers are traveling. This can be a high restraining factor that may affect the market of hyperloop technology. Another major restraining factor of the market can be the shortage of power act in the hyperloop.



  • Challenges


The hyperloop technology market has got several drivers that propel the market growth. But there are also a few challenges that the market needs to overcome in order to retain its position in the market. The implementation cost of the hyperloop technology is quite high which is a challenging factor for the market. Due to the high implementation cost of hyperloop technology, many developing countries are avoiding implementing this technology in their country. They are instead using a conventional mode of transportation that causes air pollution. Also, the lack of awareness has been the lead challenging factor in the market of hyperloop technology.



  • Cumulative Growth Analysis


There are multiple factors that drive the market growth such as speedy transportation, growing urbanization, automation, and industrialization. Due to these reasons, the hyperloop technology market is expected to reach USD 7.32 billion if it grows at a CAGR of 47.14% during the forecast period. Though the outbreak of COVID-19 has decreased the growth rate of the market immensely, now the market is expected to grow at a faster level.


Value Chain Analysis


The rise in the environmental concerns of depletion and degradation of natural resources has led to the increase in the demand for various technologies that are being launched in the market to support the eco-friendly concept. Increased awareness for air pollution and noise pollution caused by conventional vehicles has increased the demand for hyperloop technology. The benefits offered by the hyperloop technology such as high speed, less cost, energy-efficient approaches, and environment-friendly nature are some reasons that are propelling the market growth. Also, the concerns for safety and security may take the market of hyperloop technology to another level.


 Segment Overview


The hyperloop technology market size is segmented based on three categories. They are by transportation type, by application, and by component type. Here is a list of the hyperloop technology market segments and their sub-segments.


By Transportation type,



  • Cargo or Freight

  • Passenger


By Component type,



  • Station

  • Capsule

  • Tube

  • Propulsion system


By Application,



  • Soil monitoring

  • Yield monitoring

  • Scouting

  • Others


Regional Analysis


According to the hyperloop technology market analysis, the market for hyperloop technology is expected to grow at a significant rate in the coming years. Geographically, the hyperloop technology market share is segmented into five main regions which include North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). The Asia Pacific, among these regions, is estimated to lead the hyperloop technology market in the coming years. China is one of the major countries that is leading the market of hyperloop technology due to its rapid expansion in its transportation network. They are also trying to take down the cost that is related to freight hauling. The UK also shows tremendous potential for implementing hyperloop systems as the current transportation system of the country. Due to this reason, UK is expected to take the second spot in leading the market of hyperloop technology in the forecast period.


 


 Competitive Landscape


 


Hyperloop One, Hyperloop Transportation Technologies, Space X, Transpod Inc., and Aecom are some of the major players that are responsible for adopting various organic as well as inorganic strategies such as launching a new product, partnerships, joint ventures, mergers and acquisitions, agreements, expansions, and other such strategies that can help them to strengthen and expand their market position. Recently, many new companies have joined the hyperloop technology market. Among these companies, Hyperloop Transportation Technologies has shown huge growth in the development since its inception. In 2015 and 2016, this company entered into an agreement with Kings Country in Quay Valley, California, and the Slovakian government respectively to construct a hyperloop. In 2017, the company started its construction of a hyperloop track of 5 miles. In 2018-2019, the first passenger commercial hyperloop system was expected to be tested. Currently, the company is focusing on accepting formal approvals to construct hyperloop tracks through agreements with various governments of different countries.


 List of Key Companies



  • Dinclix GroundWorks Global Limited (India)

  • Virgin Hyperloop One (US)

  • Zeleros (Spain)

  • Transpod, Inc. (Canada)

  • Hyper Chariot (US)

  • Space Exploration Technologies Corporation (US)

  • AECOM (US)

  • Arrivo (US)

  • Hyperloop Transportation Technology (US)

  • Hardt Global Mobility (Netherlands)


Recent Developments



  • In order to augment the hyperloop cargo and passenger transportation development in Europe, Zerelos raised approximately USD 9.16 million in June 2020. This helped the people of Europe to travel to any place faster. Also, keeping in mind the safety and security of this mode of transportation, Zerelos planned this hyperloop.

  • Hyperloop Transportation Technologies, a US-based company, is currently focusing on accepting approvals through agreements from different governments to build hyperloop tracks. Therefore, in 2018, this company signed an agreement with the Government of China to build a joint venture. The aim of this agreement was to build a 10 km long hyperloop track in the Tongren city of Guizhoufor the people of China.


Report Overview


This research report is based on the hyperloop technology market growth and the factors that are affecting the growth such as drivers, opportunities, restraints, and challenges. It is a detailed analysis of the impact of COVID-19 on the market, competition in the market, and the regions into which the market share has been segmented. This report also focuses on the constantly changing hyperloop technology market trends and the recent developments that have taken place in the market of hyperloop technology.


By Geographically,



  • Europe

  • North America

  • Asia Pacific

  • Latin America

  • The Middle East and Africa



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   2027: Substantial CAGR
  Base Year   2020
  Forecast Period   2020-2027
  Historical Data   2017-2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Space Exploration Technologies Corporation (U.S.), Virgin Hyperloop One (U.S.), Hyperloop Transportation Technologies (U.S.), TransPod (Canada), Dinclix GroundWorks Global Limited (India), Arrivo (U.S.), Hardt Global Mobility (The Netherlands), Hyper Chariot (U.S.), Zeleros (Spain)
  Key Market Opportunities

  • lack of awareness
  • issues related to security
  • higher cost of implementation
  •   Key Market Drivers

  • rising demand for a fast mode of transportation
  • growing industrialization
  • resistant towards natural calamities
  • trust of more safety
  • cheaper transportation
  • time-saving


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    The main factor boosting the market growth is the growing industrialization.

    Growing urbanization, industrialization, automation and increased travel times is the trend for the market’s growth.

    The global market for Hyperloop technology might grow during the forecast period from the year 2022 to 2027.

    As per the total investments in the Hyperloop technology market, it is the Middle East region that can have chances to lead the market. in 2022.

    Space Exploration Technologies Corporation (U.S.), Virgin Hyperloop One (U.S.), Hyperloop Transportation Technologies (U.S.) are the crucial players elaborated in the study of the market.