“Hyperloop Technology market with COVID-19 impact is projected to grow at 40.4% CAGR during 2020–2026”
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 Technology 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.
Guideway is attributed to holding a major share of the Hyperloop Technology market
Guideway is attributed to holding a major share in the coming years owing to the increasing construction of elevated structures depending on the terrain of the tracks.
Freight transportation is expected to grow at the highest CAGR in the coming years
Freight transportation is expected to grow at the highest CAGR due to less regulations and minimal environmental restraints (For instance, impact of acceleration and pressure) for cargos, it is expected to attain higher adoption in the coming years.
Less than 700kmph is attributed to holding a major share in the Hyperloop Technology market
Less than 700kmph is attributed to hold a major share in the Hyperloop Technology market because in the present scenario, hyperloop with speed less than 700 kmph seems to be more feasible as per the tests conducted by different players in the Hyperloop Technology market.
APAC to witness highest CAGR of Hyperloop Technology market during the forecast period
APAC is expected to witness highest CAGR as the companies that are into hyperloop technology are focusing on this region due to the presence of a few evolved economies and the population crisis leading to crowded streets. Australia, India and South Korea are countries that have already signed MoUs with hyperloop companies and are working on the commercialization phase.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 – 18%, Tier 2 – 22%, and Tier 3 – 60%
- By Designation: C-level Executives – 21%, Manager Level – 35%, and Others – 44%
- By Region: North America – 45%, Europe – 38%, APAC – 12%, and RoW – 5%
The Hyperloop Technology market was dominated by Virgin Hyperloop (US), Hyperloop Transportation Technologies (US), Hardt B.V. (Netherlands), TRANSPOD (Canada), and Zeleros (Spain).
Research Coverage:
This research report categorizes the Hyperloop Technology market based on transportation system, carriage type, speed, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the Hyperloop Technology market and forecasts the same till 2026.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the Hyperloop Technology market comprehensively and provides the closest market size projection for all sub segments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, collaborations and acquisitions.
- This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of Hyperloop Technology will look like for the forecast period. The region segment includes the country wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.
