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As COVID-19 breakthrough and its fears are rising, Market Research Future finds in its study that the global hyperloop technology market 2020 might see a bright future and expand at a high CAGR during the forecast period 2022-2027. Despite the long-term impact of COVID-19, the market would surpass its previous valuations by the end of 2027.

Hyperloop Technology Growth Boosters

Market Research Future offers a most recent distributed report on the global hyperloop technology industry and conveys key bits of growth and giving an upper hand to customers through a point by point report. The global pandemic of COVID-19 is redefining of business strategies in the hyperloop technology market. Hyperloop is likely to be the fifth mode of transport in the future. At present, hyperloop is in a maturity stage, and several companies have started testing this technology. 

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The remarkable rise in demand for faster transportation mode has significantly driven the demand for hyperloop technology. The factors such as the cheap transportation cost as compared to other transportation modes, energy-efficient & environment-friendly nature propel the growth of the market. With this, decongestion of traffic is also a factor highly anticipated to provide lucrative opportunities for global market expansion in the coming time.

In 2019, the third hyperloop test track was noticed under-construction. Hyperloop Transportation Technologies (HyperloopTT) has progressed with assembling its tubes for constructing a 1-kilometre-long test track near its R&D centre in France. On the other hand, Hyperloop One has also developed 500 meters long hyperloop test track in Nevada, US, where hyperloop one achieved a speed of 200 miles per hour.

Similarly, In India, Government of Maharashtra has conferred the status of a public infrastructure project to Mumbai-Pune hyperloop project executed by Pune Metropolitan Regional Development Authority. Thus, to clear doubts and to speed up the USD 10 billion projects, Richard Branson of Virgin Hyperloop One met Maharashtra Chief Minister Uddhav Thackeray in the recent time for the expansion of hyperloop technology. These developments have proofed that being in the phase of coronavirus pandemic, the market is propelling at a swift pace with balanced revenues, yet urges to witness more and more investment in the future timeline.

Segment Review

In terms of component segment, the market has included tube, capsule, a propulsion system (electromagnetic propulsion and passive magnetic propulsion system) and station.

In terms of type segment, the market has included passenger and freight.

Regional Framework

The geographical analysis of the hyperloop technology market is studied for Europe, North America, Asia Pacific, and the rest of the world. 

Currently, no deployments are being made in the actual transportation system. However, there have been many routes proposed for Hyperloop technology from the year 2022. Among those proposed routes are India, the United States, Slovakia, UAE, Canada, Belgium, China, Sweden, and Norway.

The first Hyperloop transportation will be deployed in the route of Dubai to Abu Dhabi. This would cover a distance of almost 160 Km in about 12 minutes. As per the entire investments in the Hyperloop technology market, The Middle East will lead the market in the year 2022. Following the Middle East, the U.S. might capture the second spot, with its project of Los Angeles to San Francisco, which is also possible to be deployed by 2023. The approval of government towards the growth of hyperloop technology is the leading factor fuelling market development. Further, capital investments will also add a significant role in the growth of hyperloop technology.

The Hyperloop technology market in Europe will be in close competition with the Asia Pacific as there are various countries such as Sweden, Belgium, and Slovakia planning to deploy Hyperloop projects. The prominent companies like Virgin Hyperloop One have plans to deploy its project in Mumbai Pune route. In contrast, an Indian origin company DGWHyperloop will deploy the country’s first Hyperloop transportation in Andhra Pradesh by 2024.

Vendors Landscape

The prominent vendors in the market of hyperloop technology are Virgin Hyperloop One (U.S.), Space Exploration Technologies Corporation (U.S.), Dinclix GroundWorks Global Limited (India), TransPod (Canada), Hardt Global Mobility (The Netherlands), Arrivo (U.S.), Hyper Chariot (U.S.), and Zeleros (Spain).

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