The Hyperloop technology market size is valued at USD 1.2 billion in 2021and is anticipated to grow at USD 6.6 billion by 2026; at a CAGR of 40.4% from 2021 to 2026. Few of the drivers for the growth of this market include less expensive and minimum infrastructure maintenance, and decreased travel time and transport costs.
Capsules to grow at the highest CAGR in hyperloop market, by transportation during the forecast period.
Capsules are expected to grow at the highest CAGR in the coming years owing to additional technological developments in the architecture of capsules. Additionally, freight capsules will require modifications according to the requirements for the forecast period. 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 freight. It is expected to attain higher adoption in the coming years.
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Passenger segment to hold largest share of hyperloop technology market during the forecast period
Passenger transportation is expected to hold a major share of the market as most companies are focusing on commuters and connecting major cities and countries to gain a higher share of the market. It is expected to reduce travel time by drastic hours.A passenger carriage pod is designed to carry only passengers. According to the design or prototype, each capsule or pod would be capable of carrying approximately 40 passengers and traveling at the speed of 760 mph (1,220 kmph). According to the Alpha Document by SpaceX, passenger carriage pods are designed to be 7 feet 4 inches (2.23 meters) in diameter. According to different industry experts, passenger hyperloop capsules are expected to be operational after freight hyperloop capsules, considering the possible threats to human health and safety posed by traveling at such high speeds. According to HTT (US), the final operational capsule would be ready for the public in early 2023.
More than 700 kmph speed in hyperloop technology market to register highest CAGR during the forecast period
As vehicles are contained within a solid tube, any change of direction is difficult with hyperloop. As collisions with the tube wall at 1200 km/h are not tolerable, for reasons of weight, energy, and steering, the size of the vehicle is seriously constrained. It is also necessary to avoid curves or gradients of the guideway as much as possible in order to stay within the comfort level, and lateral acceleration of 0.1 g should not be exceeded, which means that at a maximum speed of 1200 km/h, the permitted curve radius would be more than 100 km. Existing interstates are a possibility because public rights-of-way are hundreds of feet wide on either side. Going down the middle is a possibility too. But those are options only if the route is straight. Negotiating a curve is not possible at higher speeds..
High demand for better connectivity inAustralia, India and South Korea, to drive the market growth for hyperloop technology in Asia Pacific region
Australia is projected to hold the largest market in Asia Pacific for the forecast period. The proposed route of an Australian hyperloop would be between Sydney and Melbourne, which will reduce the 8-hour car journey to 55 minutes. To achieve this, the hyperloop system would send commuter and freight pods flying through a depressurized tube at speeds in excess of 1,000 km/h. Ultraspeed Australia, the official Australian representative of Virgin Hyperloop has flagged plans to have a functioning hyperloop in Australia.
