Hyperloop Technology Market – Trends and Industry Growth Analysis
Hyperloop technology is a futuristic mode of transportation for passenger or goods. This technology is proposed by a combined team of SpaceX and Tesla. It consists of a system of tubes or pods that allow for free frictionless movement, without any air resistance of passengers and goods, thereby optimizing the overall travel time for the passengers. These Pods float within the tubes above the rail line and further being pushed by electromagnets. Vactrain concept is used to remove external effects, which magnetically take off the transportation system in evacuated or partly evacuated tubes that allows the mode of transportation to speed up to thousands of miles per hour. Once the pod reaches 100 miles glide it will run without requiring any external energy.
Hyperloop technology has several advantages such as speedy transportation, safety, and security, and more efficient infrastructure. Based on the prototype being made by the Hyperloop One, the onboard environmental controls along with localization capabilities will help in communication between pods and system controller making a stronger network.
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These pods will be able to detect obstacles through an array of sensors providing better safety experience for the passengers. Additionally, real-time data along with auto braking sensor will help in communication between motor and tubes ensuring greater system uptime for maintenance and operations. Systems and controls will be equally important as the physical innovations within tubes and pods further making a radically transformed transportation that will be faster with a stronger network topology. These factors are expected to have a positive impact on the growth of global hyperloop technology market during forecast period.
Hyperloop being a futuristic technology involves a lot of barriers when it comes to commercialization and worldwide implementation. As per Space X and Hyperloop One, two major companies working for hyperloop, it is presumed that terrain and other natural disasters will act as a major restraint for this market. Design prototype are being made for understanding the air friction and electro-magnets which is very costly. In addition to this, it is seen that the online services associated with hyperloop will require connection to the pods that might affect the magnetic field within the tube further forming a major obstacle for the implementation process.
The global hyperloop technology market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and Middle East, Africa. Asia Pacific market is expected to expand at the highest CAGR during forecast period. Increasing participation of government bodies towards exploring the feasibility of deploying the hyperloop transportation technology is expected to boost the growth opportunity of the market. For instance, Virgin Hyperloop One, the U.S-based company signed a Memorandum of Understanding (MoU) with the Karnataka Urban Development Department (KUDD) intended at recognizing potential routes for the improvement of mobility in the Bengaluru metropolitan area and aimed to connect emerging cities such as Tumakuru, Hubli-Dharwar and Hosur within the state. This factor is expected to have positive impact on the growth of global hyperloop technology market by 2025.
Hyperloop Technology Market: Competitive Background
Major players operating in the global hyperloop technology market include AECOM, Hyperloop Transportation Technologies, Virgin Hyperloop One, Transpod Inc., Dgwhyperloop, Dinclix Ground Works, Trans Pod Inc., Space Exploration Technologies Corp, Tesla, Inc., MIT Hyperloop, Badgerloop, Delft Hyperloop, BITS Hyperloop, and WARR Hyperloop
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