Passenger Transportation is expected to lead the hyperloop technology market

(IT-NEWSWIRE.COM, August 27, 2019 ) The hyperloop technology market is expected to be valued at USD 1.35 Billion in 2022 and is expected to reach USD 6.34 Billion by 2026, at a CAGR of 47.20% between 2022 and 2026. This report provides the market size and future growth potential of the hyperloop technology market across different segments such as transportation type, components, and geography. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges for the market. This report also profiles the key players operating in the hyperloop technology market. The increasing need for traffic decongestion and fastest and low cost mode of transport is expected to propel the growth of the market. The market size forecast is provided for the period between 2022 and 2026.

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Passenger Transportation is expected to lead the hyperloop technology market

Passenger transportation is expected to hold the largest share of the hyperloop technology market between 2022 and 2026. The transportation types include cargo/freight transportation and passenger transportation. Passenger transportation has the largest share of the overall hyperloop technology market owing to its extensive benefits in transportation industry. Hyperloop offers a fastest mode of passenger transport compared to current available transportation options such as train, airplane, etc. The cost of hyperloop travel is expected to be low compared to airplanes or bullet train that will attract more population. For instance, hyperloop travel from Los Angeles to San Francisco will take 30 minutes compared to 6 hours of road journey, with the ticket cost much less than the cost of an airplane ticket.

The research methodology used to estimate and forecast the hyperloop technology market begins with capturing data on key vendor revenues through secondary research. Some of the secondary sources include associations such as Hyperloop UC (US), Delft Hyperloop (Netherlands), Badgerloop (US), Hyperloop India (India), Hyperloop UPV (Spain), WARR Hyperloop (Germany), AZLoop (US), and others. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the size of the market from the cost of investment being made in this market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have been verified through primary research by conducting extensive interviews with key experts such as CEOs, VPs, directors, and executives. Data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

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Hyperloop technology market is facing few restraints such as lack of awareness about the technology, government regulations, and safety & security issues. As the technology is still under development, people are not aware about its applications and benefits, which is creating a restraint to gain the trust from different governments and investors. Some countries have strict government rules and regulations to allow development of hyperloop technology in the country. Also, people are concerned about the safety and security issues as capsules would be travelling at an average speed of 650 mph and the technology has no alikeness with any means of transportation from the past.

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The major challenges for the companies in the hyperloop technology market are lack of support from governments and capital investors, passenger emergency due to power outage, and capsule depressurization. The major vendors in the hyperloop technology market include Hyperloop Transportation Technologies (US), Hyperloop One (US), DGWHyperloop (India), TransPod, Inc. (Canada), and AECOM (US) among others. These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and expansions to cater to the needs of customers.

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Passenger Transportation is expected to lead the hyperloop technology market