In 2013, Elon Musk was the first one to invent an ultra- high-speed ground transportation system. Hyper loop can be explained as a system which builds a tube over or under the ground which contains a special environment. Hyper loop has various features such as electromagnetic motors, tube tracks have vacuum, air bearings are like ski paddles and the tube tracks are designed in such a manner that they are immune to any natural disaster.
The factors contributing to the growth of the Hyper Loop Technology Market are the rising demand for fastest mode of transportation, increasing demand for cheapest transportation, better infrastructure facilities and technology which is not vulnerable to natural calamities. Furthermore, the increasing industrialization is boosting the growth of the market. However, factors such as lack of awareness, various security issues are hindering the growth of the hyper loop technology market.
Hyper loop technology offers various advantages such as safety measure, faster mode of transportation, more convenient, lower cost and resistant to earthquakes among others. Various manufacturers are investing in R&D to come up with new technological solutions. For instance, in June 2017, Hyperloop Transportation technologies an American research company signs an agreement with the Korea Institute of Civil Engineering and Building Technology (KICT) and Hanyang University to develop a full scale hyper loop system known as the HyperTube Express within Korea.
The global Hyper Loop Technology Market is expected to reach approximately USD 2 billion by the end of 2023 over the forecast period 2017-2023.
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A Hyperloop is a proposed high speed as well as hazard and environment resistant mode of passenger drawing heavily on Robert Goddard’s vactrain design. Hyperloop has attracted attention after Elon Musk revealed plans for such a system which was published in August 2013. Hyper loop is a series of interconnected vacuum tubes complete with electromagnetic motors, and air bearings providing reasonable protection from natural disasters. The travel takes place in pressurized capsules driven by linear induction motors and air compressors. The global hyper loop technology market is estimated to peak approximately USD 2 billion by the end of forecast period of 2023.
The key players in the global hyper loop technology market include- AECOM (U.S.), Hyperloop Transportation Technologies (US), Hyperloop One (US), Dinclix GroundWorks (India), TransPod Inc. (Canada) and Space Exploration Technologies Corp (U.S.) among others.
Market Dynamics of Global Hyper loop Technology Market:
- Rising demand for fast, convenient, safer and cheaper mode of transportation. The speed proposed for hyperloop technologies is 600 mph, with a top speed of 760 mph which is a huge improvement over the current speeds attained by speed trains
- Increasing travel and high air travel costs
- Improvements in infrastructure, smart cities, analytics and automation
- Increasing urbanization, industrialization and rising incomes
- Greater efficiency and speed due to frictionless travel on account of lack of air resistance
- Huge construction costs and maintenance expenses
- High development costs and risks. However open sourcing technology using the open development business model as proposed by Musk and SpaceX is expected to reduce the development times and costs
- Skepticism and the nascent stage of development of the technology. Many experts have claimed that Hyperloop is very susceptible to power disruption and terror attacks. A few companies and research teams are working to advance the technology. Forefront among them is SpaceX which built a 1-mile-long prototype track for testing at its California, headquarters.
- There is also a threat that the project will exceed the budget, not to mention development and operation costs.
- Competition from other modes of transport such as air transport and speed trains which have a proven track record. Air transport also does not require a direct connection. Thus traversing oceans will involve huge additional costs making the hyperloop transport prohibitively expensive.
- By Component, the market is segmented into the capsule, tube, a propulsion system (electromagnetic propulsion and passive magnetic propulsion system) and Station.
- By type, the market is segmented into passenger and freight.
- On the basis of region, the market is segmented into North America, Europe, Asia Pacific and rest of the world.
The global market for hyperloop technology is estimated to grow at a significant rate during the forecast period from 2022 to 2027. The geographical analysis of Hyperloop technology market is covered for the regions such as North America, Europe, Asia Pacific and rest of the world. At present, there are no deployments made in the actual Hyperloop transportation system. Many companies and governments are making investments and conducting trials to successfully implement hyperloop in proposed routes. The routes proposed for Hyperloop technology from the year 2022 cover countries like the United States, India, UAE, Slovakia, Belgium, Canada, Sweden, China, Norway and other European Countries. The first Hyperloop transportation project is proposed to be complete on 2022 covering the distance of 160 Km between Dubai and Abu Dhabi in near about 12 minutes, thereby making The Middle East lead the market in 2022.
The Hyperloop technology market in Europe will be in a close competition with Asia Pacific as there are various countries such as Belgium, Sweden, and Slovakia planning to deploy Hyperloop projects in various countries.
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