Pune, India -- (SBWIRE) -- 02/14/2018 -- Market Scenario
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.
Segments of Global Hyper loop Technology Market:
For the purpose of this study, the hyper loop technology report is segmented into component, type, application and region.
- Type – Freight, Passenger
- Component- Tube, Capsule, Propulsion, Others
- Application - Aircraft, Railways, Other
Regional Analysis of Global Hyper loop Technology Market:
The U.S. is expected to be the initiator of the market with the first operational hyper loop being expected to be built between Los Angeles and California. The U.S. also has other factors such as an innovation economy, huge capital investment power, growing start-up funding and government approval to develop hyperloop technology. The U.S. has also emerged as the venue for the Hyperloop one global challenge, with teams competing to develop and present hyperloop route plans.
Europe is expected to be the second largest market, which is expected to be led by France, U.K. and Germany.
Asia Pacific is another region which is expected to take a strong growth. Japan and South Korea are expected to be the fastest growing regions and technology initiators. For instance, in June 2017, U.S. based Hyperloop Transportation technologies, Korea Institute of Civil Engineering and Building Technology (KICT) and Hanyang University signed an agreement to co-develop HyperTube Express, a full scale hyper loop system in South Korea.
The Middle East and Africa is expected to have the highest potential and will be almost completely dominated by the Gulf economies of UAE, Qatar, and Saudi Arabia. The Africa region is expected to be the laggard due to poor spending power and socio-economic development.
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