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Hyperloop is a futuristic mode of transportation that uses a combination of magnetic levitation and low-pressure transit tubes to move the capsules, tubes, or pods from one place to another with an average speed of 760 mph. This technology is proposed in 2012 by a combined team of Tesla and SpaceX. It consists of a system of pods or tubes that allow for fast and frictionless movement, thereby optimizing the overall travel time for the goods or passengers.
The increasing demand for fast and cheap mode of transportation is likely to drive the demand for hyperloop technology. The hyperloop systems provide various advantages over conventional transportation systems. Hyperloop systems offer a cost-effective and faster alternative to other modes of transportation. This system is also very immune and secure to even natural disasters. In addition, this technology is energy-efficient & environment-friendly in nature, can reduce commute time, and solve the problem of traffic congestion. The rising industrialization across the globe is further augmenting market growth.
Several key players are focussing to enhance their hyperloop transportation solution by using advanced technologies to provide better customer travel experiance. In this way, players are primarily spending their attention on research and development activities to launch new product offerings. Strategic collaborations and partnerships support market players to expand their business portfolio. Amidst the growing capital investment, optimistic government response, and increasing number of key market players, the hyperloop technology market is likely to witness exponential growth in the upcoming years. Some of the key companies summarised includes Space Exploration Technologies Corporation, Dinclix Ground Works Global Limited, Hyperloop Transportation Technologies, Virgin Hyperloop One, TransPod, Arrivo, Hardt Global Mobility, Hyper Chariot, Zeleros, AECOM, Badgerloop, Tesla, Inc., MIT Hyperloop, BITS Hyperloop, Zeleros Hyperloop, WARR Hyperloop, Delft Hyperloop, and others.
North America is witnessing a large market share owing to the presence of the prominent market players such as Hyperloop Transportation Technologies, Virgin Hyperloop One, and others. The rising R&D investments and technological development led North America to become a dominant region in the adoption of hyperloop technology. Thus, North America is forestalling to emerge as a market leader. The key players in this region are focusing on collaboration strategy to enhance their production capabilities. For instance, in June 2019, Virgin Hyperloop One collaborated with the Sam Fox School of Design & Visual Arts which is situated at Washington University in St. Louis. The aim is to bring hyperloop technology to Missouri and to further explore various proposals for the Missouri Hyperloop.
Asia-Pacific is the most developing region across the world. The growing participation of the government bodies towards exploring the feasibility of implementing hyperloop technology is anticipated to boost the growth of the market. For instance, in July 2019, Virgin Hyperloop One signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to develop a hyperloop transportation solution between Pune and Mumbai. The aim is to offer a cost-effective and fastest mode of transportation to the end-users. Thus, Asia-pacific is likely to emerge as a prominent market contributor in the foremost period.
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