Hyperloop Technology: Accelerating Growth in the Global Transportation Market
The Global Hyperloop Technology Market is a growing industry that involves developing a high-speed transportation system that uses pods to move people and load through sealed tubes.
Hyperloop technology enables vital players to ensure the safety of people and the environment.
The global hyperloop technology market is categorized into component type, transportation type, and region.
Global Hyperloop Technology Market Growth and Forecast
In 2023, the Global Hyperloop Technology Market was valued approximately at $1.7 billion. The market is expected to increase and reach approximately $14.87 billion by 2030.
During the forecast period, the market will be growing at an approximate CAGR of 36.84%.
The global market for Hyperloop technology is rapidly growing due to increased demand for enhancing the travel experience by saving time and cost.
Recent Hyperloop Technology Developments
In 2024, Hyperloop Transportation Technologies (HyperloopTT) joined forces with Italian firms Webuild and Leonardo as their technology provider, aiming to develop the world’s first commercial hyperloop system in Italy through a strategic joint venture.
In 2023, seven leading hyperloop companies, including Hardt, HyperloopTT, and Virgin Hyperloop One, formed The Hyperloop Association to develop a faster, more energy-efficient, and sustainable high-speed transportation system.
In 2024, ArcelorMittal partnered with IIT Madras to advance hyperloop technology, involving Avishkar Hyperloop and TuTr Hyperloop, a startup from the institute, marking a major step in rapid transportation development for India and Asia.
In 2022, Broughton Capital Group and China-East Resources Import & Export Co. agreed to provide USD 550 million in financing and a Master EPC arrangement to accelerate the development of the TransPod Line between Edmonton and Calgary.
In 2023, Hardt B.V. secured a €12 million investment to complete the European Hyperloop Center in the Netherlands, a 420-meter test facility crucial for validating hyperloop technologies, backed by the European Innovation Council and regional funds.
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Data Sources: Grand View Research, Data Bridge Marketresearch, Zion Market Mesearch, and others.
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