According to Stratistics MRC, the Global Hyperloop technology market is expected to grow from $0.132 billion in 2016 to reach $1.78 billion by 2023 with a CAGR of 45.01%. Rapid industrialization, growing population rate, reduced time travel, less land area requirement, less expensive and easier-to-build infrastructure and resistant to natural calamities are the major factors driving the market growth. Lack of awareness regarding the technology usage, government interference, and various safety and security problems are the factors hindering the market growth.
By carriage, the passenger transportation segment is the fastest growing due to its ultimate services in transportation industry and it also provides transport facility at high speed with low cost. In addition, the fastest mode of passenger transport is provided by hyperloop when compared to other transportations such as train, airplane, etc. The hyperloop technology market is likely to be commercialized in Dubai(Asia) by 2022.The extended support from local government, advanced constructional facilities, capital investors and other factors constitute to the commercialization of hyperloop in this region and thus plays a key role in building the first operational hyperloop route between Dubai and Dhabi.
Some of the key players in the Hyperloop market are Hyperloop One, Spacex, Dgwhyperloop, Hyperloop Transportation Technologies, Aecom, Transpod Inc., MIT Hyperloop, Badgerloop, VicHyper, Delft Hyperloop, Open Loop, BITS Hyperloop, AZLoop, UW Hyperloop and WARR Hyperloop.