Hyperloop Technology Market To Reach $19.42 Billion By 2030

Hyperloop Technology Market Growth & Trends

The global hyperloop technology market size is anticipated to reach USD 19.42 billion by 2030, growing at a CAGR of 41.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. As urban population continue to grow, cities face increasing challenges related to congestion, pollution, and transportation infrastructure. hyperloop technology offers a potential solution to improve these issues by providing high-capacity, rapid transit between urban centers and surrounding areas, reducing congestion on roads and highways, and easing the strain on existing transportation networks. According to the World Bank reports, as of 2023, 56% of the world's population, approximately 4.4 billion people, reside in urban areas. This trend is predicted to persist, with the urban population expected to grow more than two-fold by 2050.

As globalization continues to expand, the volume of international trade and the demand for efficient cargo transportation solutions are escalating. Hyperloop can transport cargo at speeds up to 700 mph and cut delivery times for cross-border shipments, enabling businesses to streamline their supply chains and meet consumer demands more rapidly.

The technology is driven by considerable government funding initiatives to advance research, development, and implementation of hyperloop systems. Governments worldwide recognize the potential of hyperloop technology to revolutionize transportation by offering high-speed, energy-efficient, and sustainable alternatives to traditional transit modes. For instance, in December 2023, the State Secretary of Economics & Climate and The Minister of Infrastructure & Water Management in the Netherlands announced grants to support the jointly developed Hyperloop Development Program (HDP). The Dutch province of Groningen also announced that it would contribute USD 3.29 million to a test facility, and both ministries are expected to invest a total of USD 4.93 million in the program.

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Hyperloop Technology Market Report Highlights

• The tube transportation system dominated the transportation system segment with a 37.5% share in 2023, as tube networks are essentially resilient to natural disasters, extreme weather events, and other disruptions that can impact traditional transportation infrastructure

• The cargo/freight segment is anticipated to witness the fastest growth during the forecast period due to the expansion of global trade and e-commerce and the demand for faster and more cost-effective logistics solutions

• North America dominated the market owing to factors such as increasing demand for sustainable transportation solutions and growing awareness of climate change and environmental impacts of traditional transportation modes

• In April 2023, Hardt Hyperloop and TuTr Hyperloop signed a MoU during the Dutch Trade Mission to India. The partnership aimed to achieve compatible hyperloop technology between India & Europe and promote joint efforts in designing, establishing, de-risking, and deploying hyperloop technology.

Hyperloop Technology Market Segmentation

Grand View Research has segmented the global hyperloop technology market based on transportation system, carriage type, and region:

Hyperloop Technology Transportation System Outlook (Revenue, USD Million, 2018 - 2030)

• Capsule

• Tube

• Propulsion System

• Route

Hyperloop Technology Carriage Type Outlook (Revenue, USD Million, 2018 - 2030)

• Passenger

• Cargo/Freight

Hyperloop Technology Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • Italy

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Hyperloop Technology Market

• Hardt B.V.

• Hyper Chariot

• HyperloopTT

• Space Exploration Technologies Corporation

• TRANSPOD

• TUM Hyperloop

• Zeleros