Published On : 21 Sep 2018
Hyperloop, if at all it materializes, is predicted to change the face of land transport forever. With pods travelling at 1000 km/hr inside semi-vacuum or vacuum tubes minus any friction, it can beat even airplanes to speed. And with international business tycoons, the likes of which include Elon Musk, Richard Branson betting top dollars on developing hyperloops, it might soon become a reality in the near future. Right now, expensive test tracks are being laid in which pods are being tested. This has given rise to the global hyperloop technology market that can become worth billions of dollar in the next couple of years. Given the high upfront capital required, there are just a handful of deep-pocketed companies operating in the area. Those include Hyperloop One, SpaceX, and TransPod.
As per market pundits, the hyperloop construction is set to gain tremendous momentum in the near future. This would give rise to demand for building materials such as glass, aluminum, and steel tubes. It would also give rise to robust demand for sophisticated technologies underpinning the supersonic speeds of aluminum capsules zipping through low-pressure or vacuumed steel tubes leveraging magnetic levitation.
Passenger Transportation to Generate Maximum Growth in Global Hyperloop Technology Market
Currently, the three main components in the global hyperloop technology market are tube, capsule, and propulsion system. Meanwhile, the potential applications of the futuristic mode of transport could be in the areas of freight transportation and passenger transportation. Between the two, passenger transportation would spell maximum opportunity in the hyperloop technology market. This is because most of the demand would be for carrying passengers faster than any other existing mode of transport. For example, the hyperloop travel from San Francisco to Los Angeles at optimal speed would take just 30 minutes. Compare it with the current road journey of 6 hours. Besides, it’s expected to be cheaper than airplanes.
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Worries over Fatal Accidents Casts a Shadow Over Market Growth
One major possible drawback posing a challenge to the global hyperloop technology market is the concerns about deadly collisions and accidents. Hurtling along a vacuum tube at speeds close to 1000 km/hr could lead to high casualties with the slightest of slips. This could hurt the potential of the global hyperloop technology market by raising doubts about its commercial operations. Besides, so far the maximum speed achieved is around 450 km/hr. Whether or not it would be able to reach the targeted 1000 km/hr speed is also casting a doubt over the progress of the global hyperloop technology market.
India and Dubai Markets Mainly Fuelling Demand
There are high chances that the hyperloop could first become commercially operative in Dubai or in India by 2022. Testing lines have been laid down and it is already seeing a great deal of support from the government, investors, and others. Meanwhile in India, tracks are being tested in two separate regions. Tests are also on in the U.S. soil and elsewhere to check for feasibility.
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