The global market for Hyperloop technology is set to soar in the next decade.
According to a new report by MarketsandMarkets, the value of the sector (in terms of components such as capsules, tubes and propulsion systems) is expected to reach US$1.35 billion in 2022 and US$6.34bn in 2026. This represents a compound annual growth rate of 47% during this five-year period.
The Hyperloop is Elon Musk’s new high-speed transport solution that involves shooting capsules of passengers or cargo through tubes at super-sonic speeds.
The report also states that passenger transportation is expected to drive the Hyperloop market, as opposed to cargo, as countries see the cost-benefits of the new solution compared with traditional high-speed rail projects.
The first operational Hyperloop route is expected to be built between Dubai and Abu Dhabi and could be completed by 2022. Following this, a line in the US – likely to be between Los Angeles and San Francisco – could be ready by 2023, and Europe’s first Hyperloop, linking the Czech Republic, Slovakia and Austria, could launch in 2024.
Other countries having shown an interest in the Hyperloop include India, China, Russia, Australia and Canada.