The idea of Hyperloop technology was put forth by Elon Musk, who in 2013 made it open source through a white paper. Hyperloop technology revolves around the idea of building an ultra-high speed ground transportation system. In a hyperloop system, specially vacuumed tubes are built over or underground in which pods can travel at high speed. Such systems can utilize various features such as electromagnetic motors and air bearings. Hyperloop systems have many advantages over conventional transportation systems. Hyperloop systems offer a much faster and cheaper alternative to other forms of transportation.
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These systems are also very secure and immune to even natural disaster. Various players in the market are investing heavily in R & D to further develop this technology. These market players either have their own manufacturing facilities or import the components from different vendors. Amidst the positive government response, growing number of market players, and increasing capital investment, the hyperloop technology market is expected to witness exponential growth in the coming years.
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There are many factors driving the global hyperloop technology market. Rising demand for faster, cheaper, and safer modes of transportation is expected to emerge as a major driver of the market. Within the growing traffic and congestion owing to growing motorization, Hyperloop technology requires less area as compared to conventional transportation systems. This is expected to propel the market growth. Growing industrialization around the world is also expected to drive the market.
There are however some factors hampering the growth of the market. The pre-requisite of superior infrastructure is expected to be a major restraint. Moreover, factors such as lack of awareness and security issues are also expected to hinder the growth of the market. Lack of regulations over the technology is also expected to slow down the growth rate of the market.