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DUBLIN, July 8, 2022 /PRNewswire/ — The “Hyperloop Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global hyperloop technology market is expected to reach a value of US$ 1.30 Billion in 2022. Looking forward, the publisher expects the market to reach levels worth US$ 7.19 Billion by 2027, exhibiting a CAGR of 40.79% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Hyperloop technology is an ultra-high-speed ground transportation system with a capsule-like vehicle operating inside a sealed vacuum tube with low pressure. It comprises sealed and partially evacuated tubes that assist in connecting mobility hubs in large metropolitan areas and pressurized vehicles. It relies on magnetic levitation to reduce the friction of tubes and tunnels and carry passengers and cargo.
It is faster than alternative modes of transportation, such as air, water, road, and rail. Besides this, as hyperloop technology is energy-efficient, immune to bad weather conditions, and resistant to against earthquakes and other natural calamities, its demand is escalating around the world.
The growing need for a faster mode of transportation across the globe represents one of the key factors driving the market. Moreover, rising concerns about environmental degradation, depletion of natural resources and air pollution caused by conventional transportation vehicles are propelling the growth of the market.
In addition, the hyperloop technology decongests traffic and minimizes noise …
Full story available on Benzinga.com
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