HYPERLOOP TRAIN MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In January 2024, ArcelorMittal announced a partnership with the Indian Institute of Technology Madras (IIT Madras) to boost hyperloop advancements, marking a significant step forward in improving fast transportation solutions in India and Asia. This collaboration involves two departments within IIT Madras: Avishkar Hyperloop and TuTr Hyperloop, a startup developed within the institute.
• In December 2022, Tata Steel and TuTr Hyperloop entered into an agreement to work together on advancing and implementing hyperloop technology. The research will focus on important aspects such as design intricacies and selecting suitable materials. The joint effort aims to develop, refine, and expand the technology's capabilities for market deployment. The initial phase of the project will take place on a 50-meter experimental track located at IIT Madras. Subsequent stages, Phase II and III, will involve building a 10-kilometer track and will include collaboration with additional industry partners from sectors like automotive, construction, and engineering.
• In March 2022, the U.K.-based company, Broughton Capital Group, in partnership with China-East Resources Import & Export Co. agreed in principle to provide a combined finance of USD 550 million and a Master EPC arrangement
• In October 2022, China made a big step in transportation innovation by successfully trying out its first hyperloop project. This test took place on a specially built 2 km long track in North China's Shanxi province. Before this, China had already shown its prowess with the maglev train, which reached speeds of 80 miles per hour. After the initial test went well, the team behind it announced plans to build a much longer test track, spanning 60 km and divided into three parts. Once completed, this track will allow trains to be tested at speeds of up to 621 miles per hour.