Superconducting Wire Market - Insight
Wiring efficiency is the
need of the hour as the technology is evolving to support that. Technological
advancing has made it easier for the superconductor wires to become more active
with higher performance. Upon this, Market Research Future presented a study
which stated that the Superconducting
Wire Market is expecting an astonishing and substantial CAGR during the forecast
period (2016-2022) in its elaborated study.
Market Drivers & Trends
Superconductor wires carry
indefinite current without any loss of energy and offer the potential for revolutionary
changes and enable high performance, which is why it is gaining a vast populace
in the energy and power industry. The study claims that this is one of the
prime factors which is driving the global market for superconductor wire
market. Its features enable it to work according to the need such that it can
meet the stringent demands of different power technologies. Due to this, the
market for the superconductor wire is being recognized, and therefore, can be
expected that the market could gain substantial growth during the forecast
period.
At the same time, the
reduced energy wastage, improved electrical system efficiency, and reduced size
and weight of power components and machinery have also been included as the
market drivers and exponentially booming it throughout the growth period. Apart
from this, the credibility and demand for superconductor wires from the
healthcare sector are also gaining populace as there has been rising prevalence
of cancer patients across the globe, which is resulting in the demand for
number of MRI tests. Such a factor is also contributing majorly to the market
growth of superconductor wires at present and will continue with it in the
coming years.
Furthermore, advancing
technologies are continuously revolutionizing sectors and ushering more
innovation. The superconductor wires are result of constant development that is
being done in technical fields. Its efficiency in making current to pass
without losing energy is what making it accessible across the world and making
the market to gain more valuation over the forecast period.
On the flip side, the factor
of high cost seems to be one of the main barriers in the course of growth of
the market during its proliferation period.
Superconducting Wire Market
Segmentation
The segmental analysis of
the global superconducting wire market has been conducted among the elements of
product and application.
In terms of product:
High-temperature superconductor and low-temperature superconductor segments.
In terms of application:
Energy, healthcare, and others are the segments.
Regional Outlook
North America, Asia, Europe,
and the Rest of the World are the key regions that are being studied in the
study conducted by Market Research Future.
Among these, Asia Pacific
region, according to the study is anticipated to evolve as a growing region for
superconductor wire market due to factors such as continuous expansion of MRI
in healthcare sector. Also, much investment in robust energy storage and
transmission technology is being made to help the market to grow in APAC
region. Due to these reasons, it is referred as to be the fastest-growing
market for superconducting material. Also, a large number of upcoming projects
for nuclear reactors in emerging countries such as India and China are
contributing to the market’s growth.
The high demand from
different sectors and infrastructural superiority created substantial
opportunities for the superconductor wire market to expand in North American
and European regions. Also the investment that is being made in the betterment
of industry verticals is promoting the market growth in these regions.
Key Players
The list of significant
players operating in the global superconducting wire market is Metal Oxide
Technologies Inc., Siemens AG, Hitachi Ltd, Superconductor Technologies Inc.,
Evico GMBH, American Superconductor, Hyper Tech Research Inc., and to name a
few.
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