Superconducting Wire Market Scope
Superconducting wires are made up superconductors such
as niobium-titanium and are employed in application across various use cases.
They are majorly used in transformers, power storage devices, smart grids, and
electric motors owing to the advantages they offer such as zero power
dissipation, and superconductivity and are deployed to reduce energy
consumption. The global Superconducting
Wire Market is anticipated to showcase noteworthy growth and register a
CAGR of 9.80% over the forecast period of 2016-2023, affirms Market Research
Future (MRFR) in its in-depth study.
Top Drivers and Primary Barriers
Soaring demand for superconductors in computer chip
design technology within the electronics sector as well as in MRI systems in
medical applications can stimulate market growth in the coming years. Also,
developments in the medical field coupled with strong demand for efficient
electric motors, can help the superconducting wire market advance at a fast-pace.
Rising demand for semiconducting wires in a variety of
end-use applications like particle accelerator, mass spectrometer, and MRI will
do wonders for the worldwide market. The superconducting wire market is also
benefiting from the ongoing projects that are associated with superconducting
wires across globe. To illustrate, the South Korean Electric company has requested
for more than 3000km of superconducting wire from American superconductor,
using it for building a 10km line that runs into the suburbs of Seoul. The emerging
superconductor possesses immense potential for different practical applications
aspects like fault current limiters, magnetic resonance imaging (MRI), motors,
power cables, magnetic separators, generators, and transformers.
Superconducting Wire Industry Segmentation:
The global superconducting wire market has been
examined based on the primary segments like type and application.
Considering the type, the market can be split into high-temperature
superconductors and low & medium temperature superconductors. High-temperature
superconducting wire segment has managed to clinch the top position in the superconducting
wire market, given the high increased use of these wires in industrial
processing, medical, electronics, and research.
The segments according to the application are medical,
energy, research, and industry. The energy segment can secure the fastest growth
rate in the coming years, thanks to the development of smart cities along with
strict energy efficiency standards.
Regional Framework
Europe, North America, Asia Pacific (APAC) and the
rest of world (RoW) have been considered as the primary regions by MRFR data
experts, for the purpose of studying all the facets of the global
superconducting wire market.
In
2017, Europe gained a maximum foothold in the global superconducting wire
market, acquiring the largest share. Europe is projected to present a host of lucrative
growth avenues to vendors and manufacturers in the market. The strong market growth
in Europe has been brought on by the high commercialization of high-technology superconducting
materials. Besides, extensive research and development (R&D) activities
boosted by considerable investments in development of second-generation
superconducting wire technology buoys the market position in the region.
APAC is believed to be growing at the fastest rate in
the global superconducting wire market. The impressive market growth in the
region is the outcome of significant advances in semiconductor technology. This
has led to widespread use of LTS electromagnets to make magnetic resonance
imaging as well as nuclear magnetic resonance magnets. Numerous conducting wire developments such as new
product launches, general announcements, and acquisitions have occurred in the
past few years within the region. Renowned manufacturers like Furukawa
Electric, Sumitomo Electric Industries, SuNam, and Fujikura have taken the
regional market to another level, in terms of revenue and size. The most
prominent markets for superconducting wire in the region are South Korea and Japan.
The North America superconducting wire market is deemed
to have significant growth over the coming years. The region is highly focused on
energy application and also notes a large number of high energy physics
experiments, which boosts market demand. In addition, elevating demand for cost-effective
and energy-efficient MRI systems seems to be having a lucrative effect on the
regional market.
Top Players
Top players influencing the worldwide superconducting
wire market include Japan Superconductor, Furukawa Electric Co., Ltd., Phoenix
Contact, Bruker Corporation, Eaton, Sumitomo Electric Industries, Superox,
Theva Dunnschichttechnik GmbH, Fuji Electric, American Superconductor
Corporation, Fujikura Ltd., Superconductor Technologies Inc., to name a few.
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