Superconducting Wire Market Research Report – Global
Forecast till 2023
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 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. The COVID-19
Analysis of Superconducting Wire Market Size is enduring an exacting
period with its robust growth coming to an abrupt halt in light of the COVID-19
pandemic.
Multifarious application of superconducting wires
across various industry verticals is promoting the growth of the market.
Superconducting wires are largely used in the power industry owing to their
desirable feature of energy transmission without any loss, as compared to
copper or aluminum wires. For the same reason, they find massive application in
power storage devices. The emerging technology of high-temperature
superconductors stores massive potential to improve the capacity of underground
and overhead power T&D systems, motors, generators, and power plants.
Growing energy crisis and energy conservation goals are likely to bolster the
application of superconducting wires, thereby boosting the market growth.
Superconducting wires find significant use in the
medical industry too. Superconducting wires are capable of producing
large-volume, stable, and high-intensity magnetic fields required for Magnetic
Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR). This presents
massive growth opportunities to the superconducting wire market. Furthermore,
growing smart city projects in the developed countries of the world provide
growth opportunities to the superconducting wire market.
Segmentation
The superconducting wire market has been segmented
based on type and application.
By type, the superconducting wire market has been
segmented into high-temperature superconductors and low & medium
temperature superconductors. The high-temperature superconducting wire segment
is leading the market on account of heightened use of these types of wires in
medical, research, industrial processing, and electronics.
By application, the superconducting wire market has
been segmented into energy, medical, industry, and research.
Regional Analysis
By region, the superconducting wire market has been
segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific
(APAC).
Europe seized the largest share of the market in 2017
and is anticipated to exhibit substantial growth over the forecast period. High
awareness regarding energy conservation coupled with energy efficiency
initiatives by the European Union is fueling the growth of the Europe market.
North America superconducting wire market is driven by
various smart city projects undertaken in the region along with a greater focus
on energy conservation. The expanding electrical industry in APAC is supporting
the growth of the superconducting wire market.
Competitive Landscape
Theva Dunnschichttechnik GmbH, Phoenix Contact, Fuji
Electric, Furukawa Electric Co., Ltd., Japan Superconductor, Fujikura Ltd.,
American Superconductor Corporation, Sumitomo Electric Industries, Bruker
Corporation, Eaton, Superconductor Technologies Inc., and Superox are the distinguished
players in the superconducting wire market.
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
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