Superconducting Wire Market Research Report: Information by Type (High Temperature, Low and Medium Temperature), Application (Energy, Medical, Industry, and Research), and Region – Global Forecast till 2023
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.
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.
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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.
On the other hand, superconducting wires are expensive and are
accompanied by the cost of refrigeration which limits their application. The
performance of superconducting wires is limited by magnetic flux density or
field, the current density, and the operating temperature. Moreover, the high
manufacturing cost of superconducting wire also remains a major challenge to
market growth. However, the introduction of high-temperature superconducting
wires which address the challenges of superconducting wires is likely to
provide growth opportunities to the market.
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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.
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