Superconducting Wire Market
Scope
The global superconducting
wire market can expect to achieve a growth rate of 9.80% during the forecast
period (2016-2023), reveals Market Research Future (MRFR).
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.
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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 magnets are
made from coils of superconducting wires. These superconducting magnets find
extensive use in the transportation industry. For example, maglev trains make
use of the superconducting magnets to levitate from the track level. It is a
highly successful method to create a strong magnetic field with a reasonable
energy cost.
Superconducting Wire Market
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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