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.
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 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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