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. Superconducting wires are made up of superconducting materials which when cooled below its transition temperature, has zero electrical resistance. A detailed analysis report of COVID-19 impact on Superconducting Wire Market Size is provided with the report.
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.
Superconducting Wire Market Leading 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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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.
The growing demand for superconducting wire market is attributed to the growing demand for superconductor-based MRI system, synergies of h.v. transmission application and high efficiencies, and advancement in computer chip designing technology leading to higher demand for superconductors.
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.
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.
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.
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