Global Market for Superconducting Wires
Dublin, May 24, 2022 (GLOBE NEWSWIRE) -- The "Superconducting Wire - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Superconducting Wires Market to Reach $1.4 Billion by 2026
The global market for Superconducting Wires estimated at US$1.1 Billion in the year 2020, is projected to reach a revised size of US$1.4 Billion by 2026, growing at a CAGR of 4% over the analysis period.
Superconducting wires are made of superconducting materials such as superconductors. Superconducting wires have zero electrical resistance, when superconducting materials are cooled down below their transition temperature. Thus, superconductor wires transfer electricity without resistance. Investments in energy, healthcare, process & manufacturing, and R&D verticals grew progressively in tandem with rising demand for quality products and services in consumer, commercial and industrial verticals, while creating ample opportunities for superconducting wires market.
The energy sector, comprising electrical power, oil & gas, and renewable energy segments, has been a major contributor to growth and progress of the market. Increasing investments on upgrade and modernization of grid infrastructure and rising emphasis on smart grids, worldwide, are likely accelerate the deployments of superconductivity wires in the energy sector in the coming years. Industry 4.0, `Smart Factory`, `Smart Manufacturing`, are likely to inflate use case of superconducting wires in process & manufacturing industries in the coming years.
While superconducting wires made considerable progress in Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) equipment, the role and importance of these cables continues to evolve in several other medical segments. Market for superconducting wires also grew on the back of improvements in superconductor materials and progressive enhancements to wire/cable processing technologies.
High Temperature, one of the segments analyzed in the report, is projected to record 4.3% CAGR and reach US$1.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Low & Medium Temperature segment is readjusted to a revised 3.4% CAGR for the next 7-year period.
The substantial reduction in cryogenic costs, enabled by advent of high temperature superconducting materials, rolled out novel opportunities for superconducting applications. Consequently, the HTS materials gained traction in making superconducting power cables, superconducting motors & generators, HTS communication devices, and Maglev transportation. Low temperature superconductors are used in NMR and MRI equipment, and high energy physics research and fusion research.
The U.S. Market is Estimated at $334.8 Million in 2021, While China is Forecast to Reach $187.6 Million by 2026
The Superconducting Wires market in the U.S. is estimated at US$334.8 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$187.6 Million by the year 2026 trailing a CAGR of 5.3% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR. Robust spending on research projects aimed at refining the superconductor fabrication, processing and application has given the much needed impetus to superconductor market in the developed world, especially in the US. Superconductors in the form of wires, magnets and coils have gained wider use case in the electrical industry, medical equipment manufacturing, and power grids as well as in scientific research laboratories.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Superconductors: The Greatest Scientific Discovery of the 21st Century
An Introduction to Superconducting Wire
Types of Superconducting Wires
Key Application Sectors of Superconducting Wire
Superconducting Wires: Current Market Scenario and Outlook
Recent Market Activity
High Temperature Superconducting (HTS) Wire: Major Product Segment
Low & Medium Temperature Superconductors Remain in Contention
Market Analysis by Region: Developed Regions, the Prime Revenue Contributors
Developing Regions: Hot Spots for Future Growth
2. FOCUS ON SELECT PLAYERS(Total 27 Featured)
American Superconductor Corporation
Furukawa Electric Co., Ltd.
Japan Superconductor Technology, Inc.
Metal Oxide Technologies LLC
Sumitomo Electric Industries, Ltd.
Superconductor Technologies Inc.
Theva Dunnschichttechnik GmbH
3. MARKET TRENDS & DRIVERS
Growth Opportunities in Medical, Electronics & Communication, Industrial Processing and Research Steer Market Growth
The Aging and Heavily Burdened Electric Power Infrastructure Welcomes the Emergence of Superconductors and Superconducting Wires
Spiraling Increase in Energy Demand Spurs Interest in Sustainable & Lossless Energy Transport Enabled by Zero Electrical Resistance Superconducting Power Lines
High Electricity Transmission & Distribution (T&D) Losses Brings Superconducting Power Lines Into the Spotlight for Resource Wastage Mitigation
Superconducting Wires Make a Sizable Impact on the Electrical Motor Market
Growing Demand for Superconductors for Computer Chip Designing Technology in Electronics Sector
Growth in Demand for Superconducting Wires in Particle Accelerator and Mass Spectrometers Propel Growth
Rising Demand for Superconductors for MRI System in Medical Sector Propels the Market
Introduction of Ultra-Low Field Magnetic Resonance Imaging (ULF-MRI) to Spur Superconducting Magnet Demand
Growing MRI Machine Availability in the Healthcare Sector Spurs Upstream Opportunities for Superconductors in the Production of MRI Machines: MRI Machines Per Million People in Select Countries
Increase in Demand for Efficient Electric Motors for the Medical Industry Drive Growth
Select Technology and Superconducting Material Innovations
High Raw Material and Manufacturing Costs Pose Challenge to the Industry
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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