WASHINGTON, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The Global Superconducting Wire Market size is expected to reach over USD 1.95 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period.
Market Synopsis
Superconducting wire market is likely to see a substantial growth in the coming years due to the increased superconductors use in several industries. Additionally, the significant advantages related with using superconducting wires in rather using a conventional cable is expected to further fuel the superconducting wire market globally. The voltage amount carried by a superconducting wire is high considerably as compared to the conventional cables used, states Vantage Market Research, in a report, titled “Superconducting Wire Market by Type (High, Medium, Low), by Application (Power, Medical, Automobile, Research), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Superconducting Wire Market:
- Bruker Corporation (U.S.)
- American Superconductor Corporation (U.S.)
- Furukawa Electric Co., Ltd. (Japan)
- Superconductor Technologies Inc. (U.S.).
- Fujikura Ltd. (Japan)
Market Dynamics:
Driver: Growth in Superconductor-Based MRI Demand
Increase in superconductor-based MRI systems demand and advancement in technology for computer chip design is driving the growth of the market. Additionally, synergies of applications of high voltage transmission and increased efficiencies are likely to increase the demand for superconductor cables also other electrical equipment based on this technology. Furthermore, rise in need for superconducting wires across medical, industrial processing, transportation, research, and electronics & communication will act as an opportunity for the market growth.
Restraint: High Manufacturing Cost
Lack of basic testing facilities and huge manufacturing cost associated with superconductors is likely to hamper the market growth. Huge expenses related with superconducting wires are also a key factor which might hinder the growth of the superconducting wire market globally. Superconductors are to be kept in a critical temperature and are supplemented often by a magnetic field to refrain from internal forces, since their maintenance could be expensive.
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Regional Trends
Asia Pacific is likely to dominate the market global in the coming years, due to the increasing demand for energy efficient and cost-effective electrical devices. Furthermore, Asia Pacific market for superconducting wire is expected to rise at the highest CAGR in the forecast period. The region has been active in the area of superconductivity from the beginning and is also consistently making enhancements in this technology to make it more practical and feasible for use. There are various research projects related to superconductors underway, in universities like, University of Massachusetts and Houston Institute of Technology in the U.S. that have made numerous breakthroughs in technologies related with superconducting for energy, medical, and industrial applications. Huge investments are being made to commercialize superconductors in the region and to exploit its benefits to the fullest.
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Key Findings
- Low Temperature Semiconductor to hold a Significant Share: Low Temperature Semiconductor wires are made from superconductors with low temperature while High Temperature Semiconductor wires are made from superconductors with high temperatures. Low Temperature Semiconductor wires are cheap compared to HTS. Due to the low cost, Low Temperature Semiconductor wires could see substantial application in commercial applications. Low Temperature Semiconductor can be used for Nuclear Magnetic Resonance (NMR) magnets, MRI magnets, fusion magnets, accelerator magnets, and many more. High Temperature Semiconductor wires are used for current leads, induction heater magnets, and more.
- Healthcare to hold a Significant Share: The healthcare industry is likely to have a substantial share of the superconducting wire market globally during the forecast period owing to rising applications and Semiconductor based MRI.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Superconducting Wire Market?
- How will the Superconducting Wire Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Superconducting Wire Market?
- What are the Superconducting Wire market drivers and restrictions?
- What will be the CAGR and size of the Superconducting Wire Market throughout the forecast period?
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Superconducting Wire Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
Browse market data Tables and Figures spread through 155 Pages and in-depth TOC on "Superconducting Wire Market by Type (High, Medium, Low), by Application (Power, Medical, Automobile, Research), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/superconducting-wire-market-461903
The report on Superconducting Wire Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Superconducting Wire Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 1.02 Billion |
| Projected Market Size in 2028 | USD 1.95 Billion |
| CAGR Growth Rate | CAGR of 9.8% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Type: - High, Medium, Low Application: - Power, Medical, Automobile |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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