New York, US, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Superconductor Wire Market Information by Product, Application, and Region - Forecast till 2030”, Between 2022 and 2030, the superconducting wire market will develop at a CAGR of 6%. It is expected that the market for superconducting wire will be worth USD1.5 billion by 2028.
Superconductor Wire Market Overview
Superconducting cables are wires formed of superconducting composite materials. They can be utilized for high-efficiency power transmission with minimal energy loss and current crowding. The temperature of the wire is lower than that of a standard conductor because they produce less heat loss. The increased cooling capabilities increases the maximum power rating and allows for the use of thinner wires and, as a result, smaller conductors.
By decreasing transmission losses and allowing for better management of supply peaks and troughs, higher efficiency would help reduce environmental harm as well as energy consumption. Steel tape coated with tin oxide could replace copper conductors in a power wire, resulting in cost reductions due to the tape's simplicity of manufacture.
Market Competitive Landscape:
The important vendors in the superconductor wire market are
- Brujker Corporation (US)
- Furukawa Electric Co Ltd (Japan)
- Fujikura Ltd (Japan)
- Japan Superconductor Technology Inc. (Japan)
- Supercon Inc. (US)
- Superox (Moscow)
- Metal Oxide Technologies LLC (US)
- Sumitomo Electric Industries Ltd (Japan)
- Among others.
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Several academic and commercial collaborations have been formed to increase the use of superconductors in all applications. Acquisitions and mergers are taking place to improve smart city efforts that are popping up in many parts of the world. Technological innovation will enhance the use of superconductors, saving money and energy.
COVID 19 Analysis of Superconductor Wire Market:
Pandemic has had a wide-ranging impact on global industries. National lockdowns have hampered market functioning, increasing supply chain disruption. Facilities are facing losses as a result of production and distribution delays. Furthermore, the pandemic crisis has restricted investment capacity, affecting market growth.
The superconductor wire business might expect significant market growth in the face of a pandemic crisis. The market value was estimated to be $1.1 billion in 2020. This suggests that significant superconductor wire market growth might be expected in the near future.
Report Scope:
| Report Metrics | Details |
| Market Size by 2028 | USD 1.5 billion |
| CAGR during 2022-2030 | 6% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Rise in the demand for MRI tests Reduced energy wastage Improved electrical system efficiency |
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Superconductor Wire Market USP Covered:
Market Key Drivers:
The market is expanding due to increased demand for superconductor-based MRI systems and advancements in computer chip design technologies. Furthermore, the synergy of high-voltage transmission applications and greater efficiency is projected to drive demand for superconductor cables and other electrical equipment based on this technology. Furthermore, the increased need for superconducting wires in medical, industrial processing, transportation, research, and electronics and communication will provide an opportunity for market expansion.
Because superconductors have zero resistance, they are used in a wide range of applications. It has not produced any heat, sound, or other components. As a result, it is frequently used in generators, motors, and power transmission lines.
Superconductors can also carry electrical current. It is assumed that its densities are seven times greater than those of copper transmission lines. They are also capable of increasing power without using greater voltages.
Furthermore, there has been an increase in the demand for transportation, medical, and industrial processing over the years. As a result, firms in the superconductor wire business may benefit from a variety of market prospects.
Market Growth Restraints:
The dearth of basic testing facilities, as well as the high manufacturing costs associated with superconductors, are anticipated to stifle industry expansion. The high cost of superconducting wires is another factor that could stymie the global expansion of the superconducting wire industry. Because superconductors are expensive to maintain, they must be kept at a critical temperature and frequently supplemented by a magnetic field.
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Superconductor Wire Market Segmentation
Insights By Type
Low, medium and high-temperature superconductors are examples of superconductor wire. The latter is further classified as first- and second-generation high-temperature superconductors. Furthermore, because low-temperature conductors are less expensive, they are likely to rise in popularity. Because of its expanding use in NMR, superconducting magnetic energy storage (SMES), and other applications.
Insights By Application
Energy, medical equipment, research, industry, and other applications are examples. Healthcare industries would obtain a larger market share in end-use sectors due to increased demand between 2022 and 2030.
Superconductor Wire Market Regional Insights
During the forecast period, North America will have the largest market share. The region has made advances in superconductivity, signifying practical viability. Academic institutions such as Houston University and the Massachusetts Institute of Technology are conducting superconductor research. This will aid in expanding its applications in medical, energy, and industrial settings. In addition, because to the strong number of manufacturers and users, Asia - Pacific will be the fastest expanding area.
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Europe is expected to have stronger market demand due to increased need for energy-efficient electrical gadgets. It is predicted that the US market will account for $339.7 million. By the end of 2030, China's market will have grown at a CAGR of 5.3%, with a market value of US$2020 million. Japan and Canada are expected to grow at CAGRs of 2.9% and 3.9%, respectively. Germany will have the highest growth rate in Europe, with a CAGR of 3.5% by 2030. For the past few years, the global market has been rapidly embracing superconductor power lines.
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