Superconductor Wire Market is Projected to Reach USD 1.5 billion by 2028, at a 6% CAGR – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Superconductor Wire Market, by product (high temperature superconductor, low temperature superconductor), by Application (energy, healthcare, industry and others) - Forecast 2022-2030
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
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
Browse In-depth Market Research Report (110 Pages) on Superconductor Wire Market:
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.
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.
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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