Superconducting Wire Market Overview
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. The global Superconductive 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.
Multifarious application of superconducting wires across various industry verticals is promoting the growth of the market. Superconducting wires are largely used in the power industry owing to their desirable feature of energy transmission without any loss, as compared to copper or aluminum wires. For the same reason, they find massive application in power storage devices. The emerging technology of high-temperature superconductors stores massive potential to improve the capacity of underground and overhead power T&D systems, motors, generators, and power plants. Growing energy crisis and energy conservation goals are likely to bolster the application of superconducting wires, thereby boosting the market growth.
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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.
On the other hand, superconducting wires are expensive and are accompanied by the cost of refrigeration which limits their application. The performance of superconducting wires is limited by magnetic flux density or field, the current density, and the operating temperature. Moreover, the high manufacturing cost of superconducting wire also remains a major challenge to market growth. However, the introduction of high-temperature superconducting wires which address the challenges of superconducting wires is likely to provide growth opportunities to the market.
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Segmentation
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.
Regional Analysis
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.
Competitive Landscape
Theva Dunnschichttechnik GmbH, Phoenix Contact, Fuji Electric, Furukawa Electric Co., Ltd., Japan Superconductor, Fujikura Ltd., American Superconductor Corporation, Sumitomo Electric Industries, Bruker Corporation, Eaton, Superconductor Technologies Inc., and Superox are the distinguished players in the superconducting wire market.
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