Market Analysis
The global superconducting wire market will grow at a healthy 9.80% CAGR in the forecast period 2018- 2023, according to the new Market Research Future (MRFR) analysis. Superconducting wire, simply put, is a wire made of superconductors that has zero electrical resistance and will replace the traditional heavy and large cables. These wires are used in different applications like electric utility applications, large scale computing, energy industry, electric power, and much more.
Various factors are fuelling the global superconducting wire market growth. According to the recent MRFR market estimates, such factors include the growing need for superconductor based MRI systems, advances in computer chip design technology, synergies of high voltage transmission application, high efficiencies, growing demand for superconductor-based MRI systems, advances in computer chip design technology, and increasing adoption in different industries such as military and defense, electronics and communication, research, industrial processing, medical, transportation, and others.
On the contrary, high manufacturing cost, impact of the COVID-19 pandemic, and lack of standard testing facilities may limit the global superconducting wire market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global superconducting wire market on application and type.
By type, the global superconducting wire market is segmented into low and medium temperature superconductors and high temperature superconductors. Of these, the high temperature superconductors will lead the market over the forecast period for the increased usage of these wires in electronics, research, industrial processing, and medical sectors.
By application, the superconducting wire market is segmented into research, industry, medical, and energy. Of these, the energy segment will dominate the market over the forecast period for the development of stringent energy efficiency standards and smart cities.
Regional Analysis
By region, the global superconducting wires market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, Europe will rule the market over the forecast period. The growing need for energy efficient and cost-effective electrical devices, presence of several leading vendors and manufacturers of superconducting wires, extensive R&D investments to develop second-generation superconducting wire technology, and increased commercialization of high-technology superconducting materials are adding to the global superconducting wire market growth in the region.
In the APAC region, the global superconducting wire market is predicted to have healthy growth over the forecast period. Rising investments in automation, advances in computer chip designing technology, increasing applications in magnetic resonance imaging (MRI) magnets, nuclear magnetic resonance (NMR), and high field magnet applications, and technological advances are adding to the global superconducting wire market growth in the region. Besides, constant expansion of MRI in the healthcare sector, investment in robust energy storage and transmission technology, and large number of upcoming projects for nuclear reactors in China and India are adding to the global superconducting wire market growth in the region.
In North America, the superconducting wire market is predicted to have notable growth over the forecast period. Extensive research and development in developing second-generation superconducting wire technology coupled with high investments to commercialize superconductors are adding to the global superconducting wire market growth in the region.
In RoW, the superconducting wire market is predicted to have sound growth over the forecast period.
Key Players
The prominent players profiled in the global superconducting wire market report include Fuji Electric, Phoenix Contact, Japan Superconductor, Theva Dunnschichttechnik GmbH, Superox, Sumitomo Electric Industries, Eaton, Bruker Corporation, Superconductor Technologies Inc., Furukawa Electric Co., Ltd., Fujikura Ltd., and American Superconductor Corporation, among others.
The global superconducting wire market is fragmented and competitive with the presence of several well-established international and domestic key players. Mergers and acquisitions, partnerships, new product launches, geographic expansions, strategic alliances, and others are the key strategies used by the industry players to stay ahead. Besides, they are also investing in Research and Development activities to cater to the surging needs of the customers.
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