According to a new report published by UnivDatos Markets Insights, the Superconductor Wires Market is expected to value at USD 2.2 billion in 2028 and grow at a CAGR of 9.6% from 2022-2028. The analysis has been segmented into Type (High Temperature, Low, Medium Temperature); Application (Energy, Medical, Industry, Research); Industries (Industries, Utilities, Others); Region/Country.
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The Superconductor Wires market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Superconductor Wires market. The Superconductor Wires market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Superconductor Wires market at the global and regional levels.
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Market Overview
Superconducting wires and cables are employed in many application fields, from NMR and MRI magnets to high-field magnets for test equipment, nuclear fusion devices, or accelerators, where low-temperature superconductors are typically used. Currently, high-temperature superconductors such as yttrium barium copper oxide (YBCO) tend to offer greater advantages over copper and aluminum such as higher maximum current densities and zero power dissipation. Superconducting wires are also used in transformers, power storage devices, smart grids as well as in electric motors.
Factors such as the rise in the need for superconducting wires across medical, industrial processing, transportation, research, and electronics & communication will act as an opportunity for market growth. 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.
American Superconductor, Fujikura Ltd., Furukawa Electric Co. Ltd., Superconductor Technologies Inc., Bruker Corporation, Eaton, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH, and Siemens AG.
COVID-19 Impact
The sudden outbreak of coronavirus has caused a health emergency across the globe that has significantly affected various industrial verticals. The pandemic has halted activities in various industries due to the surge in active virus cases that led to the urgent shutdown of ongoing work. Additionally, the consumption of electricity decreased which impacted the superconductor wires demand. However, the peak in the spread of the coronavirus in 2020 escalated the adoption of MRI diagnosis which positively influenced the market size.
The global Superconductor Wires market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the type, the superconductor wire market is segmented into high temperature, low, and medium temperature. The high-temperature semiconductor wire captured a substantial share of the global superconductor wire market. As they offer a greater advantage over copper and aluminum such as higher maximum current densities and zero power dissipation. In addition, high-temperature materials cannot reduce the overall cost, they improve the mass performance of superconducting magnets and lower the cost of cryogenics.
· Based on application, the superconductor wire market is segmented into energy, medical, industry, and research. The medical segment caters considerable market share. It is mainly owing to its growing demand for superconductor-based MRI systems and advancement in computer chip designing technology leading to higher demand for superconductors are the major drivers for the growth of the global superconducting wire market. Moreover, these superconducting power transmission cables are compact and can transmit a large amount of electric power. Superconducting wires can be used for various applications including high-field magnet applications and nuclear magnetic resonance (NMR) & magnetic resonance imaging (MRI) magnets.
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Superconductor Wires Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the increasing demand for energy-efficient and cost-effective electrical devices. In addition, the usage of superconductors in automobiles is expected to rise too due to their ability to increase the speed of vehicles at very high velocities with less resistance from the atmosphere. This also results in lesser fuel consumption leading to cost saving in the long run. Moreover, the world's major Superconducting Wire manufacturers are located in Japan and supply these wires across the world, thus escalating the market size of superconductor wires. Moreover, the use of superconductors in the region as static field magnets is also rising due to their ability to increase the magnetic flux density and strongly support the medical industry as well as other technology-related industries such as semiconductors, digital cameras, etc. Furthermore, factors such as rising imports of automobiles, medical devices, and electronic goods into China.
The major players targeting the market include
· American Superconductor
· Fujikura Ltd.
· Furukawa Electric Co. Ltd.
· Superconductor Technologies Inc.
· Bruker Corporation
· Eaton
· Sumitomo Electric Industries
· Superox
· Theva Dunnschichttechnik GmbH
· Siemens AG
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Superconductor Wires market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Superconductor Wires market?
• Which factors are influencing the Superconductor Wires market over the forecast period?
• What are the global challenges, threats, and risks in the Superconductor Wires market?
• Which factors are propelling and restraining the Superconductor Wires market?
• What are the demanding global regions of the Superconductor Wires market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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Table of Content:-
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE SUPERCONDUCTOR WIRE MARKET
6 SUPERCONDUCTOR WIRE MARKET REVENUE (USD BN), 2020-2028F
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY APPLICATION
9 MARKET INSIGHTS BY REGION
10 SUPERCONDUCTOR WIRE MARKET DYNAMICS
11 SUPERCONDUCTOR WIRE MARKET OPPORTUNITIES
12 SUPERCONDUCTOR WIRE MARKET TRENDS
13 DEMAND AND SUPPLY-SIDE ANALYSIS
14 VALUE CHAIN ANALYSIS
15 COMPETITIVE SCENARIO
16 COMPANY PROFILED
17 DISCLAIMER
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