Superconductor Wire Market Analysis
The global superconductor wire market is predicted to grow at a healthy CAGR between 2020- 2027 states the recent Market Research Future (MRFR) analysis. Superconductor wire, simply put, is a wire that is made of superconductors that have zero electrical resistance. It can replace heavy and traditional large cables. The superconductor material utilized is generally in the likes of filament.
Theoretically, it enables the persistent electric current flow across all loops of superconductor wire. High-temperature superconductor and low-temperature superconductor are the different types of semiconductor wires. Owing to its alluring features and perks, it has wide applications in several end use industries, especially energy, healthcare, and others. Recent applications of such wires include electric motors, power storage devices, transformers, smart grid, amid others.
Various factors are propelling the global superconductor wire market share. As per the current MRFR report, such factors include the increasing use in the healthcare sector, rising number of cancer patients worldwide, burgeoning need for MRI tests, advancing technologies, and product innovations. Besides, lessened weight, reduced energy wastage, lessened size of machinery and power components, production of current sans loss of energy, high performance, availability of computer chip design technology synergies of applications that have high voltage transmission and better efficiency offered are also adding market growth.
On the contrary, lack of acceptance with regards to the reliability of superconducting devices, a high capital investment of superconducting devices, and the impact of the current COVID-19 impact are factors that may limit the global superconductor wire market growth over the forecast period.
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Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global superconductor wire market based on product and application.
- By product, the global superconductor wire market is segmented into high-temperature superconductor and low-temperature superconductor. Of these, the low-temperature superconductor segment will lead the market over the forecast period.
- By application, the global superconductor wire market is segmented into energy, healthcare, and others. Of these, the healthcare segment will dominate the market over the forecast period.
Regional Analysis
Based on the region, the global superconductor wire market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. The continuous growth of MRI in the healthcare industry, upcoming nuclear reactor projectors in India China, and good investments in the energy storage sector and transmission technology are adding to the global superconductor wire market growth in the region.
The global superconductor wire market in Europe is predicted to hold the second-largest share over the forecast period. Increasing investments to improve the industry verticals coupled with growing demand from the infrastructural sector is adding to the global superconductor wire market growth in the region.
The global superconductor wire market in North America is predicted to have a healthy growth over the forecast period. Increasing participation in superconductivity, evolving technologies, various research projects undertaken in the US, and high investments are adding to the global superconductor wire market growth in the region.
The global superconductor wire market in the RoW is predicted to have sound growth over the forecast period.
Key Players
- Evico GMBH
- Metal Oxide Technologies Inc.
- American Superconductor
- Superconductor Technologies Inc.
- Hyper Tech Research Inc.
- Siemens AG
- Hitachi Ltd.
Industry players have encompassed several strategies to stay at the forefront and also cater to customers growing needs such as acquisitions and mergers, joint ventures and partnerships, collaborations, extensive RD, geographic expansions, strategic alliances, to name a few.
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