Superconducting Wire Market finally looking up, Rapid demand growth spells an opportunity

Posted May 24, 2019 by almiracoyne

The superconducting wire market is projected to reach USD 1,008.2 million by 2021, at a CAGR of 9.6% from 2016 to 2021. Superconductor technology is used in energy, medical, research, defense, electronics, transportation, and industrial applications.

The report “Superconducting Wire Market by Type (High Temperature Superconductors (First Generation and Second Generation), Low and Medium Temperature Superconductors), Application (Energy, Medical, Industry, Research), and Region - Global Forecast to 2021”, the global superconducting wire market is expected to grow at a CAGR of 9.6% from 2016 to 2021, to reach a market size of USD 1,008.2 million by 2021. Growing demand for superconductor based MRI system and synergies of H.V. transmission application and high efficiencies are the major drivers of the superconducting wire market.

The superconducting wire market is dominated by a few major players that have a wide regional presence and are established brand names. Leading players in the superconducting wire market include American Superconductor Corporation (U.S.), Bruker Corporation (U.S.), Furukawa Electric Co., Ltd. (Japan), Fujikura Ltd. (Japan), and Superconductor Technologies Inc. (U.S.) has developed new products and implemented advanced production technology to bolster its product portfolio.

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The report segments the superconducting wire market by application into energy, medical, research, industry, and others application. The energy application segment is expected to grow at the fastest rate during the forecast period. Development of smart cities and strict energy-efficiency standards will likely to drive the overall energy segment, which is expected to create new revenue pockets for the superconducting wire market during the forecast period.

With regard to the type segment, HT superconductors are expected to constitute the fastest growing market from 2016 to 2021. This is because of cheaper cryogenic systems required for HT superconductor material which makes the superconductor devices cost effective. These are used in manufacturing of energy efficient superconducting cables and fault current limiters. In the research segment, it is used in large coil magnets for high energy physics experiments.

Scope of the Report:
By Type
• Low and Medium Temperature Superconductors
• High Temperature Superconductors
• First Generation HT Superconductors
• Second Generation HT Superconductors
By Application
• Energy
• Medical
• Research
• Industry
• Others
By Region
• Europe
• North America
• Asia-Pacific

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North America: The leading market for superconducting wire

North America is expected grow at the highest CAGR during the forecast period. The region has been very active in the field of superconductivity since the beginning and is continuously making improvements in this technology to make it more feasible for the practical use. There are several research projects based on superconductors underway, in universities such as University of Houston, and Massachusetts Institute of Technology in the U.S. which have made several breakthroughs in superconductor technologies for applications such as medical, energy, and industrial.. High investments are being made in the region to commercialize superconductors and to exploit its advantages to the fullest.

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Issued By MarketsandMarkets™ INC.
Country United States
Categories Business , Energy , Industry
Tags Superconducting Wire Market , superconducting wire market share , superconducting wire market size
Last Updated May 24, 2019