NEW YORK, Feb. 13, 2017 /PRNewswire/ -- "The superconducting wire market is projected to grow at a CAGR of 9.6% from 2016 to 2021"
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 growth of the superconducting wire is driven by growing demand for superconductor based MRI systems and advancement in computer chip design technology. Synergies of high voltage transmission application and high efficiencies will increase the demand for superconductor cables and other auxiliary electrical equipment based on superconductor technology. Lack of acceptance with respect to reliability and cost of superconducting devices will likely to hinder the market growth.
"The LT & MT superconductor segment is expected to have the largest market share by 2021"
With regard to the type segment, LT & MT superconductors are expected to have the largest market share from 2016 to 2021. Growing demand in MRI systems and cheaper wire cost as compared to HT superconductors will keep the demand high for LT & MT Superconductors.
"Europe: The largest market for Superconductor"
Europe is estimated to be the largest market in superconducting wire market from 2016 to 2021. The European region is most active in the field of superconductors with maximum countries investing in various applications to speed up the process of commercialization of superconductor equipment.
Countries such as Germany, Spain, the Netherlands, the U.K., and France are expected to generate high demand for superconductor cables and generators.
Countries such as Germany, the U.K., and France have also witnessed a decent demand for superconducting equipment such as fault current limiter from 2013 to 2016 in several energy and industrial applications. Superconductors market is expected to grow at the highest CAGR in North America during the forecast period as high investments are being made in the region to commercialize superconductors and to exploit its advantages to the fullest. 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 medical, energy, and industrial applications.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1—35%, Tier 2—45%, Tier 3—20%
By Designation: C-Level—35%, Director-Level—25%, Others—40%
By Region: Asia-Pacific—35%, Europe—30%, and North America—35%
Note: The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 = > USD 5 billion, Tier 2 = From USD 1 billion to USD 5 billion, and Tier 3 = < USD 1 billion
Some of the prominent players in the superconducting wire market include American Superconductor Corporation (U.S.), Bruker Corporation (U.S.), Furukawa Electric Co., Ltd. (Japan), Fujikura Ltd. (Japan), Superconductor Technologies Inc. (U.S.), Superox (Russia), Theva Dünnschichttechnik GmbH (Germany), Sumitomo Electric Industries, Ltd. (Japan), Japan Superconductor Technology, Inc. (Japan), and Supercon Inc. (U.S.).
The report defines, describes, and forecasts the global superconducting wire market by type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
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