SAN FRANCISCO, Aug. 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Superconducting Wire - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 403
Companies: 27 - Players covered include American Superconductor Corporation; Bruker Corporation; Fujikura Ltd.; Furukawa Electric Co., Ltd.; Japan Superconductor Technology, Inc.; Metal Oxide Technologies LLC; Sumitomo Electric Industries, Ltd.; Supercon Inc.; Superconductor Technologies Inc.; Superox; and Others.
Coverage: All major geographies and key segments
Segments: Type (High Temperature, Low & Medium Temperature); Application (Research, Energy, Medical, Industrial, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; India; South Korea; Rest of Asia-Pacific; Latin America; Rest of World.
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Global Superconducting Wires Market to Reach $1.4 Billion by 2026
Superconducting wires are made of superconducting materials such as superconductors. Superconducting wires have zero electrical resistance, when superconducting materials are cooled down below their transition temperature. Thus, superconductor wires transfer electricity without resistance. Investments in energy, healthcare, process & manufacturing, and R&D verticals grew progressively in tandem with rising demand for quality products and services in consumer, commercial and industrial verticals, while creating ample opportunities for superconducting wires market. The energy sector, comprising electrical power, oil & gas, and renewable energy segments, has been a major contributor to growth and progress of the market. Increasing investments on upgrade and modernization of grid infrastructure and rising emphasis on smart grids, worldwide, are likely accelerate the deployments of superconductivity wires in the energy sector in the coming years. Industry 4.0, 'Smart Factory', 'Smart Manufacturing', are likely to inflate use case of superconducting wires in process & manufacturing industries in the coming years. While superconducting wires made considerable progress in Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) equipment, the role and importance of these cables continues to evolve in several other medical segments. Market for superconducting wires also grew on the back of improvements in superconductor materials and progressive enhancements to wire/cable processing technologies.
Amid the COVID-19 crisis, the global market for Superconducting Wires estimated at US$1.1 Billion in the year 2020, is projected to reach a revised size of US$1.4 Billion by 2026, growing at a CAGR of 4% over the analysis period. High Temperature, one of the segments analyzed in the report, is projected to record 4.3% CAGR and reach US$1.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Low & Medium Temperature segment is readjusted to a revised 3.4% CAGR for the next 7-year period. The substantial reduction in cryogenic costs, enabled by advent of high temperature superconducting materials, rolled out novel opportunities for superconducting applications. Consequently, the HTS materials gained traction in making superconducting power cables, superconducting motors & generators, HTS communication devices, and Maglev transportation. Low temperature superconductors are used in NMR and MRI equipment, and high energy physics research and fusion research.
The U.S. Market is Estimated at $334.8 Million in 2021, While China is Forecast to Reach $187.6 Million by 2026
The Superconducting Wires market in the U.S. is estimated at US$334.8 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$187.6 Million by the year 2026 trailing a CAGR of 5.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR. Robust spending on research projects aimed at refining the superconductor fabrication, processing and application has given the much needed impetus to superconductor market in the developed world, especially in the US. Superconductors in the form of wires, magnets and coils have gained wider use case in the electrical industry, medical equipment manufacturing, and power grids as well as in scientific research laboratories. More
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