Superconducting Cables Market Report Overview
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The global superconducting cables market size was US$ 325 million in 2021, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 12.1% during the forecast period.
Electrical wires created from a variety of precisely crafted metal alloys that offer zero electrical resistance under a particular temperature are known as superconducting wires. The material and physical characteristics of the wire affect this temperature. Low, medium, and higher temperature superconductivity wires are the three different varieties. One of the most widely used high temperature superconducting materials is Yttrium Barium Copper Oxide (YBCO), while one of the most widely utilized low temperature superconductors is niobium-titanium. Every industrial application uses superconducting wires to increase energy efficiency.
Advanced diagnostic tools like MRI and NMR devices, which use magnetic resonance imaging (MRI), are created using these superconducting wires. In order to produce, transfer, and distribute energy, these are also utilized in wind turbines, electric motors, generators, transformers, and generators. A cost-effective option for boosting the energy efficiency of electrical systems, superconducting wires feature unique properties like limitless conduction, zero electric opposition, and temperature transition.
COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth
The basics of the industry, including consumer behavior, commercial revenue, and several areas of corporate operations, have been drastically changed by COVID-19. Future prospects for many businesses are murky, and others might not make it out of the crisis. Depending on prospective government initiatives and other factors that are currently difficult to anticipate, various recovery scenarios are feasible. According to both recovery scenarios, sales growth in the majority of semiconductor categories was negative in 2020. However, looking in advance to 2021, it is anticipated that the outlook will get better as the superconducting cables market will recover, largely considering the initial estimate for 2020 will be significantly less than it was in prior years.
"Increasing Research and Development to Intensify Market Magnification "
The study of superconductors is an active area of study. Numerous industries, including nuclear energy, diagnostics, and transportation, use superconductors. In many regions of the world, including Europe, the U.S., and Japan, numerous nuclear energy-related initiatives involving the creation of accelerators for particles & reactors are in progress. The International Thermonuclear Experimental Reactor in France, one of the biggest energy projects, has a sizable need for superconducting wire for the coil magnet. If it is successful, more fusion reactors might be built all over the world, which would increase the need for superconducting materials for this use. Research funding on the use of superconducting wire in electric cars has grown recently.
To address the demands of the mobility industry, for instance, Toshiba Energy Systems & Solutions revealed in June 2022 that it was developing a prototype superconductivity motor employing superconducting wires. The superconducting motor can be utilized for large transportation applications because it is lightweight, has a maximum power output of 2 MW, and rotates at a high speed. By the end of the 2020s, the business expected to commercialize this technology. During the forecast period, it is also anticipated that additional magnetic levitation research and development projects for the transport and medical sectors will present lucrative opportunities for superconducting cables market growth participants.
Superconducting Cables Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into YBCO cables, Bi-2212 cables, Bi2223 cables, others.
YBCO cables is the leading part of the type segment.
- By Application Analysis
According to application, the market can be segmented into grid and smart grid, industrial applications, others.
Grid and smart grid are the leading part of the application segment.
"Rising Implementations in Public Transit to Boost Market Share "
It has been demonstrated that connection can carry a significant quantity of energy across vast distances with less infrastructure development than traditional wire arrangements. Compared to normal wires, high-temperature superconducting wire, fault current limiters, transformers, and generator have made it possible to guarantee minimal power transmission losses. As high-temperature superconducting cables are installed on or below ground, superconductors also reduce the capital expenditure needed to build overhead transmission systems along with electromagnetic interferences, which are required for conventional wires.
A number of nations intend to improve their power transmission by utilizing superconducting cables. Superconducting cable infrastructures reduce energy and financial losses during electricity transmission via ordinary lines. In addition, due to the increased field strength, it is anticipated that the use of low-temperature superconducting materials in MRI and NMR will improve image clarity compared to their traditional equivalents. With a growing population comes a healthy increase in the need for quick and energy-efficient public transit. Therefore, the rising implementation will boost up the superconducting cables market share.
"High Temperature Superconducting Materials to Expand Market Forwarding"
Over the course of the forecast period, high temperature superconducting materials section is anticipated to account for a considerably larger revenue share by type. This is explained by a number of elements, including the widespread use of high temperature superconductive wires in MRI machines, CT scans, and various other medical equipment, magnetic resonance spectrometers, particles beam therapy, and the growing use of high temperature superconducting materials in power dissemination due to the trend toward miniaturization in electronic circuits. In addition, compared with low and moderate-temperature superconductors, high temperature superconductivity wires require less expensive cryogenic cooling systems. In the future, this is also anticipated to fuel the superconducting cables market share.
"Lack of Technical Expertise to Deplete Market Advancement "
The majority of power transmission lines throughout the world are wired conventionally. To attain the necessary cost-efficiency and economy of scale, superconducting wires still require ongoing research and development. Their market penetration is low. Additionally, the energy industry lacks technical knowledge and maintenance expertise related to superconducting technology. The government of various nations and certain commercial entities are hesitant to invest in and embrace this technology as a result of the aforementioned factors, which has hindered market demand
In addition, the majority of applications, including Maglev, fusion reactors, airborne motors, rocket movement, high-field magnets, and engines, are still in the early stages of product development with significant investment being made in the search for new superconducting materials. The reliability of superconducting wires is being hampered by an absence of user experience.
Superconducting Cables Market Regional Insights
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"Extensive Use of Sophisticated Cables to Foster Market Growth in North America "
Due to the presence of a larger number of companies producing superconducting wires, rapid developments in superconductive technology, and rising research activities in the area of superconductivity, North America is anticipated to account for the most of the revenue in the global market throughout the forecast period. Other factors such as growing expenditures in research and development, extensive use of sophisticated superconducting cables in motors, utility wires, and electricity applications, and increasing requirements for superconductor-based MRI equipment are anticipated to drive revenue growth in the North American superconducting cables market during the forecast period.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.
The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.
List of Market Players Profiled
- Nexans (France)
- AMSC (U.S.)
- MetOx (U.S.)
- Furukawa Electric (Japan)
- STI (India)
- Bruker (U.S.)
- Fujikura (Japan)
- SEI (U.S.)
- SuNam (South Korea)
- SHSC (U.K.)
- Innost (China)
The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
Frequently Asked Questions
What CAGR is the superconducting cables market expected to exhibit by 2028?
The superconducting cables market is expected to exhibit a CAGR of 7.7% by 2028.
What is the leading region in the superconducting cables market?
North America is the leading region in the superconducting cables market.
What are the key players in the superconducting cables market?
Nexans, AMSC, MetOx, Furukawa Electric, STI, Bruker are the key players in the superconducting cables market.
What are the key factors driving the superconducting cables market?
Rising implementations in public transit and high temperature superconducting materials to drive the superconducting cables market.