Superconductor wire conducts electricity with no resistance. Like more familiar conductors such as copper or steel, a superconductor carry a current indefinitely without losing energy. This offers the potential for revolutionary changes in technology and enables higher performance systems that can meet the stringent demands of different power technologies. Reduced energy wastage, improved electrical system efficiency and reduced size and weight of power components and machinery are some of the factors which helps to boom the market of superconductor wire.
Moreover, it is used from energy to healthcare sector. The rising prevalence of a number of cancers patients across the globe and the resulting rise in the demand for MRI tests is expected to be a key factor driving the global superconducting wire market. Whereas, high cost is acting as a major driver for superconductor wire market.
The major player operating in the market of Global Superconductor Wire are Hyper Tech Research Inc., Siemens AG, Superconductor Technologies Inc., Metal Oxide Technologies Inc., American Superconductor, Evico GMBH, and Hitachi Ltd.
Asia pacific is expected to emerge as a growing region for superconductor wire market due to factors such as continuous expansion of MRI in healthcare sector as well as investment in robust energy storage and transmission technology help to grow the market in APAC region. It is referred as to be the fastest growing market for superconducting material due to the large number of upcoming projects for nuclear reactors in emerging economies such as India and China.
Market Size of Global superconductor wire market by Regions (USD Billion)
|Market Size||2027: Significant Value|
|CAGR||2027: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hyper Tech Research Inc., Siemens AG, Superconductor Technologies Inc., Metal Oxide Technologies Inc., American Superconductor, Evico GMBH, and Hitachi Ltd.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market can achieve a strong CAGR in the next couple of years.
By 2022, the market size can increase significantly, owing to several positive factors like rising cancer cases and the subsequent surge in the demand for MRI tests.
The notable companies are Hitachi Ltd, Superconductor Technologies Inc., Siemens AG, Metal Oxide Technologies Inc., Evico GMBH, American Superconductor, Hyper Tech Research Inc., and others.
Mergers and acquisitions, product innovation and partnerships are the key strategies being adopted by the leading companies.
The product-wise market segments are high temperature superconductor as well as low-temperature superconductor.