Superconducting Wire Market: By Type, Application, and Region
Global Superconducting Wire market is valued at USD 1.02 Billion in 2021 and is projected to attain a value of USD 1.95 Billion by 2028 at a CAGR of 9.8% during the forecast period, 2022–2028. Superconducting Wire is one of the components that must be used in the installation process of superconducting magnets, which are utilized in medicine and industry. In addition to medical treatment such as MRI (Magnetic Resonance Imaging) devices, these products also include LSM (Large Superconducting Magnet) used for inspection equipment at nuclear power plants, various types of particle accelerators and high-energy synchrotrons, etc.
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Growing Focus on Improving Power Efficiency and Reduce Power to Loss to Drive Growth of the Superconducting Wire Market
Superconducting cables are wires made from composite materials which features superconductivity. They can be used for high-efficiency power transmission without energy loss and electric current crowding. As they produce less heat loss, the temperature of the wire is lower than that of a normal conductor. The higher cooling capability leads to an increase in maximum power rating and enables the use of thinner wires and consequently smaller conductors. In order to keep increasing demand for transmitting electricity with minimal losses, new ways of power transmission are being utilized around the globe.
The global Superconducting Wire market is segmented by type, application, and region. By type, the market is segmented into high, medium and low superconductor subsegments. The market is further segmented by application into power, medical, automobile, research, among others.
Some of the key players in the market are Bruker Corporation (U.S.), American Superconductor Corporation (U.S.), Furukawa Electric Co., Ltd. (Japan), Superconductor Technologies Inc. (U.S.)., and Fujikura Ltd. (Japan).
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