According to a report released by Markets and Markets, the world's second largest market research institution, the global superconducting wire market size will reach US $ 1.082 billion by 2021, with a compound annual growth rate of 9.6% during the period.
Global superconducting wire market size to exceed $ 1 billion by 2021
According to the report, the increasing demand for superconductor-based MRI systems and the application of high-voltage power transmission systems, especially the increase in demand for efficient and low-loss transmission, are the main driving forces for the superconducting wire market.
From the perspective of enterprises, the current superconducting wire market is dominated by a few major players who have a wide regional presence and are established brands, including American Superconductor, Bruker, Furukawa Electric, Fujikura Cables, Superconductor Technologies Inc., etc.
From the application market point of view, the superconducting wire market is used in energy, medical, research, industrial and other applications. The energy applications sector is expected to grow at the fastest rate over the forecast period. The development of smart cities and strict energy efficiency standards will likely drive the entire energy sector and generate new revenue for the superconducting wire market during the forecast period.
From the perspective of product types, high-temperature superconductors will become the fastest growing market in the forecast period. High-temperature superconducting materials require lower-cost cooling systems to make them more cost-effective. High-temperature superconducting materials are mainly used to manufacture energy-saving superconducting cables and fault current limiters. In research, it is used for high-energy physics experiments in large coil magnets.
In terms of market regions, North America will grow at the highest compound annual growth rate over the forecast period. This area has been very active in the field of superconductivity, and this technology is continuously improved to make it more feasible in practical applications. Superconductor-based research projects are underway at universities such as the University of Houston and the Massachusetts Institute of Technology, which have made some breakthroughs in superconducting technology for medical, energy, and industrial applications. Gao Investment is commercializing manufacturing in the region and making full use of its advantages.