The North America Superconducting Wire Market would witness market growth of 8.9% CAGR during the forecast period (2022-2028).
The market for superconducting wires is anticipated to expand quickly throughout the forecast period due to many superconducting wire-related projects currently under construction. In addition, some practical uses for the next superconductor include MRI, fault current limiters, motors, generators, magnetic separators, power lines, and transformers. Therefore, during the forecast period, it is anticipated that the market will grow quickly due to many endeavors in the area of superconductivity.
The growing urbanization, rising power and electricity demand, rising need for cutting-edge medical equipment, vehicles, and electric devices, and increasing disposable income in emerging economies are some of the key drivers of the superconducting wires market's revenue growth. Additionally, during the forecast period, the market revenue is anticipated to grow due to the quick acceptance of superconductor-based MRI technologies, the development of smart cities, and the increasing application of superconducting wires because of rigorous energy-efficiency standards.
In the US, the Office of Electricity (OE) of the Department of Energy (DOE) is constantly looking for methods to enhance the grid and make it more dependable and effective as part of its mandate. The invention of superconductors, which can be utilized in place of cables connecting transmission towers, is the result of this quest. In order to provide power to Chicago's north side for a one-year test, Commonwealth Edison (ComEd) most recently installed high temperature superconducting (HTS) wire with assistance from OE-developed technology and financing from the Department of Homeland Security. The enhanced superconducting wire is able to transfer power at 200 times as compared to regular copper wire. Additionally, it gives ComEd the freedom to redirect electricity away from damaged substations to speed up customer restoration. This supports the growth of the regional market.
The US market dominated the North America Superconducting Wire Market by Country in 2021 and would continue to be a dominant market till 2028; thereby, achieving a market value of $348.8 Million by 2028. The Canada market is poised to grow at a CAGR of 11.4% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 10.4% during (2022 - 2028).
Based on Type, the market is segmented into Low Temperature Superconductor, Medium Temperature Superconductor and High Temperature Superconductor. Based on Sales Channel, the market is segmented into Direct and Indirect. Based on End User, the market is segmented into Medical, Energy, Research, Transportation, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Superconducting Wire Market is Predict to reach $1.6 Billion by 2028, at a CAGR of 9.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bruker Corporation, Furukawa Electric Co., Ltd., Fujikura Ltd., Eaton Corporation PLC, FUJI ELECTRIC CO., LTD., Phoenix Contact GmbH & Co. KG, Sumitomo Electric Industries, Ltd., Nexans SA, LS Cable & System Ltd., and MetOx Technologies, Inc.
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