Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Superconducting Wire Market size is expected to reach $1.6 billion by 2028, rising at a market growth of 9.1% CAGR during the forecast period.
The Low Temperature Superconductor segment acquired maximum revenue share in the Global Superconducting Wire Market by Type in 2021 thereby, achieving a market value of $948.3 Million by 2028. Low temperature superconductors (LTS) such as niobium-tin (Nb3Sn) and niobium-titanium (NbTi) are used to create these wires. In addition, an aluminum or copper matrix is frequently used to contain the superconductor in filament form, carrying the current in the event that the superconductor should quench for any cause. The superconductor filaments may make up one-third of the wire's overall volume.
The Direct segment is leading the Global Superconducting Wire Market by Sales Channel in 2021 thereby, achieving a market value of $1,073.1 Million by 2028. As the market for superconducting wires is so specialized, most businesses prefer a direct-to-consumer strategy, which is anticipated to be the main driver of the direct sales segment of superconducting wires. Top multinational companies and smaller entrepreneurial businesses use direct selling as a retail channel to offer goods and services to consumers. In general, the consumers of direct sales are mostly energy companies.
The Energy segment has shown the growth rate of 9.3% during (2022 - 2028). Superconducting technology-based offshore wind farm expansion is anticipated to drive the expansion of the energy segment. Superconducting wires are used in various devices, including transformers, wind turbines, and generators, to produce, transfer, and distribute energy effectively. The increasing demand of energy along with the rising production of energy from renewable sources extensively use technologies like superconducting wires.
The Europe market dominated the Global Superconducting Wire Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $542.2 Million by 2028. The Asia Pacific market is exhibiting a CAGR of 9.5% during (2022 - 2028). Additionally, The North America market would display a CAGR of 8.9% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/superconducting-wire-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Type
By Sales Channel
By End User
By Geography
Companies Profiled
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Related Reports:
North America Superconducting Wire Market Future Scope & Opportunities 2022-2028
Europe Superconducting Wire Market Size & Growth Forecast 2022-2028
Asia Pacific Superconducting Wire Market Size, Share & Industry Outlook to 2028
LAMEA Superconducting Wire Market Growth, Trends & Forecasts 2022-2028