The global superconducting cables market is anticipated to exhibit a healthy CAGR during the forecast period (2013 to 2028), according to a report available on Million Insights. Superconducting cables refers to wires made of superconductors and offer zero electrical resistance at low temperature. Some manufacturers are using conventional alloys such as niobium titanium and others are using chemical compounds such as yttrium barium copper oxide (YBCO). Wires made using superconductors offer advantages such as zero power dissipation and higher current densities.
Growing adoption of chip design technology in industries such as healthcare and consumer electronics is anticipated to propel market growth. Integration of computer chips into home smartphones and home appliances to introduce technologically advanced features is driving demand for superconducting cables in industrial applications. Rising demand for electricity across the globe owing to infrastructure development is driving the superconducting cables market. Superconducting cables are used in power generation, transmission, and distribution sector to support residential and commercial infrastructure. In addition, increasing use of superconducting wires in industrial installations such as smelting plants or electrolysis to reduce environmental footprint will drive the market over the forecast period.
To cater to rising demand for wires offering zero electrical resistance, manufacturing companies are investing in R&D to develop advanced products. For instance, in September 2019, a team of scientists at Karlsruhe Institute of Technology (KIT) has developed superconducting cable. The cable can be used at minus 196 degree Celsius and it can transport very high currents. Researchers have used special material called rare earth barium-copper oxide (REBCO) to design these efficient wires owing to its superconductivity. In addition, these wires are lightweight as compared to conventional aluminum or copper wires.
Design Type Insights:
Based on design type, the superconducting cables market can be bifurcated into high temperature and low temperature. Low temperature cables are anticipated to hold largest market share over the forecast period owing to rising demand for these zero electrical resistance wires in commercial applications. Low temperature wires require very low temperature to achieve superconductivity using liquid helium. Thereby, these wires are preferred for commercial use such as clinical magnetic resonance imaging (MRI).
In terms application, the superconducting cable market can be classified into electronics, healthcare, power generation, transportation, and others. Healthcare segment is expected to exhibit highest CAGR over the forecast period. Increasing use of superconducting cables in medical and scientific equipment which require high magnetic field is driving the segment’s growth. In addition, growing adoption of MRI machines in hospitals to provide advanced diagnostic services will drive segment’s growth in coming years.
Regional segmentation includes North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. Asia Pacific is anticipated to hold largest market share over the forecast period. This is attributed to growing number of construction activities in developing economies such as China and India. Rising demand for environment friendly power cables to reduce emission of harmful gases into atmosphere which cause air pollution is driving regional growth. In addition, increasing number of people migrating to urban areas for better lifestyle is driving demand for electricity in developing countries. This factor is likely to boost demand for superconducting cables in transmission networks.
North America, on the other hand, is expected to exhibit significant CAGR over the forecast period. Increasing investment by government to refurbish infrastructure and develop environment-friendly distribution and transmission control systems is driving regional growth. In addition, increasing investments by electric utility companies to restore, upgrade existing transmission lines will drive regional growth in coming years.
In Europe, countries such as France, Germany, Sweden, and UK are prompting their focus on development of renewable energy projects. This factor is driving demand for wires offering zero electrical resistance to connect renewable energy resources and grid network in the region.
Some of the key players of superconducting cables market are American Superconductor Corporation, Fujikura Ltd., Furukawa Electric Co., Ltd., Bruker Corporation, and Sumitomo Electric Industries. Companies are investing in business strategies such as mergers and acquisitions to expand product portfolio.
Leading players of Superconducting Cables including:
• Furukawa Electric
Market split by Type, can be divided into:
• YBCO Cables
• Bi-2212 Cables
• Bi2223 Cables
Market split by Application, can be divided into:
• Grid and Smart Grid
• Industrial Applications
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA