DataM IntelligenceThe Global "High-Temperature Superconductor Wire Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).High-Temperature Superconductor (HTS) Wires Market Overview
High-Temperature Superconductor (HTS) Wires are electrical wires which are made of materials that have zero resistivity when they reach below a high critical temperature. For instance, YBCO (Yttrium Barium Copper Oxide) was the first true high-temperature superconductor discovered in 1987, with a critical temperature of around 91K.
High-Temperature Superconductor (HTS) Wires Market Dynamics
The market is driven by the rising demand for high-temperature superconductor wire for commercial technology used in a wide range of applications like a power grid, for high voltage and current transmission due to surge infrastructure development.
Rising demand for Superconductor wire for commercial technology
Superconductors are primarily used for their property of conducting current with almost zero resistance and minimizing the power consumption to a great extent. Of the two types of semiconductors, HTS is preferred over LTS because of its high critical temperature above the boiling point of liquid nitrogen, and it is becoming increasingly popular in the superconductor field. SQUID (Superconducting Quantum Interference Device), one of the small-scale applications of HTS, is a magnetometer. It is so extremely sensitive that it can detect magnetic fields 100 billion times smaller than the Earth's field, and it can also detect any other physical quantity that can be converted to a magnetic flux. According to the Semiconductor Industry Associations, worldwide sales of semiconductors materials like high-temp superconductors and copper wire were $41.8 billion in April 2021, an increase of 1.9% from the March 2021 total of $41.0 billion and 21.7% more than the April 2020 total of $34.4 billion.
And as per the Organization of Economic Co-operation and Development (OECD), the global investment in the power sector is projected to reach around USD 16.9 trillion by 2035, with an average increase of USD 675 billion annually.
According to International Energy Agency’s World Energy Investment Report 2021, the annual global energy investment is expected to rise to $1.9 trillion in the current year, increasing nearly 10% from 2020 and bringing the total volume of investments back towards pre-pandemic levels.
The report covers all the major trends and drivers playing a key role in the growth of the High-Temperature Superconductor (HTS) Wires market. The wood Packaging market is segmented by Product, Application, and Region.
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Rise in the research and development of superconducting materials.
There is a rise in the research for improving the efficiency and simplifying the application of superconductors. For instance, in a report published by Florida State University, April 2021, their researchers have discovered an innovative way to improve the performance of electrical wires used as high-temperature superconductors (HTS), the discoveries from the research have the potential to power a new generation of particle accelerators.
There is also a rise in the research and development of new semiconducting materials based on various materials like thorium, silicon, etc may create a huge opportunity for the growth of the high-temperature semiconducting wire market. For instance, on 7th November 2019 in collaboration with the Moscow Institute of Physics and Technology, Ivan Troyan of the Institute of Crystallography of RAS and Artem Oganov of Skoltech has been developed a new superconducting material named thorium decahydrate (ThH10), which can sustain very high critical temperature up to 161 Kelvin.
Covid-19 Impact Analysis
The global pandemic had caused a lockdown and a temporary shutdown of industries in various developed and developing countries causing a negative impact on the supply and demand chain. The HTS Wire market was not indifferent to the effects of the crisis. However, the focus on developing renewable and efficient energy sources has been heightened during the pandemic. For instance, According to the International Energy Agency (IEA), large-scale investment to boost the development of renewable energy technologies should be on the list of plans the governments around the world has for recovering the economy. It will bring the twin benefits of stimulating economies and accelerating clean energy transitions.
High-Temperature Superconductor (HTS) Wires Market Segmentation
By Product Type
Product Type for the High-Temperature Superconductor Wire industry
Rare earth-Barium-Copper Oxide
Bismuth-Strontium-Calcium-Copper-Oxygen
others
By Application
Energy
Healthcare
Electronics
Aerospace
Others
Geographical Classification of the Global Market:
By region, the global high-temperature superconductor wire market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global high-temperature superconductor wire market and is expected to grow at the highest CAGR during the forecasted period due to the presence of advanced technology and surge in energy demand followed by the European region.
As per the International Energy Agency, many countries have been making investments in renewable energy like solar power, wind power, and many others. For instance, for the year United States government has been allocated USD 55 billion packages for renewable energy development and transmission. Thus, to distribute and transmit the electricity high-temperature superconductor wire saves a lot of power.
An instance of technological advancement is the fact that the world’s first In-Grid High-Temperature Superconducting Power Cable System project called the Albany Project was energized in Albany, New York, USA.
High-Temperature Superconductor (HTS) Wires Market Competitive Analysis
The global high-temperature superconductor wire market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition making it difficult for new entrants. Furukawa Electric Co., Ltd., Nexans, Metal Oxide Technologies, Bruker Corporation, American Superconductor Technologies, and SUNAM are the leading market players with significant market share.
Major players are receiving launching new technology materials and growing industrial investments may create huge demand for high-temperature superconductor wire during the forecast period.
Key Players Covered in the Global Market Report:
The global high-temperature superconductor wire market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition making it difficult for new entrants. Furukawa Electric Co., Ltd., Nexans, Metal Oxide Technologies, Bruker Corporation, American Superconductor Technologies, and SUNAM are the leading market players with significant market share.
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The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
Visualize the composition of High-Temperature Superconductor (HTS) Wires Market segmentation By Technology, service, By Application, and country, highlighting the key commercial assets and players.
By Product
By Application
Identify commercial opportunities in the Market by analyzing trends and co-development deals.
The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
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