Superconducting Wire Market Size & Share Outlook up to 2024

 Global Superconducting Wire Market: Overview

The superconductors have the phenomenon of the superconductivity which is a property of having no electrical resistance below a definite cryogenic temperature. Various types of superconducting materials are used for the production of the superconducting wires. Due to the beneficial properties, the superconducting wires are widely used in the medical industry, military, electrical and electronics industry, and defense sector. A superconducting magnet is one of the major applications of the superconducting wire.

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Global Superconducting Wire Market: Segmentation

The global market for the superconducting wire is fragmented into material used, end-use industry, product type, and application. Based on the material used, the global market is segregated into stainless steel, yttrium barium copper oxide, bismuth strontium calcium copper oxide, and others. Based on the end-use industry, the market is categorized into railways industry, military & defense, pharmaceutical & healthcare, and electrical and electronics. Based on the product type, the market is divided into the first generation (1G) wire or high temperature super conducting wire and second generation (2G) wire or ReBCO. Based on the application, the market is bifurcated into a particle accelerator, magnetic resonance imaging, electric motors, and others.

Global Superconducting Wire Market: Growth Factors

The major factors that are triggering the growth of the superconducting wire market include the growing requirement of the superconductors in the design technology of the computer chip in the electronics sector and in the medical sector for the MRI systems. Other factors that will positively affect the market growth of superconducting wire are the increasing demand for the electric motors that are efficient and the improvements made in the medical sector. The growing demand for the superconducting wires in several end-use applications which include particle accelerator, MRI, and mass spectrometer are propelling the growth of the market. There are certain factors that are restraining the growth of the superconducting wire market which include the volatile cost of the raw materials, high cost of the product, and the lack of reliability factor.

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Global Superconducting Wire Market: Regional Analysis

Depending on the geographical regions, the global market for the superconducting wire is diversified into the Middle East and Africa, Asia Pacific, North America, Eastern Europe, Latin America, and Western Europe. The region that is leading the superconducting wire market is Europe. This growth in the market is due to the huge demand for the superconducting wire. In the coming years, the market for the superconducting wire in the North American region will grow at a significant rate. The market growth in the Asia Pacific region can be attributed to the factors such as the expansion of the smart cities that are having standards for the reasonable consumption of the energy is propelling the growth of the market.

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Global Superconducting Wire Market: Competitive Players

The key market players that are involved in the superconducting wire market include Superconductor Technologies Inc., Japan Superconductor Technology, Inc., Supercon Inc., American Superconductor Co., Theva Dünnschichttechnik GmbH., Fujikura Ltd., Bruker Corporation, Furukawa Electric Co., Sumitomo Electric Industries, Ltd., and Superox.

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