The global superconducting wire market size is expected to reach USD 2.97 billion by 2032.The report “Superconducting wire Market Share, Size, Trends, Industry Analysis Report, By Type (Low-temperature superconductor (LTS), Medium-temperature superconductor (MTS); By End-use; By Region; Segment Forecast, 2022 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Wires made of superconducting composite materials are known as superconducting cables. They can be used for high-efficiency power transmission with little current crowding and loss of energy. Because they lose less heat, the wire has a lower temperature than a standard conductor. The increased cooling capabilities enable the use of thinner wires and, as a result, smaller conductors while also increasing the maximum power rating.
Higher efficiency would help reduce environmental harm and energy consumption by reducing transmission losses and enabling better management of supply peaks and troughs. Due to its simplicity of manufacture, steel tape containing tin oxide could replace copper conductors in a power wire and reduce costs.
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Superconductors have found multiple applications, such as nuclear energy, medical diagnostics, and transportation. Multiple nuclear energy-related projects involving the development of particle accelerators and nuclear reactors are ongoing in various parts of the world, such as Europe, the US, and Japan. One of the largest energy projects is the International Thermonuclear Experimental Reactor (ITER) in France, which has a high requirement for superconducting wire for the coil magnet. Its success can lead to the development of more fusion reactors across the world, leading to high demand for superconductors for this application. Investment in research into the use of superconducting wires in electric vehicles has also grown recently. For instance, in June 2022.
Superconducting wire Market Report Highlights
Polaris Market Research has segmented the superconducting market report based on type, end use and region:
Superconducting wire, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Superconducting wire, End use Outlook (Revenue - USD Billion, 2019 - 2032)
Superconducting wire, Region Outlook (Revenue - USD Billion, 2019 - 2032)