Market Snapshot.
The superconducting cables market size and share is expected to reach around USD 1.1 billion in 2023, growing at a CAGR of around 16.6% during the forecast period. Furthermore, the global superconducting cables market study is projected to reach around USD 3.2 billion by 2035.
Study location.
North America (USA and Canada), Latin America (Brazil, Mexico, Argentina and other Latin American countries), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg), NORDIC (Finland-Sweden-. Norway – Denmark – Ireland – Switzerland – Austria/Poland/Turkey/Russia/other parts of Europe), Asia-Pacific (China, India, Japan, Korea, Singapore, Indonesia and Malaysia), Australia, New Zealand and other Asia-Pacific regions), Middle East – Africa (Israel – GCC (Saudi Arabia – United Arab Emirates – Bahrain – Kuwait – Qatar – Oman).
Market overview.
Superconducting cables are cables made of fine materials with zero or near-zero resistance below a certain temperature. Due to their high efficiency, they are used in diverse end industries such as medical, energy, automotive and nuclear. According to our research, superconducting cables have high power transmission efficiency without energy loss and current congestion, which are the main factors driving market growth. For example, high-temperature superconducting cables significantly reduce transmission losses by 77% compared to conventional cables made of copper or aluminium. In addition, the ability to minimise power losses during transmission further fuels the growth of the superconducting cables market, which is considered to be propelled by its increasing use in MRI and NRMS systems, transformers, fault current limiters, generators, and others.
Key trends in the superconducting cable market
In April 2023, Sumitomo Electric Industries will establish a power cable plant in Scotland to meet the demand for power cables from offshore wind power projects, which are aimed at creating a decarbonised society.
In March 2021, Advanced Conductor Technologies LLC received a grant from the US Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) to develop miniature superconducting power cables for use in future bi-directional electric aircraft. ARPA-E) awarded a grant of USD 1.6 million. Received.
Growth factors in the superconducting power cable market.
According to the Government of India Public Relations Office’s 2022-2027 National Power Plan, approximately 210 GW of generating capacity and 8,680 MW/34,720 MWh of storage batteries will be added during 2022-27. Installing this has been found to require an investment of about Rs 145.4 Crore.
The introduction of superconducting wires is more advanced than conventional wires, and there is growing acceptance of superconducting cables in various sectors such as pharmaceuticals, energy and automobiles. In addition, the development of smart cities and stringent government regulations will support market growth during the forecast period.
Related Posts:
https://www.sdki.jp/press-details/oxygen-conserving-devices-market/836
https://www.sdki.jp/press-details/oxygen-cylinder-and-concentrator-market/560
https://www.sdki.jp/press-details/pectin-market/649
https://www.sdki.jp/press-details/pelvic-floor-electrical-stimulator-market/694
https://www.sdki.jp/press-details/pest-control-service-market/986
https://www.sdki.jp/press-details/pharmaceutical-testing-and-analytical-service-market/981
https://www.sdki.jp/press-details/playout-solution-market/784
https://www.sdki.jp/press-details/polyalkylene-glycol-market/1096
https://www.sdki.jp/press-details/polyolefin-pipe-market/1168
https://www.sdki.jp/press-details/portable-patient-isolation-market/740