Valley Cottage, NY -- (SBWIRE) -- 07/19/2017 -- Superconductivity is a phenomenon exhibited by superconductors, in which the material exhibits no electrical resistance below a certain cryogenic temperature. Superconducting wires are made from superconducting materials of several types. These wires, when cooled below their transition temperature gain the ability to carry electricity indefinitely without any resistance or loss of energy and zero power dissipation with higher current density as compared to copper or aluminum wires. Due to its properties, superconducting wire finds its application in medical industry, electrical and electronics industry, military, and defense. Whereas, one of the major applications of superconducting wire is in superconducting magnet, which is mainly used in medical as well as in scientific equipment in which there is a need for high magnetic field. Superconductor magnets are extensively used in MRI/NMR (magnetic resonance imaging) machines. It is also used in particle accelerator as beam steering magnet and in mass spectrometers.

Superconducting wires are also used in transformers, in power storage devices, smart grid as well as in electric motors. Superconducting wires are of two types, high-temperature superconducting wires and low-temperature superconducting wires, on the basis of temperature at which the conductor/wire needs to be cooled to make it a superconductor. The high-temperature superconducting wire is made up of superconducting material with high critical temperatures (high superconductivity) such as YBCO and BSCCO. The high-temperature superconducting wire has the ability to achieve the superconducting state at a temperature of 77K, which can be attained using inexpensive liquid nitrogen. However, low-temperature superconducting wires require a temperature as low as 4 K to achieve superconductivity, which can be easily attained with the use of liquid helium. Low-temperature superconducting wires are more successful in commercial use. Clinical MRI is one of the major commercial applications of superconductivity and remains the major market today.

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Superconducting Wire Market:Dynamics

The market of superconducting wire is expected to rise significantly due to increasing demand for superconductors in computer chip design technology in the electronics industry and MRI systems in medical applications. Moreover, advancements in the medical field and significant demand for highly efficient electric motor will have a positive impact on superconducting wire market. Also, increasing demand for semiconducting wires in many end use applications such as MRI, particle accelerator and mass spectrometer will also boost the market in the forecast period. However, lack of acceptance with respect to reliability and high cost will hamper the market growth. Also, the volatility in the prices of raw materials such as yttrium will also act as a restraint to the growth of superconducting wire market.

Superconducting Wire Market:Market Segmentation

Segmentation ofsuperconducting wire market can be doneon the basis of the end use industry as follows:

Pharmaceutical & Healthcare

Military & Defence

Electrical and Electronics

Railways Industry

Segmentation of Superconducting Wire Market can be doneon the basis of material used as follows:

Yttrium barium copper oxide

Bismuth strontium calcium copper oxide

Stainless steel

Others

Segmentation of superconducting wire Market can be doneon the basis of type as follows:

High temperature super conducting wire

High temperature super conducting wire

Segmentation of superconducting wire Market can be doneon the basis of application as follows:

MRI (magnetic resonance imaging)

Electric motors

particle accelerator

Others.

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Superconducting Wire Market: Regional Outlook

Europe holds a significant share in the global Superconducting Wire Market in terms of demand. The Superconducting Wire Market in North America is expected to grow at a substantial rate over the forecast period. In Asia-Pacific, development of smart cities with strict energy-efficiency standards will bolster the superconducting wire market. Market in rest of the world is estimated to account for a relatively small share in the global Superconducting Wire Market.