The Europe Superconducting Wire Market would witness market growth of 8.5% CAGR during the forecast period (2022-2028).
The rising demand for immensely efficient electric motors, as well as growing investments in designing cost-effective products have also facilitated the emergence of innovative use cases of the wire. Players operating in the market should benefit from increased investments in research & development, a strong focus on creating more affordable and effective superconducting wires, and continual research on advancing current technology and commercializing superconductors to explore new applications.
Bi-2223 or REBCO tapes are high-temperature superconductors that may be cooled using cryo-free cooling techniques or liquid nitrogen. This prospect is driving significant advancements in applications like power transmission lines. The characteristics of REBCO tapes, which would necessitate additional cost reduction, and Bi-2212 round wires, which are still awaiting well-evaluated industrialization, are encouraging for very strong field operations at low temperatures. In addition, due to its high case temperature, MgB2 has the potential to be a cheap superconductor that might be used in applications requiring less cooling.
Bruker European Advanced Superconductors, Oxford Superconducting Technologies, and F4E (Fusion for energy, an undertaking of the European Atomic Energy Community) completed a significant milestone related to Europe's contribution to the potent magnets in ITER. The wire is essential for the TF (toroidal field) coils to achieve the enormous 12 T magnetic field to confine the plasma inside the ITER (International Thermonuclear Experimental Reactor) machine. Hence, the growing number of projects involving superconducting wires is positively impacting the market growth throughout the forecasted period.
The Germany market dominated the Europe Superconducting Wire Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $124.3 Million by 2028. The UK market is anticipated to grow at a CAGR of 7.6% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 9.3% during (2022 - 2028).
Based on Type, the market is segmented into Low Temperature Superconductor, Medium Temperature Superconductor and High Temperature Superconductor. Based on Sales Channel, the market is segmented into Direct and Indirect. Based on End User, the market is segmented into Medical, Energy, Research, Transportation, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Superconducting Wire Market will Hit $1.6 Billion by 2028, at a CAGR of 9.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bruker Corporation, Furukawa Electric Co., Ltd., Fujikura Ltd., Eaton Corporation PLC, FUJI ELECTRIC CO., LTD., Phoenix Contact GmbH & Co. KG, Sumitomo Electric Industries, Ltd., Nexans SA, LS Cable & System Ltd., and MetOx Technologies, Inc.
By Type
By Sales Channel
By End User
By Country
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