The Latin America, Middle East and Africa Superconducting Wire Market would witness market growth of 11.2% CAGR during the forecast period (2022-2028).
Superconducting power cable is the best choice in metropolitan locations with limited space due to their small size. For instance, the project "Best Pathways" designed by Nexans' superconducting power cables only needs underground passageways that are one meter wide. Contrarily, traditional copper cable systems need an underground passageway 10 meters wide. In major cities, the rise in population has led to problems with electricity supply with low carbon dioxide emissions. Moreover, grid congestion has increased as a result of urbanization.
NKT created a superconducting power wire that could move a lot of power through a little space. This would reduce the need to build underground conduits. Losses in transmission would also be eliminated. As a result, there would be a reduction in carbon dioxide emissions. Hence, in the near future, it is anticipated that both a growth in the demand for electricity globally and the use of superconducting wires in power grids will raise the demand for these cables.
Brazil's installed wind capacity dominates the region of Latin America. Moreover, the region's major marketplaces include nations like Chile and Uruguay. Therefore, the demand for high-temperature superconducting cable is anticipated to expand at healthy rates in the upcoming years due to the expansion of wind development in the region. Additionally, maritime breezes offer exciting potential for Latin America. The initial moves towards developing offshore wind power were made in Colombia and Brazil. The initial sectoral development initiatives were taken by Brazil and Colombia. Using the expertise of the offshore hydrocarbon industry is one of the keys to maximizing the service and industrial impact of the deployment of offshore wind projects on the remaining production network.
The Brazil market dominated the LAMEA Superconducting Wire Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $31.5 Million by 2028. The Argentina market is experiencing a CAGR of 11.8% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 10.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Superconducting Wire Market is Projected to reach USD 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.
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