According to the latest market research study released by Technavio, the global high-temperature superconducting wires market is expected to grow at a CAGR of close to 5% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global HTS wires market based on product type:
Global HTS wires market share by application 2015
|
Healthcare |
76.20% |
|
R&D |
10.67% |
|
Electronics |
8.08% |
|
Others |
5.05% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global HTS wires market for healthcare
The global HTS wires market for healthcare was valued at over $2 billion in 2015 and is expected to grow at a CAGR around of 6% by 2020. The increasing number of MRI installations across the globe is contributing to the growth of this market segment. The use of innovative technologies like superconducting materials and superconducting magnets is increasing the resolution and speed of the MRI machines. The implementation of HTS wires for developing powerful MRI machines increased the field strength of this equipment from 1.5T to 3T. The adoption of magnetic field-based diagnostic equipment in countries like China, India, Malaysia, and Japan will increase the application of HTS wires in the healthcare sector during the forecast period.
“The healthcare segment is adopting HTS wires for other healthcare and diagnostic equipment which can generate high magnetic fields. The usage of superconducting magnets helps generate the increased magnetic field required by this advanced machinery. Some of the equipment that uses HTS wires are ultra-low field magnetic resonance imaging, magnetoencephalography, MSI, MCG, and nuclear magnetic resonance imaging devices,” says Asif G, a lead analyst at Technavio for research on embedded systems.
Global HTS wires market for R&D
The global HTS wires market for R&D was valued at almost $298 million in 2015 and expected to grow at a CAGR of around 10% by 2020. Many key companies are investing in the research and development of HTS wires to commercialize and make it compatible across different applications. Some of these companies are Superconductor Technologies, AMSC, SuperPower, SUNAM, Sumitomo Electric, and Fujikura. The HTS wires are being adopted for different applications such as healthcare, electronics, transportation. The companies are investing in the research and development of HTS wires to reduce the manufacturing cost and to increase the application of these wires for commercial purposes.
Global HTS wires market for electronics
The global HTS wires market for electronics was valued at over $225 million in 2015 and is expected to grow at a CAGR of almost 6% by 2020. HTS wires are widely used for manufacturing various electronic devices like AC and DC cables, fault current limiters (FCL), the wind, utility and hydro power generators, and transformers. The primary use of these wires is the energy industry for the generation of electricity. These wires are also used for generating energy from renewable sources like wind farms and large solar arrays. The usage of HTS wires in these industries makes energy storage more scalable and efficient by using superconducting magnetic energy storage (SMES). For instance, the US Department of Energy has collaborated with different companies to sponsor projects showcasing the use of HTS cables to modernize electricity transmission and distribution systems.
The top leading vendors operating in the global high-temperature superconducting wires market are:
- Superconductor Technologies
- AMSC
- SuperPower
- SUNAM
Other prominent vendors in the market are Bruker, Fujikura, Metal Oxide Technologies, Nexans, Sumitomo Electric Industries, and THEVA.
A more detailed analysis is available in the Technavio report titled, ‘Global HTS Wires Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Power Cables Market 2016-2020
- Global Bonding Wire Packaging Material Market 2016-2020
- Global Semiconductor Packaging Materials Market 2016-2020
- Global High-Voltage Power Cable Market 2015-2019
- Global Low Voltage Cable Market 2016-2020
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