Global Superconductor Market Will Grow by USD 4.37 Billion During 2019-2023 | Technavio

LONDON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Research?src=hash” target=”_blank”gt;#Researchlt;/agt;–Technavio has announced the release of their research report on the
global superconductor market for the forecast period 2019-2023. This
superconductor market analysis report segments the market by product
(magnets, cables, transformers, and energy storage devices) and
geography (APAC, Europe, MEA, North America, and South America).


Global superconductor market size will grow by almost USD 4.37 billion
during 2019-2023, at a CAGR of over 11%. With the rising smart grids and
renewables, and the increasing electrification of transport, the global
energy storage market is growing at a significant rate. The market has
recently witnessed the emergence of superconducting magnetic energy
storage (SMES), a direct electric energy storage technology, which is in
the early phase of commercialization. The SMES system stores the energy
in a magnetic field inside of a superconducting coil. The flow of direct
current creates the magnetic flow through the coil that produces the
stored energy. This magnetic energy stored is easily converted to
electricity for the use of power devices.

The SMES market is growing significantly due to the rising adoption of
distribution utilities, concerns over climate change, increasing global
population, and depleting non-renewable energy resources. Vendors are
also offering funding support to SMES research projects. These factors
will lead to market growth which will, however, decelerate over the
forecast period with a reduction in the year-over-year growth rate.

The increased adoption of superconductor
devices in medical applications

The adoption of superconductor devices in medical applications is
increasing at a rapid pace. Superconducting magnets have numerous
applications in medical devices due to their ability to generate high
magnetic fields. To enhance the overall performance of their systems,
MRI device manufacturers are increasingly working on advances in
superconducting technologies. The focus is to increase the magnetic
fields of the devices while reducing their size. The increased adoption
of superconductor devices in medical applications will drive the growth
of the market during the forecast period.

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“Smart grids are gaining immense popularity owing to their ability to
manage the power supply during a blackout efficiently. Since the
electrical equipment, components, and transmission lines carry high
current and high voltage at high temperatures, there is a need to use
superconductor materials on an extensive scale. Thus, with the growing
interest toward smart grid deployment across the world, the need for
superconductor devices to be embedded in machines will increase, which
will drive market growth during the forecast period,” says an analyst at
Technavio.

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of the market and the segmentation covered in this report

This superconductor industry research report provides an in-depth
analysis of the major drivers, upcoming trends, and challenges that will
impact market growth over the forecast period. The report analyzes the
competitive landscape and offers details on several superconductor
manufacturers including –

  • American Superconductor
  • Bruker
  • FURUKAWA ELECTRIC CO., LTD.
  • Southwire Company, LLC.
  • Sumitomo Electric Industries, Ltd.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company.
Their research and analysis focuses on emerging market trends and
provides actionable insights to help businesses identify market
opportunities and develop effective strategies to optimize their market
positions. Technavio’s report library consists of more than 10,000
reports covering 800 technologies, spanning across 50 countries. Their
client base includes enterprises of all sizes, including more than 100
Fortune 500 companies.

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