The COVID-19 epidemic has damaged the superconducting power cable market, but 5G technology rollout, rising global economic digitalization, and robust data centre investment are presenting income potential. Semiconductor devices are in high demand because of the rapid digital transformation of enterprises. Because of this, global trade tensions and other macroeconomic concerns are causing a lot of concern among market participants.
In the utility, renewable energy, and telecommunications industries, superconducting power lines are being developed for critical applications. The rising demand for semiconductor products in Taiwan over the past decade has resulted in lucrative growth prospects for countries like Taiwan. The global economy is expected to benefit from China’s aggressive capacity expansions.
According to a report published by Million Insights, the global market for superconducting cables is expected to grow at a healthy rate from 2013 to 2028. Wires built of superconductors are known as “superconducting cables,” and at low temperatures, they have no electrical resistance. Chemical compounds including yttrium barium copper oxide and niobium-titanium are being used by some firms, whereas niobium-titanium is being used by others (YBCO). Zero power loss and increased current densities are two benefits of superconducting wires.
The chip design market is expected to develop because to the increasing use of this technology in several industries, such as healthcare and consumer electronics. Demand for superconducting cables in industrial applications is being fueled by the incorporation of computer chips into smartphones and other consumer electronics. The market for superconducting cables is being propelled forward by rising electricity consumption worldwide as a result of new infrastructure being built. In the electricity generating, transmission, and distribution industry, superconducting cables are utilised to support residential and commercial infrastructure. Increasing use of superconducting wires in industrial facilities such as smelting plants or electrolysis to lower environmental footprint is expected to drive the market over this projected period.
Manufacturing companies are spending in R&D to develop cutting-edge products to meet the increasing demand for cables with low electrical resistance. Researchers at the Karlsruhe Institute of Technology (KIT) have produced a superconducting wire in September 2019. High currents can be carried by the cable, which can operate at a temperature of – 196 degrees Celsius. Because of its superconductivity, researchers have employed a specific material called rare earth barium-copper oxide (REBCO) to build these wires. When compared to traditional aluminium or copper wires, these new wires are significantly thinner and lighter.
Analysis by Region:
North America, Europe, Asia Pacific, Central and South America, and the Middle East and Africa are all included in the regional breakdown. Over the forecast period, Asia Pacific is expected to hold the biggest market share. China and India, two rapidly growing economies, are seen to be the primary culprits for this uptick in construction activity. Regional development is being fueled by an increase in the demand for environmentally efficient power cables that help reduce pollution-causing gas emissions into the atmosphere. In developing countries, a growing number of individuals are moving to cities in search of a higher quality of life. Transmission networks’ need for superconducting cables is projected to rise as a result.