High temperature superconducting fibers are typically used for the production of superconductors at high temperatures. These fibers find applications in various industries such as energy, electronics, healthcare, transportation, research and development, and medical. There has been a substantial amount of research on superconductivity, which has led to its increasing use in various applications. Furthermore, high temperature superconducting materials such as yttrium barium copper oxide are usually preferred with superconducting fiber for various applications. Moreover, high temperature superconductor induced magnets find applications in fusion reactors for the production of a huge magnetic field. Although they stop operating when a part of superconducting coil enters a resistive state. For this, manufacturers are focused on developing temperature and strain sensors that are based on fiber optic.
Global high temperature superconducting fibers market size is projected to expand significantly during the forecast period (2019-2027), owing to growing use of high temperature superconducting fibers in various industries. Increasing demand for high temperature superconducting fibers for various applications such as transformation, storage, electric energy generation, and transmission is expected to be the major factors driving growth of the market in the near future. Moreover, high temperature superconducting fibers are predominantly used electric power equipment including fault current limiters, power cabling, transformers, energy storage, motor, and generators, which is expected to boost its demand and thereby support the market growth in the near future. Furthermore, increasing demand for sustainable energy conversion and production along with growing energy consumption is expected to increase the demand for high temperature superconducting fibers and hence drive the market growth.
Growing demand for electricity around the world poses excellent opportunities for market players in global high temperature superconducting fibers market during the forecast period.
Market Regional Analysis
Asia Pacific is projected to account for the largest market share in the global high temperature superconducting fibers market during the forecast period. This is owing to increasing industrialization in emerging economies in the region. South Korea, Japan, and India are expected to be leading contributors in the region. North America is expected to witness significant market growth during the forecast period, owing to high presence of key manufacturers of high temperature superconducting fibers in the region. Europe and the rest of the world (ROW) are expected to witness moderate growth in the market during the forecast period.
Key players operating in the global high temperature superconducting fibers market are Hyper Tech Research, Inc., SuperPower, Inc., Bruker Energy & Supercon Technologies, Inc., Superconducting Technologies, Inc., and AMSC.