High Temperature Superconducting Fibers Market to Observe Strong Development by 2024
Superconductivity, an attribute that allows a material to show almost zero resistance to electric current flowing through it, is becoming a much sought-after advantage in newer materials used in various industries. Some of the most inherent challenges associated with electric power transmission and storage can be nullified with the use of superconducting materials, as has been evidenced by the scientific community over the last century.
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This has stirred a greater degree of interest in high temperature superconducting fibers in recent years. As emergent uses of high-temperature superconducting fibers in industries such as transportation, electronics, energy distribution and storage, and healthcare come to the fore, this market is expected to register a significant increase in size. However, the market’s growth will be curbed to some extent as challenges related to the integration of fiber optics with superconducting fibers still persist. Although there have been several experiments involving the use of yttrium barium copper oxide as the core material for superconducting fiber, widespread commercialization has only recently begun to gather steam.
The demand for high temperature superconducting fibers is expected to demonstrate a healthy rate of growth thanks primarily to the many end-use industries that are showing a heightened interest in using this novel material. With numerous academic and commercial research activities underway in the market, it is expected that more superconductivity breakthroughs will occur. Over the forecast period of the report, the adoption of high temperature superconducting fibers could rise dramatically in sectors such as electric energy generation, transformation and storage, and transmission.
With an ever-increasing emphasis on energy conservation against the backdrop of rising electricity prices and depleting fossil-fuel reserves, high temperature superconducting fibers provide a viable solution. Moreover, the demand for electric and electronic components with high endurance levels has necessitated the development of power cables that can transmit energy at high speeds and storage systems that demonstrate unprecedented efficiency. The energy sector also has the need for generators and transformers that can offer failsafe performance even under demanding conditions. As the demand for high-temperature superconductors grows in the energy and electronics sectors, the high-temperature superconducting fibers market will also experience growth.
Both commercial entities in the market and academia are focusing on the development of novel superconducting materials. Governments, on their part, are also backing such research initiatives. While such developments will positively impact the market, they will only do so in the long run as research projects could take as many as two decades to achieve commercialization.
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TMR expects the Asia Pacific region to register the fastest rate of growth in the global high-temperature superconducting fiber market over the forecast period. This region’s growth will largely be defined by the brisk pace of industrialization in countries such as India, Korea, and China as well as a few other South East Asian countries where the contract manufacturing sector is developing well. The demand for high temperature superconductors is projected to remain higher than that of low temperature superconducting fibers.
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