Superconducting Power Cables Market to Witness Comprehensive Growth by 2026

Superconducting power cables are used in a broad range of applications. These cables are employed extensively in power generation, transmission, and distribution sectors. Demand for electricity has been rising exponentially across the globe. Governments of various countries are undertaking modernization and development of power generation infrastructure. Developed and developing countries are striving to develop new power generation, transmission, and distribution infrastructure. They are also revamping the existing infrastructure. Superconducting power cables form an important component of the equipment utilized in power infrastructure. Increase in demand for electricity, especially in transmission and distribution networks, is boosting the demand for superconducting power cables.
Global Superconducting Power Cables Market: Key Segments
Superconducting power cables are considered ideal equipment for power utility companies. These cables help connect two remote substations. Often, substations get overloaded; an extra transformer is required to improve the overall reliability of the transformer. The superconducting power cables can be segmented based on type of design, application, and region. Based on type of design, the superconducting power cables market can be bifurcated into warm dielectric and cold dielectric. In terms of application, the superconducting power cables market can be segregated into health care, electronics, transportation, and others.
Global Superconducting Power Cables Market: Drivers & Restraints
Rise in demand for green products is a major trend in the superconducting power cables market. Manufacturers of superconducting power cables are increasingly focusing on developing wires and cables with less detrimental impact on the environment. Upgrade and construction of a transformer are capital intensive. These are some of the major restraints of the superconducting power cables market. The tensile and fatigue strength of joints of superconducting power cables are low. This is also adversely affecting the superconducting power cables market. New and environment friendly technologies are emerging in order to lower the production cost of superconducting power cables.
Global Superconducting Power Cables Market: Regional Outlook
In terms of region, countries in Asia Pacific such as India, China, and Japan are investing significantly in the development of superconducting power cables that are environmentally-friendly and possess halogen-free insulation. Several end-users are replacing their old equipment such as transmission and distribution transformers, power cables, circuit breakers, and switchgears with technically advanced transmission and distribution equipment in order to revamp their existing transmission networks. North America offers strong potential for the superconducting power cables market. The usage of superconducting power cables is expected to increase in North America., as the U.S. Government plans to refurbish infrastructure and produce eco-friendly energy distribution and transmission control systems. The North American Electric Reliability Corporation (NERC) has mandated consistency in standards for grid interconnections. Hence, various electric utility companies are investing in restoring, upgrading, and maintaining existing transmission lines. This is driving the demand for superconducting power cables. Countries in Europe such as Germany, France, Sweden, and the U.K. are increasing their focus on infrastructure investments for the development and improvement of renewable energy projects. This is anticipated to create the need to connect renewable energy sources to the grid network, thereby augmenting the usage of superconducting power cables. The superconducting power cables market in Middle East & Africa is anticipated to expand in the near future. Countries such as Saudi Arabia, Kuwait, Bahrain, and Qatar have invested significantly in superconducting power cables for the development of infrastructure.
Global Superconducting Power Cables Market: Key Players
Key players operating in the electric resistors market include Nexans, Superconductor Technologies, AMSC, SuperPower, and SUNAM.
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