Superconducting Power Cables Market to Reach US$ 2.6 Bn by 2031; Growing Application in Electric Grid Projects to Offer Value-Grab Opportunities: TMR Study

ALBANY, N.Y., Feb. 8, 2022 /PRNewswire/ -- Advancements in designs of high-power and medium voltage cable technologies have enabled companies in the superconducting power cables market to meet the requirements of various end-user requirements. Key end users expected to propel the revenue gains are renewable energy and utility. The global valuation is projected to surpass US$ 2.6 Bn by 2031.

The modernization of electric grids particularly of energy infrastructure in developing economies has propelled demand for high-temperature superconductor (HTS) power cables. In recent decades, developed nations have undertaken massive electric grid projects wherein the installation of HTS cables has led to considerable savings on transmission losses. North America for instance is at the forefront of such developments, notes a TMR study analyzing the sales prospects of products in the superconducting power cables market.

Novel methods and techniques to reduce alternating current losses in HTS power cables are likely to set the tone for product innovation in the near future, thus underpinning new revenue sales in the superconducting power cables market. REG superconducting cables are becoming crucial in preventing power outages and blackouts.

Key advantages of superconducting power cables include the ease of and reduced time in installation and high-power carrying capacity have expanded the horizon of applications in utility and renewable energy.

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Key Findings of Superconducting Power Cables Market Study

• Focus on Improving Resiliency of Electric Grids to Boost Critical Energy Infrastructure of Cities: Enormous efforts have been made in preventing power outages and blackouts. Innovative technologies notably Resilient Electric Grids (REGs) superconducting cable systems have gained noticeable traction in electric grid projects in some developed nations. Companies are collaborating to install and commission high-power medium voltage cable technology. The trend will expand the commercialization of products in the superconducting power cables market.
• New Designs in Three-phase Concentric HTS Cable Spur Revenue Prospects: Manufacturers are keenly leaning on overcoming the technical limitations of three-phased concentric HTS cables when they are used in varied power systems. In particular, the problem of significant AC losses have concerned the manufacturers as well as customers. To circumvent these, novel circuit-based techniques and simulation techniques are expected to have game-changing potential, thereby influencing the sales opportunities in the superconducting power cables market.
• Installation in Modern Electric Grids Propel Revenue Growth: The expansion of installed offshore wind capacities has spurred the demand for superconducting power cables for installed offshore wind capacity. Such projects are growing in number worldwide especially in Oceania and North America, and have underpinned the growth avenues for players in the superconducting power cables market.

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Superconducting Power Cables Market: Drivers

• Over the years, the resiliency of electric grids is crucial for protecting them against catastrophic events. This has spurred the commissioning of HTS cable for grid systems in several economies around the world, observe analysts at TMR. 
• The ever-rising need for energy in urban areas is propelling the demand for new technologies in power distribution. The trend has extended the commercialization avenue for new technologies in superconducting power cables market.
• Installed wind power capacity is anticipated to rise significantly over the next three decades, with China, the Netherlands, and Belgium being the hubs of addition of new capacities. The rapid expansion of offshore wind farms to meet the growing appetite for renewable power generation has spurred the demand in the superconducting power cables market.

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Superconducting Power Cables Market: Lucrative Regions

Asia Pacific held a major share of the global superconducting power cables market in 2020. Enormous expansion of electric grid networks in economies such as Taiwan and China have spurred the revenue generation potential of the regional market. The rising demand for electricity in South Korea, Japan, Indonesia, and India has bolstered revenue generation in the Asia Pacific superconducting power cables market

Superconducting Power Cables Market: Key Players

Some of the prominent players in the market are NKT A/S, NEXANS, Advanced Conductor Technologies LLC, LS Cable & System Ltd., PJSC FGC UES, LUVATA, American Superconductor, and MetOx Technologies, Inc.

Global Superconducting Power Cables Market: Segmentation

Superconducting Power Cables Market, by Type

• YBCO Cables
• BSCCO Cables
• Others (Superconducting Cables Derived from Conventional Superconductors such as Niobium-titanium)

Superconducting Power Cables Market, by Type of Design

• Warm Dielectric
• Cold Dielectric

Superconducting Power Cables Market, by Capacity

• 0-2 KA
• 2-4 KA
• Above 4 KA

Superconducting Power Cables Market, by End-user

• Utility
• Renewable Energy
• Industry
• Others (includes Telecom Industry)

Superconducting Power Cables Market, by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia & CIS
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Mexico
• Rest of Latin America

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