Superconducting Power Cables Market to Reach US$ 2.6 Bn by 2031;
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– Asia Pacific superconducting power cables market presents sizable revenue streams during the forecast period (2021-2031), China witnessing lucrative opportunities from massive demand for these in renewable energy power generation plants
– Adoption of advanced simulation methods boosting performance of high-temperature superconductor (HTS) power cables
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
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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.
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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…
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