New York, April 28, 2023 (GLOBE NEWSWIRE) -- The global superconducting wire market was worth USD 1,300 million in 2022. It is supposed to reach USD 3,178 million by 2032 at a CAGR of 9.6%.
Globally, superconducting wire is used in various applications, including research, energy, industry, medical, and others. A superconducting wire is made of a superconductor material with no electrical resistance and can carry a significant amount of current without losing energy. A superconducting wire is a category of wire that has been precisely designed to be used in superconducting devices.
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Key Takeaway:
- By product type, High-temperature Superconductor (HTS) held a dominating revenue share of more than 40.0% in 2022
- By application, the energy segment had the highest revenue share of almost 35.0% in 2022
- Asia Pacific held a revenue share of approximately 35% in 2022
- Asia Pacific market is anticipated to grow at a CAGR of 7.5%
Some major factors driving the growth of this market include the rising demand for energy-efficient solutions and the increasing demand for advanced medical devices. These wires are made of materials exclusively chosen for their capability to superconduct at high temperatures. Superconducting wires are essential because they allow efficient and powerful superconducting devices to be constructed.
Factors Affecting the Growth of the Superconducting Wire Market
Several factors can affect the growth of the superconducting wire market. Some of these factors include:
- Increase in Urbanization: Rapid urbanization is causing the increased requirement for electricity and power over the globe, the increased need for the latest electric devices, automobiles, and medical equipment, and increased disposable income in emerging countries. This, in turn, has created a space for the superconducting wire market’s expansion.
- Advancements in Technology: Higher focus on developing reasonable and further efficient superconducting wires and enduring research on improving existing superconductors to explore new applications are anticipated to open profitable growth opportunities.
- Government Support and Funding: The superconducting wire market has seen a significant period of expansion due to the extensive support and funding provided by governmental bodies. This inflow of financial resources has provided the sector with greater access to capital, enabling them to invest in research and development and improve service delivery standards.
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Top Trends in Global Superconducting Wire Market
Superconducting cables and wires are used in various applications, from MRI and NMR magnets to high-field magnets for test equipment, nuclear fusion accelerators, or devices where low-temperature superconductors are typically used. Currently, high-temperature superconductors like YBCO (yttrium barium copper oxide) lean to offer more advantages over aluminum and copper, like zero power dissipation and higher maximum current densities. Superconducting wires are also used in smart grids, transformers, and power storage devices in electric motors.
Market Growth
Medical applications are estimated to record the fastest growth during the forecast period due to the rising usage of superconductors in MRI scanners and magnets for generating a strong magnetic field with lower power consumption. These factors and rising R&D expenditure on new technology development are anticipated to drive product demand globally during the forecast period. In addition, the usage of superconductors in automobiles is estimated to grow due to their capability to increase the speed of vehicles at high velocities with lower resistance from the atmosphere, which also results in reduced fuel consumption directing to cost savings in the long run.
Regional Analysis
In 2022, Asia Pacific was expected to grow at a significant CAGR during the forecast period. It is anticipated to record dominating during the forecast period due to the world’s key superconducting wire manufacturers are located in Japan and supply these wires across the globe. In addition, the continuous development of MRI and investment in robust energy storage and transmission technology support the growth of the superconducting wire market in the Asia Pacific region. The growing demand essentially registers this for energy-efficient and cost-effective electrical devices. North America is anticipated to record a significant CAGR in the global superconducting wire market during the forecast period due to the existence of major players manufacturing superconducting wires, growing research activities in the field of superconductivity, and rapid advancements in superconducting technology.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Multiple companies are focusing on organic growth strategies like product approvals, product launches, and others, such as product launches and patents. Inorganic growth strategies activities observed in the market were partnerships and collaborations and acquisitions. Some of the major players include Fujikura Ltd., Furukawa Electric Co. Ltd., Superconductor Technologies Inc., American Superconductor, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH, Japan Superconductor, Fuji Electric, and Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 1,300 Mn |
| Market Size (2032) | USD 3,178 Mn |
| CAGR (from 2023 to 2032) | 9.6% |
| Asia Pacific Revenue Share | 35% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The rapid adoption of superconductor-based MRI systems, high usage of superconducting wires owing to stringent energy-efficient standards, development of smart cities, growing demand for highly effective electric motors, and rising investments in emerging cost-effective products are anticipated to propel the global market share growth during the forecast period. In addition, rapid urbanization propels the requirement for electricity and power over the globe, raising requirements for the latest electric devices, automobiles, and medical equipment and growing disposable income in developing countries.
Market Restraints
The growth of the global superconducting wire market can be considerably restrained by factors such as a lack of standard testing facilities, shortage of acceptance of superconducting wires in terms of reliability, and higher cost of manufacturing superconductors. In addition, the higher cost of cooling superconducting wires using cryogens, lack of skilled professionals, and inconsistent raw materials prices are anticipated to restrain the total revenue growth of the market during the forecast period.
Market Opportunities
Rising investments in R&D activities, a higher focus on developing reasonable and further efficient superconducting wires, and enduring research on improving existing superconductors to explore new applications are anticipated to open profitable growth opportunities for key players operating in the global superconducting wire market during the forecast period.
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Report Segmentation of the Superconducting Wire Market
Product Type Insight
The superconducting wire is segmented into Low-Temperature Superconductor (LTS), Medium-Temperature Superconductor (MTS), and High-Temperature Superconductor (HTS) segments. The high-temperature superconductors section is estimated to account for the largest revenue share in the forecast period. It can be registered to elements such as wider usage of high-temperature superconducting wires in CT scans, MRI scanners, and other medical devices, particle beam therapy, magnetic resonance spectrometers, and rising acceptance of high-temperature superconductors in power transmission due to the rising trend of reduction in electronic circuits. In addition, higher-temperature superconducting wires required cheaper cryogenic cooling systems than medium and low-temperature superconductors. This is also expected to propel the market growth in the forecast period.
Application Insight
The industry has been divided on the basis of application into research, industry, energy, medical, and others. Medical applications are anticipated to record the fastest growth during the forecast period due to the rising usage of superconductors in MRI scanners and magnets for generating a strong magnetic field with lower power consumption. In addition, these products have various other applications, such as powering particle accelerators used in cancer treatment which are yet to be discovered owing to enduring R&D initiatives by multiple institutions across the globe. These factors and rising R&D expenditure on new technology development are anticipated to drive product demand globally during the forecast period.
The energy segment conquered the market and accounted for over 35% of the overall market share. This is registered by the growing demand for high-tensile strength cables from wind turbine manufacturers over the globe. As a result, the energy segment is anticipated to record the highest market share during the forecast period. This can be registered due to rapid global urbanization, rising construction activities for developing smart cities, and increasing acceptance of high-temperature superconducting wires for effective energy generation and distribution owing to severe government regulations and energy-efficient standards.
Recent Development of the Superconducting Wire Market
- December 2022, The Bruker Energy & Supercon Technologies (BEST) division of Bruker and RI Research Instruments GmbH (RI) signed multi-year sales contracts of supply technology components for fusion projects in Asia and Europe. Bruker, concluded its BEST division, will provide its high-current density RRP superconductors for a tokamak fusion project in Asia.
- January 2022, American Superconductor declared that it had completed delivering its high-temperature superconductor (HTS)-based ship protection system to be deployed on the San Antonio class of amphibious transport dock ship USS Fort Lauderdale (LPD-28).
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Market Segmentation
Based on Product Type
- Low-Temperature Superconductor (LTS)
- Medium-Temperature Superconductor (MTS)
- High-Temperature Superconductor (HTS)
Based on Application
- Research
- Energy
- Medical
- Transportation
- Other Applications
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Superconductor Technologies Inc.
- American Superconductor
- Sumitomo Electric Industries
- Superox
- Theva Dunnschichttechnik GmbH
- Japan Superconductor
- Fuji Electric
- Other Key Players
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