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Superconducting Wire Market Research Report – Global Forecast till 2030

Superconducting Wire Market Research Report: Information by Type (High Temperature, Low and Medium Temperature), Application (Energy, Medical, Industry, and Research), and Region – Global Forecast till 2030

ID: MRFR/E&P/5838-HCR | December 2022 | Region: Global | 111 Pages         

Superconducting Wire Market

Superconducting Wire Market is expected to be valued at USD 1.95 Billion, with a CAGR of 9.80% Forecast by 2027

Segmentation

By Type High Temperature Low Medium Temperature
By Application Energy Medical Industry Research

Key Players

  • American Superconductor
  • Fujikura Ltd.
  • Furukawa Electric Co. Ltd.
  • Superconductor Technologies Inc.
  • Bruker Corporation
  • Eaton
  • Sumitomo Electric Industries
  • Superox
  • Theva Dunnschichttechnik GmbH
  • Japan Superconductor
  • Phoenix Contact
  • Fuji Electric

Drivers

  • Rising investments in activities in the field of superconductivity
  • Growing demand for superconductor-based MRI system
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Superconducting Wire Market Scenario


Superconducting Wire market is expected to grow at ~ 9.80% CAGR during the forecast period 2022-2030.


Because many projects involving superconducting wires are underway around the world, the worldwide Superconducting Wire market is expected to grow rapidly over the forecast period. Magnetic resonance imaging (MRI), fault current limiters, power lines, motors, generators, magnetic separators, and transformers are just a few of the practical applications for the coming superconductor. Due to different initiatives in the field of superconductivity, the worldwide market is expected to rise rapidly over the forecast period. Several superconductor-based research projects are currently underway at universities such as the University of Houston and the Massachusetts Institute of Technology in the United States, which have made several breakthroughs in superconductor technologies for medical, energy, and industrial applications.


The superconducting wire is made up of niobium-titanium and other superconductors. When chilled below its transition temperature, it has no electrical resistance. High-temperature superconductors, such as yttrium barium copper oxide (YBCO), currently have many benefits over copper and aluminum, including higher maximum current densities and zero power dissipation. Transformers, power storage devices, the smart grid, and electric motors all use superconducting cables. Another important driver for the market under consideration is rising demand from the electronics industry. The medical industry is expected to have the largest market share among end-user industries throughout the forecast period. The technology for designing computer chips, of which superconducting wire is an important component, is also advancing.


The global Superconducting Wire market is projected to grow at a high rate during the forecast period, due to various activities going on in the field of superconductivity. There are several research projects based on superconductors, which are underway, in the universities such as University of Houston, and Massachusetts Institute of Technology in the US which have made several breakthroughs in superconductor technologies for medical, energy, and industrial applications.


Key Players


The key players of global superconducting wire market are American Superconductor Corporation, Fujikura Ltd., Furukawa Electric Co., Ltd., Superconductor Technologies Inc., Bruker Corporation, Eaton, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH, Japan Superconductor, Phoenix Contact, and Fuji Electric, among others


Industry News



  • The South Korean Electric Company ordered about 3000 kilometers of wire from an American superconductor and utilized it to construct a 10-kilometer line in the Seoul suburbs.

  • Nexans introduced computer chip design technology, which includes superconducting wire, which is undergoing significant technological improvement. Contracts and agreements were the most common approach used by the top participants, accounting for 60% of all developments. New product and technology launches, expansions, and mergers and acquisitions followed.


Market Segmentation


Global Superconducting Wire market has been segmented based on connectivity, type, application, and region. Based on type, the market is classified into high temperature superconductors and low & medium temperature superconductors. High temperature superconducting wire segment is expected to dominate the superconducting wire market owing to increased use of these types of wires in medical, industrial processing, research, and electronics.
Superconducting Wire Market


Superconducting wire is composed of superconductors such as niobium-titanium. It displays zero electrical resistance when cooled below its transition temperature. Currently, high temperature superconductors such as yttrium barium copper oxide (YBCO) tend to offer greater advantages over copper and aluminum such as higher maximum current densities and zero power dissipation. Superconducting wires are also used in transformers, in power storage devices, smart grid as well as in electric motors. Superconducting wires are of two types, high-temperature superconducting wires and low-temperature superconducting wires, based on temperature at which the conductor needs to be cooled to make it a superconductor.


Growing demand for superconductor-based MRI system and advancement in computer chip designing technology leading to higher demand for superconductors are the major drivers for the growth of the global superconducting wire market. Moreover, these superconducting power transmission cables are compact and can transmit a large amount of electric power. Superconducting wires can be used for various applications including high field magnet applications and nuclear magnetic resonance (NMR) & magnetic resonance imaging (MRI) magnets. Also, computer chip designing technology of which superconducting wire is an integral part is also witnessing some major technological advancement.


Global Superconducting Wire Market


Global superconducting wire market is expected to witness substantial growth during the forecast period. The superconducting wires are used in advanced utility cables, motors, and power applications. Several conducting wire developments including general announcements, new product launches, and acquisitions have taken place in recent year, especially in the Asia-Pacific region. The major manufactueres including Sumitomo Electric Industries, Furukawa Electric, American Superconductor Corporation, Fujikura, and SuNam. Moreover, the major countries in the superconducting market are Japan and South Korea.

The global Superconducting Wire market is projected to grow at a high rate during the forecast period as many projects related to superconducting wires are going across globe. For instance, The South Korean Electric company has ordered over 3000km of wire from American superconductor and has used it to build a 10km line running into the suburbs of Seoul. There is great potential in the emerging superconductor for various practical applications areas such as magnetic resonance imaging (MRI), fault current limiters, power cables, motors, generators, magnetic separators, transformers.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   9.80% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022Β toΒ 2030
  Historical Data   2019Β &Β 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   American Superconductor Corporation, Fujikura Ltd., Furukawa Electric Co., Ltd., Superconductor Technologies Inc., Bruker Corporation, Eaton, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH, Japan Superconductor, Phoenix Contact, and Fuji Electric
  Key Market Opportunities   Technological advancement
  Key Market Drivers

  • Rising investments in activities in the field of superconductivity
  • Growing demand for superconductor-based MRI system


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    Frequently Asked Questions (FAQ) :

    The superconducting wire market is likely to capitalize on the rising investments in activities in the field of superconductivity.

    The superconducting wire market is expected to mark 9.8% CAGR.

    The segments identified on the basis of type are low & medium temperature superconductors and high temperature superconductors.

    The high temperature superconductor segment is projected to dominate the superconducting wire market.

    The key contributors are American Superconductor Corporation, Furukawa Electric Co., Ltd., Fujikura Ltd., Superconductor Technologies Inc., Eaton, Bruker Corporation, Phoenix Contact, Sumitomo Electric Industries, Theva Dunnschichttechnik GmbH, Superox, Japan Superconductor, and Fuji Electric.