Superconducting Wire Market Share

Global Superconducting Wire Market Overview:

Superconducting Wire Market Size was estimated at USD 1.1 Billion in 2022. The Superconducting Wire market industry is projected to grow and expand from USD 1.2 Billion in 2023 to USD 2.55 Billion by 2032, exhibiting a growth rate or CAGR (compound annual growth rate) of 9.8% during the forecast period (2023 - 2032). Increasing investments in superconductivity-related activities and rising interest in superconducting-based MRI systems are the key market drivers contributing to market growth and expansion.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Superconducting Wire Market Trends

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  Growing investments in superconductivity-related activities are driving the market growth.

  
  

Rising investments in superconductivity-related activities drive Market CAGR for superconducting wire. Superconductive wires are commonly made of niobium and titanium. If chilled below the transition point, it possesses no resistance to movement. Furthermore, elevated temperatures conductors such as YBCOP often outperform copper and aluminum materials. Because the latter is made up of current concentrations with no power dissipation. Superconducting wires, like magnets, are frequently utilized in research and medical devices. As the need for computer chip technology grows, so does the market for superconducting wires. Superconducting may be employed in various sectors, contributing to expanding the superconducting wire market. Yet, superconducting-based imaging with magnetic resonance technologies has grown in popularity. In addition to an increased need for sophisticated computer chip design technology. Because high-voltage transfers enable efficiency, the need for superconducting cables will rise.

Additionally, because superconducting has zero resistance, they are employed in various applications. It has not produced any heat, sound, or other components. As a result, it is frequently used in generators, engines, and transmission lines for electricity. Superconducting may also carry electrical current. Its frequencies are anticipated to be seven times greater than those of copper transmission lines. They are also able to boost power without using greater voltages.

Furthermore, there has been an increase in the need for travel, medical, and industrial processes throughout the years. As a result, firms in the superconducting wire business may benefit from various market prospects. Factors such as the increased need for superconductivity wires in medical, manufacturing, transportation, studies, and communication technologies will serve as catalysts. Furthermore, the synergy of high-voltage distribution applications and greater efficiency will drive consumer interest in superconducting cables and other electrical devices that utilize this technology. Superconducting wires and cables are utilized in various applications, including MRI and NMR magnets, high-field magnets for testing purposes, nuclear fusion accelerators, and devices requiring low-temperature superconductors. High-temperature superconductors, such as YBCO, now provide benefits over aluminum and copper, such as zero power dissipation and greater maximum current densities. Superconducting wires are additionally used in smart electrical networks, transformers, and electric motor power storage systems.

On a worldwide scale, the COVID-19 pandemic has had a significant influence on sectors. National lockdowns have hampered market functioning, resulting in increasing supply chain disruption. Facilities are losing money as a result of production and delivery delays. Furthermore, the epidemic has limited investment capacity and needs industry expansion improvement. Despite the pandemic, the superconducting wire business should expect significant market growth.

For instance, medical applications are expected to develop fast throughout the projection period, owing to the increasing use of superconducting materials in MRI machines and magnetic to generate a high magnetic field while consuming less power. Thus, it is anticipated that demand for Superconducting Wire will increase throughout the projected timeframe due to the rising investments in superconductivity-related activities. Thus, driving the Superconducting Wire market revenue.

Superconducting Wire Market Segment Insights:

Superconducting Wire Type Insights

The Superconducting Wire market segmentation, based on type, includes High, Low, and Medium. The low segment dominated the market, accounting for 52% of market revenue (USD 0.6 billion) in 2022. The worldwide market for low-temperature superconducting is expected to be driven by an increasing need for superconducting-based MRI devices.

Figure 1: Superconducting Wire Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Superconducting Wire Application Insights

The Superconducting Wire market segmentation, based on Applications, includes Energy, Medical, Industry, and Research. The energy category Informatics category generated the highest market revenue of about 42% (USD 0.5 billion) in 2022. The expansion of offshore wind farms having superconducting technology is expected to drive the energy sector market.

Superconducting Wire Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Superconducting Wire market area will dominate this market during the projected timeframe, owing to these wires becoming more prevalent in modern utility lines, motors, and electrical devices, which will boost the market growth in the North American area.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Superconducting Wire Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region’s Superconducting Wire market accounts for the second-highest market share due to the usage of superconducting as static field magnetic in the region is also increasing owing to their capacity to boost the density of magnetic flux and hence greatly benefit hospitals along with other technology-related businesses. Further, the German Superconducting Wire market holds the largest market share, and the UK Superconducting Wire market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Superconducting Wire Market is expected to grow quickly during the projected timeframe. This is due to numerous conducting wire developments in recent years, comprising general statements, introductions of novel products, and acquisitions, particularly in Asia-Pacific. Moreover, China’s Superconducting Wire market dominates the market share, and the Indian Superconducting Wire market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Superconducting Wire Key Market Players & Competitive Insights

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Superconducting Wire market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Superconducting Wire industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Superconducting Wire industry to benefit customers and capture untapped market share and revenue. The Superconducting Wire industry has recently offered significant advantages to the Industrial Motors, Pumps, and Control Devices industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Superconducting Wire market, including American Superconducting Corporation, Fujikura Ltd., Furukawa Electric Co., Ltd., Superconducting Technologies Inc., Bruker Corporation, Eaton, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH, Japan Superconducting, Phoenix Contact, and Fuji Electric are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

Bruker Corp. develops, manufactures, and distributes scientific equipment and analytic and diagnostics services that allow clients to investigate life and substances at the miniature, molecular, and cell levels. Gunther Laukien created the firm in 1961, located in Billerica, Massachusetts. It is the globe's biggest producer of superconducting wire. For over fifty years, their outstanding performance superconducting materials have served the demands of medical care, educational, and business organizations worldwide, assisting in advancing clinical and pharmaceutical research, cutting-edge material research, and renewable energy sources. Bruker Energy & Supercon Solutions and RI inked a multi-year sales agreement for providing technological elements for fusion projects in Europe and Asia in December 2022. Bruker's BEST division has decided their high-current capacity RRP superconducting materials will be used in an Asian tokamak fusion project.

ComEd is one of the nation's major electric utility corporations, supplying safe and dependable power to 3.8 million residential and commercial customers in northern Illinois. Commonwealth Edison, US-based electrical usefulness, and American Superconducting disclosed the effective implementation of American Superconducting's REG system, which employs elevated temperatures superconducting wire to improve electric power grid dependability, resilience, and efficiency, in August 2021.

Key Companies in the Superconducting Wire market include

• American Superconducting


• Fujikura Ltd.


• Furukawa Electric Co. Ltd.


• Superconducting Technologies Inc.


• Bruker Corporation


• Eaton


• Sumitomo Electric Industries


• Superox


• Theva Dunnschichttechnik GmbH


• Japan Superconducting


• Phoenix Contact


• Fuji Electric

Superconducting Wire Industry Developments

December 2022:Bruker Energy & Supercon Solutions and RI inked a multi-year sales agreement for providing technological elements for fusion projects in Europe and Asia in December 2022. Bruker's BEST division has decided their high-current capacity RRP superconducting materials will be used in an Asian tokamak fusion project.

January 2022:American Superconducting announced in January 2022 that it had completed delivery of its HTS-based dock defense system for the San Antonio class amphibious transportation dock ship USS Fort Lauderdale (LPD-28).

February 2021:Commonwealth Edison, US-based electrical usefulness, and American Superconducting disclosed the effective integration of American Superconducting's REG system, which employs elevated temperatures superconducting wire to improve electric power grid dependability, resilience, and efficiency, in August 2021.

Superconducting Wire Market Segmentation:

Superconducting Wire Type Outlook

• High


• Low


• Medium

Superconducting Wire Application Outlook

• Energy


• Medical


• Industry


• Research

Superconducting Wire Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America