Superconductor Wire Market is projected to be worth USD 1.5 billion by 2028, registering a CAGR of 6% CAGR during the forecast period (2022 - 2030)
It is estimated that Superconducting wire market growth will achieve a CAGR between 4-6% by the year 2030 It is anticipated that the market value for superconducting wire market size will be US$1.5 billion. Super Conducting wires are generally composed of niobium and titanium. It has zero resistance if it is cooled below the temperature of transition.
Besides, high-temperature conductors like YBCOP generally offer higher benefits than copper and aluminum materials. As the latter consists of current densities with zero power dissipation. Superconductor wires are widely used like magnets in scientific and medical equipment. The demand for computer-chip technologies are increasing over the years due to which superconductor wire market growth
On the global fronts pandemic has impacted the industries severally. National lockdowns have reduced market functioning due to which supply chain disruption has increased. Due to delays in production and distribution, facilities are suffering losses. Also, the pandemic crisis has reduced investment capabilities which have also impacted the market growth.
Amidst the crisis from a pandemic, the superconductor wire industry can expect substantial market growth. In the year 2020, the market value was valued at US$1.1 billion. This indicates that in the upcoming significant superconductor wire market growth can be estimated.
Drivers- Superconductors can be used in varied industries which will drive the superconductor wire market growth. From the year 2022 to 2030, the superconductor wire market size grew by 9.6% and was expected to value 10008.2 million by 2022. Due to the impact of the pandemic, the growth rate has fallen off.
However, there has been growth in superconductor-based magnetic resonance imaging systems. Along with improved demand for advanced computer chip design technologies. High voltage transmissions provide efficiencies due to which superconductor cables demand will be increased.
Opportunities- Superconductors have zero resistance due to which it is used in varied applications. It has emitted no heat, sound, and other elements. Due to this, it has been widely applied in generators, motors, and power transmission lines.
The superconductors are also capable of transmitting electricity. It is assumed that its densities are 7 times more than the copper lines of transmission. They are also capable of increasing powers without the application of higher voltages.
Moreover, over the years there has been an increasing need for transportation, medical, industrial processing. Due to which manufacturers in the superconductor wire industry can reap various market opportunities.
Restraints- The manufacturers often face issues of testing the products made of superconductor wires which impacts the market expansion. There has been a lack of testing facilities which has hindered superconductor wire market growth. Also, the manufacturers face high manufacturing costs which impact the final pricing of the products. This factor has limited the superconductor wire market growth over the years.
Challenges- Superconductors are associated with high expenses. They are required to be maintained at specific temperatures. The magnetic field is often supplemented for avoiding internal forces of which the maintenance is quite expensive.
There are high capital costs of cryogenic systems pose challenges for the superconductor wire industry to expand its market opportunities. Also, superconductors are not widely accepted in various regions and industries as well. Hence, it poses challenges for the manufacturers in the superconductor wire industry to expand their market size.
Cumulative Growth Analysis- The technology of superconductors helps in developing motors and generators which are much lighter, small in size, and efficient in energy. There have been continuous technological advancements that have pushed superconductor wire market growth.
Also, development has improved the performance limits which include endurance of high temperatures and magnetic fields. The superconductors can be replaced with conventional copper wires. In recent years, the superconducting wire market size is expected to grow at a higher rate due to an increase in electrical applications. For instance, South Korean Company has been collaborated with American conductors for building 10Km power lines in Seoul.
Value Chain Analysis- There have been global initiatives for developing smart cities. Hence, superconductor power lines will be highly demanded due to their features of reducing transmission loss. Along with the provision of a cost-effective supply of power to the cities.
Superconductor power lines reduce environmental damage, as digging up ground conduits is eliminated. Also, they can be easily integrated with existing power lines due to which government incurs high-cost savings. Superconductor wires are compatible with the regulatory frameworks. Due to this, superconductor wire market growth will be propelled.
The market is high conglomerated and can be divided into types, applications, and regions.
Based on Type- It further includes low and medium temperatures& high temperatures superconductors. The latter is further subdivided into first- and second-generation HT superconductors. Besides, low-temperature conductors are cost-effective, hence are expected to gain higher market growth. Owing to its increased usage in NMR, superconducting magnetic energy storage (SMES), and others.
Based on Application- It can be further subdivided into energy, medical equipment, research, industry, and others. In end-use sectors, the healthcare industries will capture a higher market share due to increased demand during 2022-2030.
Based on Region- It includes North America, Europe, Asia Pacific, and others.
Competition in Superconductor Wire Market size is not very intense as no dominant player exists. Key market players are listed below
The superconducting wire market size is majorly scattered between North America, Asia- Pacific, and Europe. North America will capture the highest market share during the forecast period. The region has been making developments in superconductivity for implying feasibility in practice.
Academic institutions like Houston university and Massachusetts Institute of technologies are working on research on superconductors. This will help in broadening its applications in medical, energy, and industrial applications. Also, Asia – Pacific will be the largest growing region due to the high presence of manufacturers and users as well.
Europe is estimated to reach higher market demand due to higher demand for efficient energy electrical devices. It is estimated that the US market will hold a share of US$339.7 million. China's market will grow at a CAGR of 5.3% with a market value of US$2020 million by end of 2030. Japan and Canada are estimated at a CAGR of 2.9% and 3.9% each.
In the European region, Germany will encounter a higher growth rate with a CAGR of 3.5 % by 2030. The global market has been adopting superconductor power lines at an increasing rate for few years.
Several collaborations of academic and commercial units have been initiated for increasing the usage of superconductors in all applications. Acquisitions and mergers are being taken place for improving smart city initiatives upcoming in many regions of the world. Technological advancement will increase the usage of superconductors, thus saving costs and energy.
The report includes analysis through several heads like market overview, evaluation of pandemic impacts, market dynamics, value chain analysis, competitive landscape, regional analysis, and recent development.
|Market Size||2030: Significant Value|
|CAGR||2030: Substantial CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hyper Tech Research Inc., Siemens AG, Superconductor Technologies Inc., Metal Oxide Technologies Inc., American Superconductor, Evico GMBH, and Hitachi Ltd.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
It is estimated that superconductor wire market growth will reach an approximate CAGR between 4- 6%.
Key market players include Brujker Corporation (US), Furukawa Electric Co Ltd (Japan), Fujikura Ltd (Japan), Japan Superconductor Technology Inc. (Japan), Supercon Inc. (US), Superox (Moscow), Metal Oxide Technologies LLC (US) and Sumitomo Electric Industries Ltd (Japan).
High growth in superconductor-based magnetic resonance imaging systems. Coupling with high demand for advanced computer chip design technologies is estimated to be the main driver of market growth.
There is a lack of testing centres while high capital costs of superconductors will restrict the market growth during the forecast period.
It is estimated in type segmentation low-temperature superconductors will encounter higher growth. In the end-use industry, health care will acquire the largest market share. In the region-wise segmentation, it is assumed that all regions will encounter steady growth.
It is estimated that North America will capture the highest market share. As the region has been conducting developmental projects in superconductivity. Also, Asia – Pacific will be contributing significantly due to the presence of manufacturers in this region.
Globally, the pandemic has impacted many industries severally. Owning to the national lockdowns which have reduced market functioning. This has resulted in supply chain disruptions of production and distribution, Also, the pandemic crisis has condensed investment capabilities. However, the superconductor wire industrycan expect high market growth in upcoming years.