The growth of the superconducting wire market is driven by growing demand for Superconductor-based magnetic resonance imaging (MRI) Systems. Expansion of offshore wind farms using superconducting technologies, and rising implementation of superconducting wire over conventional wires creates new opportunities for superconducting wire manufacturing companies
According to a new report,
The global superconducting wire industry size is projected to reach USD 1.7 billion by 2028 from an estimated USD 1.1 billion in 2023, at a CAGR of 9.2% during the forecast period.
A superconducting wire is an electrical wire made of superconductive material to transfer charge with negligible resistance. Superconductivity is the property of certain materials to conduct electricity without energy loss when they are cooled below a critical temperature. The reduction in energy loss during conduction has led to the commercialization of superconducting wires.
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Asia Pacific is expected to be the fastest-growing region in the superconducting wire market
Direct segment, by sales channel , is expected to be largest segment during the forecast period
The High-temperature superconductor, by type, is expected to grow at the highest CAGR during the forecast period.
The superconducting wire market based on their ranges of critical temperatures, superconductive materials such as NbTi, Nb3Sn, MgB2, YBCO, and BSSCO are used to develop low-, medium-, and high-temperature superconductors. Superconducting wires are utilized in various end-user industries, such as medical, energy transmission, nuclear energy, transportation, and automotive. Governments and companies are increasing investment in superconducting wires to minimize energy loss in power transmission and equipment such as MRIs and NMRs.
Market Trends
A superconducting wire is an electrical wire made of superconductive material to transfer charge with negligible resistance. Superconductivity is the property of certain materials to conduct electricity without energy loss when they are cooled below a critical temperature. The reduction in energy loss during conduction has led to the commercialization of superconducting wires. Factors such as growing demand for Superconductor-based magnetic resonance imaging (MRI) Systems, rising implementation of superconducting wire over conventional wires, and expansion of offshore wind farms using superconducting technologies are driving the growth of the superconducting wire market.
Key Market Players
A limited number of global and regional players characterize the superconducting wire market. At the global level, competitors include American Superconductor Corporation (US), Bruker Corporation (US), Furukawa Electric Co Ltd. (Japan), and Fujikura Ltd. (Japan). Regional players include SuperOx (Russia) and Theva GmbH (Germany).
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Europe is expected to dominate the superconducting wire market between 2023–2028, followed by North America and Asia Pacific. Increasing investments in the nuclear fusion-based research, and growing efforts on decarbonization of the transportation sector, especially in Europe region is driving the market for this region.
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