The global superconducting wire market is estimated to grow from USD 1.1 billion in 2023 to USD 1.7 billion by 2028. It is expected to record a CAGR of 9.2% during the forecast period. Rising implementation of superconducting wire over conventional wires, and expansion of offshore wind farms using superconducting technologies are the major driving factor for the superconducting wire market.

Superconductivity is the ability of certain materials to conduct electric current with practically zero resistance. Nowadays, large and powerful superconducting magnets, made from coils of superconducting wire, are regularly used in science, research, and technological development (RTD) and medical diagnosis. Also, the ultralow AC losses of superconductors may also result in large energy savings in power applications by using power cables, transformers, motors, or current limiters.

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Moreover, companies around the world are focusing more on superconducting wind turbines. For instance, in January 2021, the US Department of Energy announced that American Superconductor developed a high-temperature superconductor (HTS)-based high-efficiency lightweight wind turbine generator, potentially reducing size and weight by 50%. In February 2021, GE Research announced that it received a USD 20.3 million contract from the US Department of Energy to lower overall wind energy costs and simplify the turbine-manufacturing supply chain to enhance wind power’s role in the US energy production. The new wind turbine generator made by GE will use coils of superconducting NbTi wires to produce the magnetic field. A working prototype of a superconducting wind turbine generator is likely to be produced by mid-2023. With increasing investments in superconducting wires in wind farms, the market is anticipated to grow during the forecast period.

Key Market Players

Some of the major players in the superconducting wire market are Sumitomo Electric Industries, Ltd. (Japan), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Bruker (US), and American Superconductor (US). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

Major Trends in Superconducting Wire Market

• Europe is one of the key regions for superconducting wire, and the market is driven by the rising implementation of superconducting wire over conventional wires and the expansion of offshore wind farms using superconducting technologies during 2021–2030, which provide the foundation for increased investments in superconducting wires.

• Germany has massive potential for the demand for superconducting wires. According to Statistisches Bundesamt (Destatis), the Federal Statistical Office of Germany, around USD 77.5 billion of current health expenditure was financed from government transfers and subsidies in Germany in 2020. The increasing investment in the medical sector is anticipated to boost the number of MRI and NMR units in the country. This is anticipated to enhance the market for superconducting wires in the region.

• France has been the host for constructing the world’s biggest fusion reactor project, International Thermonuclear Experimental Reactor (ITER). The country’s research potential has been invested massively in the past few years. Moreover, France derives about 70% of its electricity from nuclear energy due to a long-standing policy for energy security. About 17% of the country’s electricity is from recycled nuclear fuel. In February 2022, the government of France announced a program to build 14 new nuclear reactors to help end the country’s reliance on fossil fuels and make France carbon neutral by 2050. Investments and initiatives in nuclear energy are anticipated to drive the country’s demand for superconducting wires.

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Asia Pacific is expected to be the fastest-growing region in the superconducting wire market

Asia Pacific is expected to be the fastest-growing superconducting wire market during the forecast period. The increasing spending on energy and transportation infrastructure development in countries such as China, Japan, and South Korea is fueling the growth of the Asia Pacific superconducting wire market.