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Home ➤ Chemicals & Materials ➤ Advanced Materials ➤ Superconducting Wire Market
Superconducting Wire Market
Superconducting Wire Market
Published date: Sep 2023 • Formats:
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  • Home ➤ Chemicals & Materials ➤ Advanced Materials ➤ Superconducting Wire Market

Global Superconducting Wire Market By Type (Low-Temperature Superconductor (LTS), High-Temperature Superconductor (HTS)), By Application(Research, Energy, Medical, Transportation), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: Sep 2023
  • Report ID: 55954
  • Number of Pages: 208
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • Driving Factors
    • Restraining Factors
    • Type Analysis
    • Application Analysis
    • Key Market Segments
    • Growth Opportunity
    • Latest Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The Global Superconducting Wire Market size is expected to be worth around USD 3,178 million by 2032 from USD 1,300 million in 2023, growing at a CAGR of 9.6% during the forecast period from 2022 to 2032.

    A superconducting wire is made of a superconductor material. It has no electrical resistance, and it can carry a significant amount of current without losing energy.

    The superconducting wire is used in a wide range of applications, including research, energy, industry, medical, and others. Some major factors driving the growth of this market include the rising demand for energy-efficient solutions and the increasing demand for advanced medical devices.

    A superconducting wire is a category of wire that has been precisely designed to be used in superconducting devices. These wires are made of materials that have been exclusively chosen for their capability to superconduct at high temperatures. Superconducting wires market are essential because they allow for the construction of efficient and powerful superconducting devices.

    Superconducting Wire Market 1

    Key Takeaways

    • Market Growth: The global superconducting wire market is experiencing steady expansion with an anticipated compound annual growth rate between 2023-2032 of CAGR 9.6%.
    • Overview: Superconducting wire, the cornerstone of superconducting applications, displays zero electrical resistance when cooled below its critical temperature threshold – making this technology ideal for transmission without power loss – promising many fields through this impressive ability.
    • Types: Superconducting wire products can generally be divided into Low-Temperature Superconductors (LTS), Medium-Temperature Superconductors (MTS), and High-Temperature Superconductors (HTS) segments; with HTS products expected to generate the largest revenues over their forecast period.
    • Applications: Energy is unquestionably the leader, commanding over 35% of the overall market. This trend can largely be attributed to wind turbine manufacturers’ growing need for high-tensile strength cables that meet stringent quality criteria.
    • Drivers: Rising demand for efficient energy transmission and storage solutions, advances toward sustainable technologies, as well as medical diagnostics and treatments is propelling growth of the superconducting wire market. Reduced energy losses combined with enhanced performance make an appealing argument in favor of increasing market expansion.
    • Restraints: Market barriers include high initial costs associated with superconducting wire technology, production complexity and adoption across industries as well as competition from competing wire technologies and regulatory hurdles posing serious restraints to growth.
    • Opportunity: Recent innovations in superconducting wire technology, cost-efficient production processes and growing interest in sustainable energy solutions present outstanding growth prospects in the superconducting wire market. Meeting rising consumer demand for energy-efficient technologies provides another great avenue of expansion.
    • Trends: Trends in the superconducting wire market include advancements in materials, incorporation into various energy applications, and research focused on raising its critical temperature to stimulate superconductivity. Collaborations and partnerships aimed at driving innovation and market expansion also constitute notable trends.
    • Asia-Pacific: Due to rapid industrialization, extensive R&D activities, and supportive government initiatives for clean energy technologies in this part of the world, this region holds the largest market share for sales of superconducting wire products.
    • Key Players in the Superconducting Wire Market: Established Companies and Innovative Startups Specializing in Superconductor Technologies: These key players in the superconducting wire market include established firms as well as innovative startups specializing in superconductor technologies and applications, both established as well as newly founded.

    Driving Factors

    Rising Urbanization Leads to Higher Demand for Electricity and Power

    The market share of global superconducting wires is considerably propelled by factors, for instance, rapid urbanization, increasing requirements for electricity and power over the globe, increasing requirements for the latest electric devices, automobiles, and medical equipment, and increasing disposable income in emerging countries.

    Additionally, rapid adoption of superconductor-based MRI systems, high usage of superconducting wires owing to stringent energy-efficient standards, development of smart cities, growing demand for highly effective electric motors, and rising investments in emerging cost-effective products are anticipated to propel the global market share growth during the forecast period.

    Restraining Factors

    Variable Costs Can Hamper the Market

    The growth of the global superconducting wire market can be considerably restrained by various factors such as lack of standard testing facilities, shortage of acceptance of superconducting wires in terms of reliability, and higher cost of manufacturing superconductors.

    For instance, the higher cost of cooling superconducting wires using cryogens, lack of skilled professionals, and inconsistent costs of raw materials are the factors that are anticipated to restrain the total revenue growth of the market during the forecast period.

    Type Analysis

    Based on type, The superconducting wire is divided into Low-Temperature Superconductor (LTS), Medium-Temperature Superconductor (MTS), and High-Temperature Superconductor (HTS) segments. The high-temperature superconductors section is anticipated to record considerably the highest revenue share during the forecast period.

    It can be registered to elements such as wider usage of high-temperature superconducting wires in CT scans, MRI scanners, and other medical devices, particle beam therapy, magnetic resonance spectrometers, and growing acceptance of high-temperature superconductors in power transmission owing to the growing trend of reduction in electronic circuits.

    In addition, higher-temperature superconducting wires need cheaper cryogenic systems for cooling as compared to medium and low-temperature superconductors. This is also estimated to drive market growth during the forecast period.

    Application Analysis

    By application, The industry has been divided on the basis of application into research, industry, energy, medicine, and others. The energy segment conquered the market and accounted for over 35% of the overall market share. This is registered by the growing demand for high-tensile strength cables from wind turbine manufacturers over the globe.

    The energy segment is anticipated to record the highest market share during the forecast period. This can be registered due to rapid urbanization over the globe, rising construction activities for developing smart cities, and increasing acceptance of high-temperature superconducting wires for effective energy generation and distribution owing to severe government regulations and energy-efficient standards.

    Medical applications are anticipated to record the fastest growth during the forecast period due to the rising usage of superconductors in MRI scanners and magnets for generating a strong magnetic field with lower power consumption. In addition, these products have various other applications, such as powering particle accelerators used in cancer treatment which are yet to be discovered owing to enduring R&D initiatives by multiple institutions across the globe.

    These factors, combined with rising R&D expenditure on new technology development, are anticipated to drive product demand globally during the forecast period.

    Superconducting Wire Market 2

    Key Market Segments

    Based on Type

    • Low-temperature superconductor (LTS)
    • Medium-Temperature Superconductor (MTS)
    • High-temperature superconductor (HTS)

    Based on Application

    • Research
    • Energy
    • Medical
    • Transportation
    • Other Applications

    Growth Opportunity

    Research and development is Expected to Generate Opportunities

    Rising investments in R&D activities, a higher focus on developing reasonable and further efficient superconducting wires, and enduring research on improving existing commercializing and technology superconductor wire market growth to explore new applications are anticipated to open profitable growth opportunities for key players operating in the global superconducting wire market during the forecast period.

    Latest Trends

    Use of Superconducting Wires in High-Field Magnets, Nuclear Fusion Accelerators, etc.

    Superconducting cables and wires are used in various applications, such as MRI and NMR magnets to high-field magnets for test equipment, nuclear fusion accelerators, or devices where low-temperature superconductors are normally used.

    Currently, high-temperature superconductors like YBCO (yttrium barium copper oxide) lean to offer more advantages over aluminum and copper, like zero power dissipation and higher maximum current densities. Superconducting wires are also used in smart grids, transformers, as well as power storage devices in electric motors.

    Regional Analysis

    Japan, a Key to Asia Pacific’s Dominance

    Based on the region, Asia Pacific is expected to grow at a significant CAGR during the forecast period. It is anticipated to dominate the market during the forecast period due to the world’s key superconducting wire manufacturers are located in Japan and supply these wires across the globe.

    In addition, the continuous development of MRI and investment in robust energy storage and transmission technology support the growth of the superconducting wire market in the Asia Pacific region.

    This is essentially registered by the growing demand for energy-efficient and cost-effective electrical devices. In addition, the usage of superconductor wire market in automobiles is estimated to grow due to their capability to increase the speed of vehicles at high velocities with lower resistance from the atmosphere, which also results in reduced fuel consumption leading to cost savings in the long run.

    North America is anticipated to record a significant CAGR in the global superconducting wire market during the forecast period due to the existence of major players manufacturing superconducting wires, growing research activities in the field of superconductivity, and rapid advancements in superconducting technology.

    Other factors, such as increasing demand for superconductor-based MRI devices, power applications, high usage of innovative superconducting wires in utility cables and motors, and increasing investments in R&D activities, are estimated to propel North America’s market share growth during the forecast period.

    Superconducting Wire Market 3

    Key Regions and Countries

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Key Players Analysis

    Multiple companies are focusing on organic growth strategies like product approvals, product launches, and others, such as product launches and patents. Inorganic growth strategies activities observed in the market were partnerships collaborations, and acquisitions. These activities have covered how to expand businesses and the customer base of key market players.

    The market players in the superconducting wire market are expected to have lucrative growth opportunities during the forecast period with the increasing demand for superconducting wires.

    Some of the major market players are Fujikura Ltd., Furukawa Electric Co. Ltd., Superconductor Technologies Inc., American Superconductor, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH, Japan Superconductor, Fuji Electric, and Other Key Players

    Top Key Players

    • Fujikura Ltd.
    • Furukawa Electric Co. Ltd.
    • Superconductor Technologies Inc.
    • American Superconductor
    • Sumitomo Electric Industries
    • Superox
    • Theva Dunnschichttechnik GmbH
    • Japan Superconductor
    • Fuji Electric
    • Other Key Players

    Recent Developments

    • December 2022, The Bruker Energy & Supercon Technologies (BEST) division of Bruker and RI Research Instruments GmbH (RI) signed multi-year sales contracts of supply technology components for fusion projects in Asia and Europe. Bruker, concluded its BEST division, will provide its high-current density RRP superconductors for a tokamak fusion project in Asia.
    • January 2022, American Superconductor declared that it had completed the delivery of its high-temperature superconductor (HTS)-based ship protection system to be deployed on the San Antonio class of amphibious transport dock ship USS Fort Lauderdale (LPD-28).

    Report Scope


    Report Features Description
    Market Value (2022) USD 1,300 Mn
    Forecast Revenue (2032) USD 3,178 Mn
    CAGR (2023-2032) 9.6%
    Base Year for Estimation 2022
    Historic Period 2016-2022
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered Based on Type – Low-Temperature Superconductor (LTS), Medium-Temperature Superconductor (MTS), and High-Temperature Superconductor (HTS); Based on Application – Research, Energy, Medical, Transportation, and Other Applications
    Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive Landscape Fujikura Ltd., Furukawa Electric Co. Ltd., Superconductor Technologies Inc., American Superconductor, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH, Japan Superconductor, Fuji Electric, and Other Key Players
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three license to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is the projected CAGR at which the Superconducting Wire Market is expected to grow at?

    The Superconducting Wire Market is expected to grow at a CAGR of 9.6% (2023-2032).

    What is the size of the Superconducting Wire Market in 2023?

    The Superconducting Wire Market size is USD 1,300 million in 2023.

    Which region is more appealing for vendors employed in the Superconducting Wire Market?

    The Asia Pacific region leads the functional foods market by accounting for a major revenue share of 33.4% in the market.

    Name the key business areas for the Superconducting Wire Market.

    Based on the region, Asia Pacific is expected to grow at a significant CAGR during the forecast period.

    List the segments encompassed in this report on the Superconducting Wire Market?

    Market.US has segmented the Superconducting Wire Market by geography (North America, Europe, APAC, South America, And Middle East and South Africa). The market has been segmented Based on Type Low-Temperature Superconductor (LTS), Medium-Temperature Superconductor (MTS), and High-Temperature Superconductor (HTS). Based on Application Research, Energy, Medical, Transportation, and Other Applications.

    Superconducting Wire Market
    Superconducting Wire Market
    Published date: Sep 2023
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    • Fujikura Ltd.
    • Furukawa Electric Co. Ltd.
    • Superconductor Technologies Inc.
    • American Superconductor
    • Sumitomo Electric Industries Ltd. Company Profile
    • Superox
    • Theva Dunnschichttechnik GmbH
    • Japan Superconductor
    • Fuji Electric
    • Other Key Players
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