Superconducting Wire Market Size was estimated at USD 1.2 Billion in 2023. The Superconducting Wire market industry is projected to grow and expand from USD 1.32 Billion in 2024 to USD 2.55 Billion by 2032, exhibiting a growth rate or CAGR (compound annual growth rate) of 8.60% during the forecast period (2024 - 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
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.
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
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.
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.
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.
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.
In December 2023, having announced its plans to accelerate the expansion of Xeus HTS wire production, MetOx International Inc., a leading developer of advanced power delivery technologies, has gained significant importance in the market. This increase in output capacity is critical to supporting progress toward additive energy generation, more efficient ways to transmit and distribute energy and facilitating cutting-edge biomedical engineering devices innovation. Funding for the expansion comes from a consortium including notable strategic and financial investors.
In January 2022, American Superconductor published it had already delivered its high-temperature superconductor (HTS)-based ship protection system for San Antonio-class amphibious transport dock ship USS Fort Lauderdale (LPD-28).
In August 2021, US-based electric utility Commonwealth Edison (ComEd) partnered with American Superconductor last year August to integrate their REG system, which is based on high-temperature superconductor wire so as to improve the reliability, resilience and performance of the electric power grid.
Advanced Conductor Technologies LLC was granted US$1.6Mn by the U.S Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E) in March 2021 to develop compact superconducting power cables that can be used in twin-aisle electric planes in the future. The CABLES program from ARPA-E awarded Advanced Conductor Technologies LLC this competitive grant to develop medium-voltage (>10 kV) power distribution cables with fault current limiting capabilities and cable terminations for all electric aviation applications.
In March of 2021, NEXANS and Bureau Veritas (BV) joined hands to deliver turnkey high voltage power cables for offshore wind farms (OWF) connecting to the onshore grids. NEXANS aligns itself with BV's experience in maritime and risk management. This will support NEXANS in reducing operational risks on new projects by effectively managing EPCI (engineering, procurement, construction, and installation) for its customers in the Offshore Wind Sector.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.2 Billion |
| Market Size 2024 | USD 1.32 Billion |
| Market Size 2032 | USD 2.55 Billion |
| Compound Annual Growth Rate (CAGR) | 8.60% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 |
| Key Market Opportunities | Technological progress |
| Key Market Dynamics | Increasing investment in superconductivity-related activities The need for superconducting-based MRI systems is increasing. |
Superconducting Wire Market Highlights:
Frequently Asked Questions (FAQ) :
The Superconducting Wire market size was valued at USD 1.2 Billion in 2023.
The worldwide Superconducting Wire market is projected to grow and expand at a CAGR of 8.60% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are 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.
The Low-temperature category dominated the market in 2022.
Energy had the largest share of the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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