Superconductor Wire Market Size

Global Superconductor Wire Market Overview:

Superconductor Wire Market Size was valued at USD 1.16 Billion in 2023. The Superconductor Wire market industry is anticipated to grow and expand from USD 1.23 Billion in 2024 to USD 1.85 Billion by 2032, exhibiting a growth rate or CAGR (compound annual growth rate) of 5.24% during the forecast period (2024 - 2032). Increased demand for MRI examinations, reduced energy consumption, and increased electrical system efficiency are the key market drivers contributing to market growth and expansion.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Superconductor Wire Market Trends

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  Growing need for MRI examinations is driving the market growth

  
  

The rising need for MRI examinations drives Market CAGR for superconductor wire. Superconductor 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.

Superconductor wires are additionally used in smart electrical networks, transformers, and electric motor power storage systems. Superconductor wires, like magnets, are frequently utilized in research and medical devices. As the need for computer chip technology grows, so does the market for superconductor wires. 

Superconducting may be employed in various sectors, contributing to expanding the superconductor wire market. Yet, superconductor-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 superconductor cables will rise.

Additionally, superconductors have zero resistance, so 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. Superconductors 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 superconductor 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 are projected to drive consumer interest in superconductor cables and other electrical devices that utilize this technology.

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 crisis has limited investment capacity and hampered industry expansion. Despite the pandemic, the superconductor wire business should expect significant market growth.

For instance, medical applications are expected to develop fast throughout the projected 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 Superconductor Wire will increase throughout the projected timeframe due to the rising need for MRI examinations. Thus, driving the Superconductor Wire market revenue.

Superconductor Wire Market Segment Insights:

Superconductor Wire Product Insights

The Superconductor Wire market segmentation, based on Product, includes high-temperature and low-temperature. High temperature dominated the market, accounting for 55% of market revenue (USD 0.6 billion) in 2022. Because they outperform copper and aluminum in terms of maximum current density and power dissipation. Furthermore, while high-temperature materials do not cut overall costs, they do increase the mass efficiency of superconductive magnets and reduce the overall price of cryogenics.

Figure 1: Superconductor Wire Market, by Product, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Superconductor Wire Application Insights

The Superconductor Wire market segmentation, based on Applications, includes energy, healthcare, industry, and others. The healthcare category Informatics category generated the highest market revenue of about 41% (USD 0.5 billion) in 2022. The main reasons for expanding the worldwide superconducting wire market are the increasing need for magnetic resonance imaging (MRI) and advancements in computing chip design technology, which leads to increased demand for superconductors. Furthermore, these superconductive electrical transmission cables are small and capable of transmitting significant electric power.

Superconductor Wire Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Superconductor Wire market area will dominate this market during the projected timeframe as the region continues to be generating advances in superconductivity to demonstrate practicality in practice, and famous institutes are focusing on superconductor study, 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: Superconductor Wire Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region’s Superconductor Wire market accounts for the second-highest market share. Because of the increased need for energy-efficient electrical equipment, it greatly supports the medical business. Further, the German Superconductor Wire market holds the largest market share, and the UK Superconductor Wire market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Superconductor Wire Market is expected to grow quickly during the projected timeframe. This is due to the increasing interest and demand for environmentally friendly and low-cost electrical gadgets. Furthermore, the use of superconductors in cars is predicted to expand due to their potential to boost vehicle speed at very high speeds while requiring fewer forces from the environment. 

Moreover, China’s Superconductor Wire market dominates the market share, and the Indian Superconductor Wire market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Superconductor Wire Key Market Players & Competitive Insights

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 Superconductor 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 Superconductor 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 Superconductor Wire industry to benefit customers and capture untapped market share and revenue. The Superconductor 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 Superconductor Wire market, including Hyper Tech Research Inc., Siemens AG, Superconductor Technologies Inc., Metal Oxide Technologies Inc., American Superconductor, Evico GMBH, and Hitachi Ltd 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 throughout the world, assisting in the advancement of 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 constitutes one of the nation's major electric utility corporations, in charge of supplying safe and dependable power to 3.8 million residential and commercial customers in northern Illinois. Commonwealth Edison, US-based electrical usefulness, and American Superconductor disclosed the effective implementation of American Superconductor's REG system, which employs elevated temperatures superconductor wire to improve electric power grid dependability, resilience, and efficiency, in August 2021.

Key Companies in the Superconductor Wire market include

• Hyper Tech Research Inc.


• Siemens AG


• Superconductor Technologies Inc.


• Metal Oxide Technologies Inc.


• American Superconductor


• Evico GMBH


• Hitachi Ltd

Superconductor Wire Industry Developments

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 that their high-current capacity RRP superconducting materials will be used in an Asian tokamak fusion project.

January 2022:American Superconductor 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 Superconductor disclosed the effective integration of American Superconductor's REG system, which employs elevated temperatures superconductor wire to improve electric power grid dependability, resilience, and efficiency, in August 2021.

Superconductor Wire Market Segmentation:

Superconductor Wire Product Outlook

• High-Temperature


• Low-Temperature

Superconductor Wire Application Outlook

• Energy


• Healthcare


• Industry


• Others

Superconductor Wire Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America