The Advantageous Growth of Global Superconducting Wire Market
The Global Superconducting Wire Market was estimated at USD 1.02 Billion by 2021 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% between 2022 and 2028. The superconducting wire is composed of superconductors such as niobium-titanium. It displays zero electrical resistance when cooled below its transition temperature. High-temperature superconductors such as yttrium barium copper oxide (YBCO) tend to offer greater advantages than copper and aluminum such as high current densities and zero power dissipation.
The growing demand for superconductor-based magnetic resonance imaging (MRI) systems and advances in computer chip technology is driving the market growth. In addition, synergies for high power transmission systems and high efficiency are expected to increase the demand for superconductor wires and other auxiliary electrical equipment based on superconductor technology. The superconducting wire is widely used as a magnetic field between scientific and medical devices, where high magnetic resonance results are needed. High-temperature superconductors (another type of large cable) are made of clay materials and are mainly produced in two modes such as first-generation (1G HTS) and second-generation (2G HTS). In addition, the increasing demand for leading lines between transportation, medical, industrial processing, research, and electronics and communications as an emerging opportunity for market growth. However, the superconducting wire has a few disadvantages such as the cost of freezing wires to high temperatures, problems related to wiring, and the cost of wire material and construction. The lack of standard testing facilities and the high cost of manufacturing superconductors are expected to hamper the market growth. High production and operational costs high production and operational costs associated with superconducting cables may affect market growth during forecasting. Small and medium-sized manufacturers may not be able to bear the high costs associated with cables that may delay market growth. Also, a shortage of skilled professionals in the industry may hamper the market growth.
The Global Market for Superconducting Wire is segmented on the basis of type into the high-temperature semiconductor, first-generation, second-generation, low-temperature semiconductor, medium temperature semiconductor. Based on end-users, the market is divided into power, medical, research, security, and transport. On the basis of application, the market is divided into electrical equipment, energy, science and medicine, and automotive.
The market for superconducting wire covers the regions of North America, Asia Pacific, Europe, and the rest of the world. North America’s leading cable market is expected to grow at its highest CAGR from 2022 to 2028. This region has been active in the field of superconductivity from the beginning and continues to make advances in this technology to make it easier to operate. There are several research projects based on ongoing superconductors, at universities such as the University of Houston, and the Massachusetts Institute of Technology in the U.S. that has made several advances in superconductor technology in medicine, power, and industrial applications. Higher investments are made in the region to sell superconductors and make full use of their profits.
Some of the major players operating in the Global Superconducting Wire Market include - Bruker Corporation (U.S.), American Superconductor Corporation (U.S.), Furukawa Electric Co., Ltd. (Japan), Superconductor Technologies Inc. (U.S.)., and Fujikura Ltd. (Japan).