Superconducting Wire Market

Superconducting Wire Market: By Type, Application, and Region

Market Synopsis:

Global Superconducting Wire market is valued at USD 1.10 Billion in 2022 and is projected to attain a value of USD 2.33 Billion by 2030 at a CAGR of 9.70% during the forecast period, 2022–2028. Superconducting Wire is one of the components that must be used in the installation process of superconducting magnets, which are utilized in medicine and industry. In addition to medical treatment such as MRI (Magnetic Resonance Imaging) devices, these products also include LSM (Large Superconducting Magnet) used for inspection equipment at nuclear power plants, various types of particle accelerators and high-energy synchrotrons, etc.

Growing Focus on Improving Power Efficiency and Reduce Power to Loss to Drive Growth of the Superconducting Wire Market

Superconducting cables are wires made from composite materials which features superconductivity. They can be used for high-efficiency power transmission without energy loss and electric current crowding. As they produce less heat loss, the temperature of the wire is lower than that of a normal conductor. The higher cooling capability leads to an increase in maximum power rating and enables the use of thinner wires and consequently smaller conductors. In order to keep increasing demand for transmitting electricity with minimal losses, new ways of power transmission are being utilized around the globe.

The increased efficiency would help reduce environmental damage as well as energy consumption by minimizing transmission losses and allow better management of supply peaks or troughs. Superconductors such as steel tape coated with tin oxide could replace copper conductors in a power cable, bringing cost savings due to the ease of manufacturing the tape.

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Market Segmentation

The global Superconducting Wire market is segmented by type, application, and region. By type, the market is segmented into high, medium and low superconductor subsegments. The market is further segmented by application into power, medical, automobile, research, among others.

High Temperature Wire to Dominate the Global Super Conducting Wire Market

Now-a-days, demand for high temperature superconductors wire is increasing due to various reasons. It has tremendous applications in the field of medical science power transmission, and engineering. The superconducting property in these wires can be used in MRI (magnetic resonance imaging) scanners for diagnosis of different diseases within the human body without any exposure to harmful radiations. This offers significant advantage over other medical diagnostic tools such as CT scan which involves exposure to harmful radiations. High temperature Superconducting Wire is also used in devices like Magnetic Resonance Spectrometers, Electron Accelerators, Particle Beam Therapy etc.,

The high Temperature Superconducting Wire s are also used in power transmission which has resulted in increasing demand for these components to reduce energy loss while transmission at long distances. Growing trend of miniaturization in various electronic circuits has increased the demand for high-temperature superconductors to increase efficiency by minimizing the overall size of various electronic devices. High temperature super conducting wire is also used in particle accelerators which are vital tools required to analyze cosmic rays, accelerator beams, and many other types of particles that are found around us.

Asia to Continue Holding Prominence over Superconducting Wire Market

Asia Pacific region has inexpensive infrastructure to produce electricity through use of Superconducting Wire s which are being used by various industries including automobile, power, and medical industries for improving their performance. The usage of superconductors in automobiles is expected to rise too due to its ability to increase the speed of vehicle at very high velocity with less resistance from atmosphere. This also results in lesser fuel consumption leading to cost saving on the long run. Moreover, world's major Superconducting Wire manufacturers are located in Japan who supply these wires across the world, thus giving them an upper hand over other competitor. In the last few years, Asia Pacific market has witnessed growth of over 12% in the manufacturing of electrical wire and is expected to continue the same in the years to come.

In addition, use of superconductors in the region as static field magnet is also rising due to its ability to increase the magnetic flux density and strongly support the medical industry as well as other technology related industries such as semiconductors, digital cameras etc. Furthermore, factors such as rising imports of automobiles, medical devices, and electronics goods into China has further helped the growth of this market over a period of time.

Key Players:

Some of the key players in the market are Bruker Corporation (U.S.), American Superconductor Corporation (U.S.), Furukawa Electric Co., Ltd. (Japan), Superconductor Technologies Inc. (U.S.)., and Fujikura Ltd. (Japan).