The Superconducting Wire Market is expected to reach USD 1.95 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.8% in between 2022 to 2028. The growing need for superconductor-based MRI systems and improvement in computer chip designing technology directing to a higher need for superconductors are the major drivers for the expansion of the global superconducting wire market. The superconducting power transmission wires are closely packed can send a large quantity of electric power, and are widely used for different usage including high field magnet applications, magnets, and nuclear magnetic resonance (NMR).
- The high-temperature segment is projected to expand at the substantial CAGR over the forecast period owing to the increasing adoption as conductors require an economical cryogenic system for cooling the wire to attain superconductivity.
- The energy segment held a steady market share in 2021. This share is due to the rising investments in the use of superconducting wires in the automotive and transportation industries.
- Asia Pacific is expected to grow at a significant CAGR from 2022 to 2028. This surge is attributed to the rising demand for superconducting wire in developing economies such as China and India.
Some of the key players in the 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).
Superconducting wires are also utilized in transformers, as power storage devices, smart grids, and electric motors. They are widely used as superconducting magnets in scientific and medical gear, where effects of high magnetic fields are required. Therefore, it is expected to further drive the growth of the superconducting wire over the forecast timeline.
Asia Pacific is expected to grow at the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The region has been engaged in the field of superconductivity constantly constructing and improvements its technology to make it possible for practical usage. There are many research projects established on superconductors underway, in universities and the institute of technology that have made many advancements in superconductor technologies for medical, power, and industrial use.
COVID Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the superconducting wire market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.