USD 1186.13 million
Superconducting Wire Market Size, Share, Growth Analysis, By Type Sub-SegmentsLow and Medium Temperature Superconductors, High Temperature Superconductors, First Generation HT Superconductors, and Second-Generation HT Superconductors(Energy, Medical, Research, Industry), By Application(Niobium-Titanium, Niobium-Tin, Magnesium Diboride, Bismuth Strontium Calcium Copper Oxide), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10A2041 |
Region:
Global |
Published Date: March, 2024
Pages:
175
|Tables:
71
|Figures:
72
Superconducting Wire Market Insights
Global Superconducting Wire Market size was valued at USD 1186.13 million in 2022 and is poised to grow from USD 1,300 million in 2023 to USD 2706.62 million by 2031, growing at a CAGR of 9.6% in the forecast period (2024-2031).
Superconductors have found many applications, such as nuclear power, medical research, and transportation. Many nuclear power projects are going on with small accelerator and nuclear reactors in different parts of the world like Europe, US, Japan etc. One of the biggest power projects is the International Thermonuclear Experimental Reactor (ITER) in France -Reactors can be manufactured, resulting in a high demand for superconductors for this application. Recently, there has also been an increase in research on overvoltage wiring for electric vehicles. For example, in June 2022, Toshiba Energy System Solutions Corporation (Toshiba ESS) announced the development of a prototype superconductor motor using superconductor cables to meet the mobility sector needs for this technology.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Low temperature
Fastest Growth
Growth Rate
9.6% CAGR
Global Superconducting Wire Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Superconducting Wire Market Segmental Analysis
The Superconducting Wire market segmentation, based on type, includes High, Low, and Medium. The Superconducting Wire market segmentation, based on Applications, includes Energy, Medical, Industry, and Research. The Superconducting Wire market segmentation, based on material, includes Niobium-Titanium, Niobium-Tin, Magnesium Diboride, Bismuth Strontium Calcium Copper Oxide, Yttrium Barium Copper Oxide, Others. By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
Analysis by Application
The energy segment is expected to register the largest market share during the forecast period. It can be registered due to rapid urbanization worldwide, increasing construction activity for smart cities development, and increasing adoption of surplus wires in efficient energy generation and distribution due to due to strict government regulations and effective standardization.
The applications of medical devices segment are expected to grow rapidly during the forecast period owing to the increasing use of superconductors and magnets in MRI scanners. Besides, these devices have various other properties applications, such as powering particle accelerators for cancer therapy.
Analysis by Type
High temperature dominated the market, accounting for 55% (US$0.6 billion) of market revenue by 2022 because they outperform copper and aluminum in terms of current maximum density and energy loss. Moreover, it contains that increasing hot materials does not cut overall costs though it increases quantity efficiency of superconducting magnets also reduces the overall cost of cryogenics.
The low temperature segment is key to the superconducting wire market as it enables the application of superconducting technology in applications from power systems to healthcare. Advances in cryogenic technology and new superconducting materials have been found to be key drivers of innovation in this sector.
Global Superconducting Wire Market By Type
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Superconducting Wire Market Regional Insights
The Asia-Pacific region in the superconducting wire market is expected to grow at a rapid pace during the forecast period. This is attributed to several conductor wire developments in recent years, including general statements, new product launches, and acquisitions primarily in Asia-Pacific Moreover, China dominates the market share of superconducting wire market. The Asia Pacific region, especially countries such as China, Japan and South Korea, is experiencing rapid industrialization and urbanization. This leads to a demand for advanced technologies, including high-permeability pipelines, for applications in healthcare, transportation, and energy. Countries like Japan and South Korea are known to be leaders in advanced manufacturing technology. They play a key role in the production of high-strength cables, contributing to global supply and market growth.
North America is expected to register the highest CAGR in the global superconducting wire market during the forecast period, owing to key players in superconducting wire, increasing research activities in the field of superconductivity, and rapid development in superconducting technology. The North American region has been very active in superconductivity since the beginning and is constantly improving this technology to make it more practical. North America, particularly the United States, is a major center for technological innovation and research in the field of superconducting materials. Many of the leading companies and research institutes in this field are in North America, which is responsible for the growth of supercharged wire technology.
The region has a strong technological base in various sectors such as healthcare, energy and transportation, which are major users of high-density wireless industries such as magnetic resonance imaging (MRI) equipment, small generators produce rapid and power transmission systems relying on robust cables manufactured in North America.
Global Superconducting Wire Market By Region
- Largest
- Fastest
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Superconducting Wire Market Dynamics
Drivers
Increasing Investment in Superconductivity Related Activities is Driving the Market Growth
- Increasing investment in superconductivity related activities is driving the market CAGR for superconducting wire. Conduits are generally made of niobium and titanium. When frozen below the transition zone, it has no motion resistance. Furthermore, high-temperature materials such as YBCOP tend to outperform copper and aluminum materials. Because the latter is the current quantity with no energy loss. Like magnets, high-conductivity wires are commonly used in research and medical devices. As the importance of computer chip technology increases, so the market for cables also increases.
Rising Implementation of Superconducting Wires Over Conventional Wires
- Superconductivity has been established to reduce energy losses for transmitting a huge quantity of strength over long distances with smaller infrastructure improvement than traditional twine setups. High-temperature superconducting wires in cables, fault modern limiters, transformers, and mills have made it feasible to ensure minimal losses even as transferring electricity in comparison to traditional wires. Superconductors also save capital investments required for building overhead transmission structures and electromagnetic interferences, that are essential for traditional wires, as high-temperature superconducting wires are laid on or underneath floor.
Restraints
Increased Construction Costs
- The lack of major testing facilities and high manufacturing costs associated with superconductors may restrain market growth. High cost associated with overvoltage cables is also one of the major factors that can restrain the growth of overvoltage cables market globally. Superconductors must be exposed to extreme temperatures and often a magnetic field is added to release the charge, as they can be expensive to maintain.
Lack of Technical Expertise Associated with Superconducting Technology
- Most power lines in the world are made of conventional wires. Ongoing research and development of the pipelines is still underway to achieve the necessary costs and economies of scale. They have little interest in the market. In addition, the energy sector lacks expertise in maintenance and technical skills associated with overvoltage technologies. Due to the above-mentioned factors, governments of many countries and some private players are reluctant to invest and adopt this technology, slowing down the demand in the market and even, most applications, stay that maglev, fusion reactors, wind turbine generators, rocket propulsion, high-field magnets and generators, are still in early product development phase with great efforts in discovering new superconducting materials. Lack of user experience in superconducting wires hampers their confidence.
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Superconducting Wire Market Competitive Landscape
The competitive environment of the Global Superconducting Wire Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, global presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority.
Top Player’s Company Profiles
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Superconductor Technologies Inc.
- American Superconductor
- Sumitomo Electric Industries
- Superox
- Theva Dunnschichttechnik GmbH
- Japan Superconductor
- Fuji Electric
- ASG Superconductors SpA
- Bruker Corporation
- California Fine Wire Co.
- Chubu Electric Power Co., Inc.
- Cutting Edge Superconductors, Inc.
- Eaton Corporation PLC
- Epoch Wires Ltd.
- Firmetal Group Fujikura Ltd.
Recent Developments
- December 2022: Bruker Energy & Supercon Solutions signed a multi-year sales agreement with RI to provide technology for fusion projects in Europe and Asia by December 2022. Bruker BEST division decided to use its current high capacity RRP superconductor products will play a role in the Asian Tokamak fusion project.
- January 2022: American Superconducting announced in January 2022 the completion of its HTS-based dock defense system for the San Antonio class amphibious transport dock ship USS Fort Lauderdale (LPD-28).
- In August 2021, Commonwealth Edison (ComEd), the U.S.-based electric utility, and American Superconductor announced the American Superconductor REG program, a high-temperature superconductor to improve power reliability, flexibility and efficiency.
Superconducting Wire Key Market Trends
Growing Demand for Electricity
- Superconducting cables are made of composite materials that exhibit superconductivity. It can be used for energy efficiency with no loss of power and no interruption of electricity supply. Because their heat loss is less, and the temperature of the wire is lower than that of a normal conductor. Higher cooling rates increase the maximum power output and enable the use of thinner conductors and, consequently, smaller conductors. Alternative methods of conducting electricity are going to be used worldwide to meet the growing demand for electricity with minimal losses.
Superconducting Wire Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Over the years, the need for transportation, medical and industrial infrastructure has increased. Consequently, companies in the superconducting wire industry can benefit from market prospects. Factors such as increased demand for increasing transmission lines in pharmaceutical, manufacturing, transportation, education, and communication technologies will act as catalysts. Also, high power transmission distribution efficiency and greater efficiency will drive customer interest in high-voltage cables and other energy device technologies. The number one issue propelling the marketplace for superconducting wire is the developing adoption of superconducting twine over conventional wires and the enlargement of offshore wind farms employing superconducting technology. Superconductivity has been verified to diminish energy misfortunes for speaking a whole lot of electricity over considerable distances with more modest framework improvement than conventional twine arrangements. Because high-temperature superconducting wires are region on or underground, Additionally, in contrast to traditional wires, superconductors do now not require electromagnetic interferences, or the capital investments required to construct overhead transmission structures.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1186.13 million |
| Market size value in 2031 | USD 2706.62 million |
| Growth Rate | 9.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Superconducting Wire Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Superconducting Wire Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Superconducting Wire Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Superconducting Wire Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Superconducting Wire Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Superconducting Wire Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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