Superconducting Wire Market Revenue to Cross USD 3,178 million, Globally, by 2032 | According To Market.us
Updated · Jun 07, 2023
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Published Via 11Press : The superconducting wire is an electricity conductor capable of conducting without resistance or energy loss, dating back nearly 200 years. Recently however, advances have made its use more practical and cost-effective for various applications like power grids, particle accelerators and MRI machines. Superconductors typically make an appearance on large projects such as these systems such as this power grid in Virginia Beach or particle accelerators at NASA in Arizona.
The Superconducting Wire Market size is expected to be worth around USD 3,178 million by 2032 from USD 1,300 million in 2023, growing at a CAGR of 9.6% during the forecast period from 2022 to 2032.
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- By 2022, High-Temperature Superconductors (HTSs) held over 40.0% market share by product type.
- Based on its application it, the energy sector led with a 35.0% revenue share in 2022;
- Asia Pacific held around 35% revenue share at this point in time.
- Asia Pacific market is projected to experience a growth at 7.5% annualized compounded annually.
- North America:
- The United States and Canada have been the main contributors to the market for superconducting wire within North America.
- This region has seen substantial research and development efforts related to superconducting wire technology specifically in the fields of energy and power.
- Industries that are driving demand for high-performance wires across North America include healthcare, electronic devices, energy, and transportation.
- Countries like Germany, France, the United Kingdom, and Switzerland are leading the superconducting wire industry across Europe.
- Europe is a major interest in renewable energy. It is currently exploring the possibility of superconducting cables for various applications like high-capacity transmission lines as well as generators for wind turbines.
- It also boasts significant research institutions and universities that are involved in the research of superconducting wires.
- Asia Pacific:
- Japan, as well as China, are in the forefront of the industry of superconducting wires within the Asia Pacific region.
- Japan has a rich history of conducting research and development on superconductivity. The country has made major improvements in the manufacture of premium superconducting cables.
- China has invested a significant amount in the advancement of superconducting wire technology specifically for use in energy-related fields.
- Others in the region, including South Korea and India, are showing a growing desire for superconducting cables for diverse purposes.
- Rest of the World
- Other regions, like Latin America, the Middle East and Africa, and the Middle East, have also shown increasing interest in superconducting wire technology.
- These regions are mostly focusing on the power and energy sectors. They are looking to increase the efficiency of energy and decrease transmission loss.
- Research and government agencies across these regions are cooperating with international partners in order to improve the technology of superconducting wire and to explore possible applications.
- Increasing demand for energy efficiency: Superconducting wires have the potential to significantly improve energy efficiency in various applications, such as power transmission, electrical machinery, and medical devices. The growing emphasis on energy conservation and reducing greenhouse gas emissions is driving the demand for superconducting wires.
- Advancements in superconducting wire technology: Continuous advancements in superconducting materials and wire manufacturing processes have led to improved performance and reduced costs. These advancements have expanded the potential applications of superconducting wires, driving market growth.
- Growing investments in infrastructure development: Governments and organizations are investing in the development of infrastructure, particularly in areas such as renewable energy, transportation, and healthcare. Superconducting wires offer benefits such as higher power transmission capacity, compact size, and reduced losses, making them an attractive choice for these infrastructure projects.
- Increasing focus on renewable energy sources: The shift towards renewable energy sources, such as wind and solar, requires efficient energy storage and transmission systems. Superconducting wires enable higher transmission capacities and lower energy losses, making them suitable for integrating renewable energy sources into the grid.
- High manufacturing costs: The manufacturing process of superconducting wires involves complex techniques and expensive materials, making them relatively costly compared to traditional conductors. The high manufacturing costs can hinder the widespread adoption of superconducting wires, especially in cost-sensitive industries.
- Limited commercialization and scalability: While superconducting wire technology has made significant progress, it still faces challenges in terms of large-scale commercialization and scalability. Achieving consistent and reliable production of superconducting wires in large quantities remains a hurdle to overcome.
- Energy storage applications: Superconducting wires can be used in energy storage applications, such as superconducting magnetic energy storage (SMES) systems. These systems offer fast response times, high power density, and efficient energy storage, which can help stabilize power grids and support renewable energy integration.
- Healthcare and medical imaging: Superconducting wires are crucial in medical applications like magnetic resonance imaging (MRI) systems. The high magnetic field strength and stability offered by superconducting magnets enhance the image quality and diagnostic capabilities of MRI machines.
- Cooling requirements: Most superconducting materials require extremely low temperatures to achieve superconductivity. This necessitates the use of cryogenic cooling systems, which can be expensive and complex to maintain. Developing superconducting wires that operate at higher temperatures, known as high-temperature superconductors (HTS), could mitigate this challenge.
- Material limitations: Some superconducting materials have limitations in terms of their critical current density, mechanical properties, and stability. Research and development efforts are ongoing to discover and engineer materials that exhibit improved superconducting properties for practical applications.
- Market competition: The superconducting wire market faces competition from alternative technologies, such as conventional conductors and advanced materials like carbon nanotubes and graphene. These alternatives may offer certain advantages in specific applications, challenging the market growth of superconducting wires.
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Top Key Players
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Superconductor Technologies Inc.
- American Superconductor
- Sumitomo Electric Industries
- Theva Dunnschichttechnik GmbH
- Japan Superconductor
- Fuji Electric
- Other Key Players
Based on Type
- Low-Temperature Superconductor (LTS)
- Medium-Temperature Superconductor (MTS)
- High-Temperature Superconductor (HTS)
Based on Application
- Other Applications
Top Impacting Factors
- Technological advancements: Advances in superconducting materials, wire manufacturing processes, and cooling systems play a significant role in driving the market. Breakthroughs in material science, such as the discovery of high-temperature superconductors (HTS), can lead to improved performance, higher critical current densities, and easier cooling requirements, thereby expanding the potential applications of superconducting wires.
- Government initiatives and policies: Supportive government policies, regulations, and funding programs aimed at promoting energy efficiency, renewable energy integration, and technological innovation have a significant impact on the superconducting wire market. Governments worldwide are investing in research and development, demonstration projects, and infrastructure development, which create opportunities for the adoption of superconducting wires.
- Energy and power sector demand: The demand for superconducting wires is closely tied to the energy and power sector. Transmission and distribution of electricity, power generation, and grid stability are key areas where superconducting wires can offer advantages such as high current-carrying capacity, reduced energy losses, and compact designs. The increasing need for efficient and reliable power systems drives the demand for superconducting wires in this sector.
- Renewable energy integration: With the growing focus on renewable energy sources, such as wind and solar, there is a need for efficient energy storage and transmission technologies. Superconducting wires enable higher transmission capacities, reduced losses, and compact designs, making them suitable for integrating renewable energy into the grid. The push for clean energy solutions and the need for grid stability are driving the demand for superconducting wires in this sector.
- Healthcare and medical imaging applications: Superconducting wires play a crucial role in medical applications, particularly in magnetic resonance imaging (MRI) systems. The high magnetic field strength and stability provided by superconducting magnets enhance the image quality and diagnostic capabilities of MRI machines. The growing demand for advanced medical imaging technologies drives the market for superconducting wires in the healthcare sector.
Future Trends in the Market
- Advancements in high-temperature superconductors (HTS): HTS materials, which exhibit superconductivity at relatively higher temperatures, are expected to play a significant role in the future of the superconducting wire market. Research and development efforts are focused on discovering and engineering new HTS materials with improved performance, critical current densities, and ease of cooling. HTS wires have the potential to offer enhanced efficiency, reduced costs, and broader applications compared to low-temperature superconductors.
- Increasing use in renewable energy systems: Superconducting wires are anticipated to play a crucial role in the integration of renewable energy sources into the grid. They can enable efficient energy transmission from remote renewable energy generation sites, reduce transmission losses, and provide stability to the grid. As the adoption of renewable energy continues to grow, the demand for superconducting wires in this sector is expected to increase.
- Rise in energy storage applications: Superconducting wires have the potential to be used in energy storage applications such as superconducting magnetic energy storage (SMES) systems. These systems can store and release energy rapidly, making them ideal for grid stabilization, peak load management, and supporting renewable energy intermittency. The development of cost-effective and scalable energy storage solutions using superconducting wires is expected to drive future market growth.
- Increasing application in transportation: Superconducting wires have promising applications in transportation, including magnetic levitation (Maglev) trains, electric vehicles (EVs), and aerospace systems. The high current-carrying capacity, compactness, and lightweight properties of superconducting wires make them suitable for high-speed transportation systems and electric propulsion. As the demand for sustainable transportation solutions increases, superconducting wires are likely to find wider adoption in these areas.
- Growing demand in healthcare and medical imaging: Superconducting wire technology will continue to play a significant role in the healthcare industry, particularly in medical imaging applications such as MRI systems. Advancements in superconducting magnets can improve image quality, increase patient throughput, and enable new diagnostic capabilities. The demand for advanced medical imaging technologies and the ongoing need for more powerful and efficient MRI machines will drive the market for superconducting wires in healthcare.
- December 2022, The Bruker Energy & Supercon Technologies (BEST) division of Bruker and RI Research Instruments GmbH (RI) signed multi-year sales contracts of supply technology components for fusion projects in Asia and Europe. Bruker, concluded its BEST division, will provide its high-current density RRP superconductors for a tokamak fusion project in Asia.
- January 2022, American Superconductor declared that it had completed the delivery of its high-temperature superconductor (HTS)-based ship protection system to be deployed on the San Antonio class of amphibious transport dock ship USS Fort Lauderdale (LPD-28).
|The market size value in 2023||USD 1,300 Mn|
|Revenue Forecast by 2032||USD 3,178 Mn|
|Growth Rate||CAGR Of 9.6%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
Frequently Asked Questions
Q: What is the current size of the Superconducting Wire Market?
A: The Global Superconducting Wire Market size is USD 1,300 Mn in 2022.
Q: What is the projected growth rate for the Superconducting Wire Market?
A: The Superconducting Wire Market is expected to grow at a CAGR of 9.6% from 2023 to 2032.
Q: What are some of the key players in the Superconducting Wire Market?
A: Some of the key players in the Superconducting Wire market include Fujikura Ltd., Furukawa Electric Co. Ltd., Superconductor Technologies Inc., American Superconductor, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH, Japan Superconductor, Fuji Electric, Other Key Players
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