Superconductor Wires Market: Current Analysis and Forecast (2022-2028)

Superconducting wires and cables are employed in many application fields, from NMR and MRI magnets to high-field magnets for test equipment, nuclear fusion devices, or accelerators, where low-temperature superconductors are typically used. Currently, high-temperature superconductors such as yttrium barium copper oxide (YBCO) tend to offer greater advantages over copper and aluminum such as higher maximum current densities and zero power dissipation. Superconducting wires are also used in transformers, power storage devices, smart grids as well as in electric motors.

Factors such as the rise in the need for superconducting wires across medical, industrial processing, transportation, research, and electronics & communication will act as an opportunity for market growth. Additionally, synergies of applications of high voltage transmission and increased efficiencies are likely to increase the demand for superconductor cables also other electrical equipment based on this technology.

Based on the type, the superconductor wire market is segmented into high temperature, low, and medium temperature. The high-temperature semiconductor wire captured a substantial share of the global superconductor wire market. As they offer a greater advantage over copper and aluminum such as higher maximum current densities and zero power dissipation. In addition, high-temperature materials cannot reduce the overall cost, they improve the mass performance of superconducting magnets and lower the cost of cryogenics.

Based on application, the superconductor wire market is segmented into energy, medical, industry, and research. The medical segment caters considerable market share. It is mainly owing to its growing demand for superconductor-based MRI systems and advancement in computer chip designing technology leading to higher demand for superconductors are the major drivers for the growth of the global superconducting wire market. Moreover, these superconducting power transmission cables are compact and can transmit a large amount of electric power. Superconducting wires can be used for various applications including high-field magnet applications and nuclear magnetic resonance (NMR) & magnetic resonance imaging (MRI) magnets.

For a better understanding of the market adoption of the superconductor wire market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the increasing demand for energy-efficient and cost-effective electrical devices. In addition, the usage of superconductors in automobiles is expected to rise too due to their ability to increase the speed of vehicles at very high velocities with less resistance from the atmosphere. This also results in lesser fuel consumption leading to cost saving in the long run. Moreover, the world's major Superconducting Wire manufacturers are located in Japan and supply these wires across the world, thus escalating the market size of superconductor wires. Moreover, the use of superconductors in the region as static field magnets is also rising due to their 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 electronic goods into China.

Some of the major players operating in the market include: American Superconductor, Fujikura Ltd., Furukawa Electric Co. Ltd., Superconductor Technologies Inc., Bruker Corporation, Eaton, Sumitomo Electric Industries, Superox, Theva Dunnschichttechnik GmbH and Siemens AG.