Superconducting Wire Market Latest Trends, Development, Growth Analysis And Forecast by 2028

According to a research report "Superconducting Wire Market by Type (Low-temperature Superconductor, Medium-temperature Superconductor, High-temperature Superconductor), End User (Energy, Medical, Transportation, Research), Sales Channel and Region - Global Forecast to 2028" published by MarketsandMarkets, the global superconducting wire market is projected to reach USD 1.7 billion by 2028 from an estimated USD 1.1 billion in 2023, at a CAGR of 9.2% during the forecast period.

Browse 138 market data Tables and 49 Figures spread through 179 Pages and in-depth TOC on "Superconducting Wire Market  - Global Forecast to 2028"

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A superconducting wire is an electrical wire made of superconductive material to transfer charge with negligible resistance. Superconductivity is the property of certain materials to conduct electricity without energy loss when they are cooled below a critical temperature. The reduction in energy loss during conduction has led to the commercialization of superconducting wires. Factors such as growing demand for Superconductor-based magnetic resonance imaging (MRI) Systems, rising implementation of superconducting wire over conventional wires, and expansion of offshore wind farms using superconducting technologies are driving the growth of the superconducting wire market.

 

The High-temperature superconductor, by type, is expected to grow at the highest CAGR during the forecast period.

Based on type, the superconducting wire market has been split low-temperature superconductor, medium-temperature superconductor, and high-temperature superconductor. High-temperature superconductor is expected to grow at the highest CAGR during the forecast period. Expansion of offshore wind farms using superconducting technologies is expected to drive the market for high-temperature superconductor segment

Direct segment, by sales channel , is expected to be largest segment during the forecast period

This report segments the superconducting wire market based on sales channel into two segments: direct, and indirect. Direct segment is expected to be the largest segment during the forecast period. As superconducting wire market is very niche market, most companies prefer a direct-to-consumer approach, which is expected to be the driving force for direct sales of superconducting wires.

Asia Pacific is expected to be the fastest-growing region in the superconducting wire market

Asia Pacific is expected to be the fastest-growing superconducting wire market during the forecast period. The increasing spending on energy and transportation infrastructure development in countries such as China, Japan, and South Korea is fueling the growth of the Asia Pacific superconducting wire market.

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Some of the major players in the superconducting wire market are Sumitomo Electric Industries, Ltd. (Japan), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Bruker (US), and American Superconductor (US). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

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Superconducting Wire Market Outlook 2021, Global Opportunity & Growth Analysis

[125 Pages Report] The superconducting wire market is expected to grow at a CAGR of 9.6% from 2016 to 2021, to reach a market size of USD 1,008.2 million by 2021. Growing demand for superconductor based MRI system and synergies of H.V. transmission application and high efficiencies are the major drivers of the superconducting wire market.

Browse 68 market data tables and 40 figures spread through 125 pages and in-depth TOC on “Superconducting Wire Market by Type (High Temperature Superconductors (First Generation and Second Generation), Low and Medium Temperature Superconductors), Application (Energy, Medical, Industry, Research), and Region - Global Forecast to 2021"

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The superconducting wire market is dominated by a few major players that have a wide regional presence and are established brand names. Leading players in the Superconducting Wire Market include American Superconductor Corporation (U.S.), Bruker Corporation (U.S.), Furukawa Electric Co., Ltd. (Japan), Fujikura Ltd. (Japan), and Superconductor Technologies Inc. (U.S.) has developed new products and implemented advanced production technology to bolster its product portfolio.

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The report segments the superconducting wire market by application into energy, medical, research, industry, and others application. The energy application segment is expected to grow at the fastest rate during the forecast period. Development of smart cities and strict energy-efficiency standards will likely to drive the overall energy segment, which is expected to create new revenue pockets for the superconducting wire market during the forecast period.

With regard to the type segment, HT superconductors are expected to constitute the fastest growing market from 2016 to 2021. This is because of cheaper cryogenic systems required for HT superconductor material which makes the superconductor devices cost effective. These are used in manufacturing of energy efficient superconducting cables and fault current limiters. In the research segment, it is used in large coil magnets for high energy physics experiments.  

The target audience of this report includes:

·         Government and Industry Associations

·         Superconducting Devices Manufacturing Companies

·         Investment and Consulting Firms

·         Process and Manufacturing Plants

·         State and National Regulatory Authorities

·         State or Government-Owned Corporations

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North America is expected grow at the highest CAGR during the forecast period. The region has been very active in the field of superconductivity since the beginning and is continuously making improvements in this technology to make it more feasible for the practical use. There are several research projects based on superconductors underway, in universities such as University of Houston, and Massachusetts Institute of Technology in the U.S. which have made several breakthroughs in superconductor technologies for applications such as medical, energy, and industrial.. High investments are being made in the region to commercialize superconductors and to exploit its advantages to the fullest.

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