Superconducting Wire Market worth $1.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 28, 2023 /PRNewswire/ -- Superconducting Wire Market is projected to reach USD 1.7 billion in 2028 from USD 1.1 billion in 2023 at a CAGR of 9.2% according to a new report by MarketsandMarkets™. 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.

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Superconducting Wire Market Scope:

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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Superconducting Wire Market Dynamics:

Drivers:

1. Growing demand for superconductor-based magnetic resonance imaging (MRI) systems
2. Rising implementation of superconducting wires over conventional wires
3. Expansion of offshore wind farms using superconducting technologies

Restraints:

1. High operating expenses at low voltage (power distribution)
2. Lack of technical know-how related to superconducting technology

Opportunities:

1. Increased research and development (R&D) in medical and transportation sectors
2. Increasing research investments for superconducting wires

Challenges:

1. High manufacturing costs of superconductors
2. Lack of standard testing facilities for superconductors

Key Market Players:

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.

Recent Developments

• In December 2022, The Bruker Energy & Supercon Technologies (BEST) division of Bruker and RI Research Instruments GmbH (RI) received multi-year sales contracts to supply technology components for fusion projects in Europe and Asia. Bruker, through its BEST division, will provide its high-current density RRP superconductors for a tokamak fusion project in Asia.
• In January 2022, American Superconductor announced that it has 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).
• In August 2021, Commonwealth Edison (ComEd), a US-based electric utility, and American Superconductor announced the successful integration of American Superconductor's REG system, which utilizes high-temperature superconductor wire to enhance the reliability, resiliency, and performance of the electric power grid.

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