Newark, May 20, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.17 billion in 2023 global superconducting wire market will reach USD 2.91 billion by 2033. Superconducting wires are critical in developing high-field magnets for fusion energy research and commercialization. Projects such as ITER (International Thermonuclear Experimental Reactor) and SPARC (SPARC Prototype of the ARC) rely on superconducting magnets to generate and confine plasma at temperatures exceeding 100 million degrees Celsius. As advancements in fusion energy technology progress, there will be a growing demand for high-performance superconducting wires to support these initiatives. Furthermore, superconducting wires are integral to quantum computing systems, offering low-loss interconnects and stable qubit control. The rapid growth of the quantum computing industry presents significant opportunities for superconducting wire manufacturers. As research and development in quantum computing continue to accelerate, there will be increasing demand for superconducting wires optimized for quantum information processing applications.
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Scope of Superconducting Wire Market
| Report Coverage | Details |
| CAGR | 9.54% from 2024 to 2033 |
| Market Size in 2023 | USD 1.17 Billion |
| Market Size by 2033 | USD 2.91 Billion |
| Largest Market | Europe |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Type, Application, Sales Channel |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Additionally, superconducting wires are essential for developing high-speed transportation systems such as maglev (magnetic levitation) trains. Maglev technology offers faster travel times, reduced energy consumption, and enhanced safety compared to conventional rail systems. As governments invest in high-speed rail projects and sustainable transportation solutions, there will be opportunities for superconducting wire manufacturers to supply critical components for maglev systems. Besides, superconducting power cables offer advantages such as higher power carrying capacity, reduced losses, and compact installation compared to conventional cables. The deployment of superconducting power cables in urban areas and underground transmission networks presents opportunities for market expansion. As utilities seek to upgrade ageing infrastructure and improve grid efficiency, there will be increasing demand for superconducting power cable solutions.
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Key Insight of the global Superconducting Wire market
Asia Pacific is expected to witness the highest market growth over the forecast period.
Asia Pacific is experiencing rapid economic growth, driven by developing nations such as India, China, and Southeast Asia. This growth leads to increased industrialization, urbanization, and infrastructural development, driving the demand for reliable and efficient electrical infrastructure, including Superconducting Wire. In addition, many countries in the region prioritize adopting renewable power sources to reduce CO2 emissions and combat climate change. Superconducting Wire is crucial in integrating renewable power sources such as wind and solar power into the grid, managing their intermittency and ensuring grid stability. The increasing deployment of renewable energy projects in the region is expected to drive the demand for Superconducting Wire. Most importantly, the Asia Pacific region is home to leading manufacturers and innovators in the electrical equipment industry. Continuous advancements in technology, such as improvements in insulation materials, digitalization, and smart grid solutions, drive innovation in Superconducting Wire. Manufacturers in the region are investing in research and development to develop more efficient, reliable, and cost-effective Superconducting Wire solutions tailored to the specific needs of the Asia Pacific market.
In 2023, the high-temperature superconductor (HTS) segment dominated the market with the largest share of 56.14% and revenue of 0.65 billion.
The type segment is divided into low-temperature superconductor (LTS), medium-temperature superconductor (MTS) and high-temperature superconductor (HTS). In 2023, high-temperature superconductor (HTS) segment dominated the market with the largest share of 56.14% and revenue of 0.65 billion.
In 2023, the energy segment dominated the market with the largest share of 42.04% and revenue of 0.49 billion.
The application segment is classified into energy, medical, research, industry and others. In 2023, the energy segment dominated the market with the largest share of 42.04% and revenue of 0.49 billion.
In 2023, the direct segment dominated the market with the largest share of 67.81% and revenue of 0.79 billion.
The sales channel segment includes direct and indirect. In 2023, the direct segment dominated the market with the largest share of 67.81% and revenue of 0.79 billion.
Advancement in market
In July 2023: MetOx announced it is establishing a new facility in Houston (Texas, USA) dedicated to producing 1,000 kilometers of superconducting tape annually. Through partnerships with leading cable and transformer manufacturers, innovative utilities, and developers in the United States, we are committed to accelerating the integration of HTS technology across the American grid.
In January 2022: American Superconductor has announced the successful delivery of its HTS (high-temperature superconductor)- based ship protection system for deployment on the USS Fort Lauderdale (LPD-28), a member of the San Antonio class of amphibious transport dock ships.
Market Dynamics
Driver: Increasing adoption in healthcare and scientific research.
Superconducting wires have become indispensable in various cutting-edge technologies, notably magnetic resonance imaging (MRI) machines, particle accelerators, and other scientific instruments. These wires can generate powerful magnetic fields while minimizing energy loss, making them highly sought-after in medical diagnostics and scientific research. The burgeoning need for advanced medical diagnostics and innovative scientific exploration drives the increasing adoption of superconducting wires in these sectors. By leveraging the unique properties of superconductors, such as the expulsion of magnetic flux (the Meissner effect) and zero electrical resistance, MRI machines can produce high-resolution images of internal body structures with unparalleled clarity and precision. Additionally, particle accelerators rely on superconducting wires to generate intense magnetic fields for manipulating and accelerating subatomic particles to velocities approaching the speed of light, enabling fundamental discoveries in particle physics and related fields. Utilizing superconducting wires in these critical applications underscores their pivotal role in advancing medical technology and scientific inquiry. As demand grows for more sophisticated diagnostic tools and experimental apparatus, the prominence of superconducting wires is expected to escalate further, driving ongoing innovation and development in these domains.
Restraint: Infrastructure and compatibility issues.
The transition to superconducting technology often entails a fundamental shift in the design and operation of electrical systems, as conventional components may need to be optimized to exploit the amazing properties of superconductors. This aspect necessitates careful planning and engineering to ensure seamless integration without compromising system performance or reliability. Additionally, the specialized cryogenic cooling systems required to maintain superconducting temperatures further add to the complexity and cost of implementation. Moreover, the need to retrofit or upgrade infrastructure requires substantial investment and introduces logistical challenges and potential disruptions to ongoing operations. This factor may entail downtime, reconfiguration of existing components, and coordination with various stakeholders to minimize the impact on productivity and service delivery. Such disruptions can be particularly concerning for industries where uninterrupted operation is paramount, such as healthcare, manufacturing, and transportation.
Opportunity: Integration into space exploration and aerospace.
One prominent application of superconducting wires in space exploration is magnetic shielding. These wires can create powerful magnetic fields that deflect or mitigate the harmful effects of cosmic radiation and charged particles encountered during space travel. By enveloping spacecraft in magnetic fields generated by superconducting coils, it becomes possible to shield sensitive electronics, vital crew members, and scientific instruments from the detrimental impacts of space radiation, thereby safeguarding both human and robotic missions. Furthermore, superconducting wire technology offers promising advancements in spacecraft propulsion systems. Superconducting magnets can be employed in electromagnetic propulsion systems, such as ion thrusters and magnetic sails, to efficiently and precisely control spacecraft trajectory and velocity. By leveraging superconducting coils to generate intense magnetic fields, spacecraft can achieve higher speeds with reduced energy consumption than conventional propulsion methods, enabling faster and more cost-effective interplanetary travel. Additionally, superconducting wires can revolutionize energy storage solutions in space missions. Superconductors' high energy density and low loss properties make them ideal candidates for storing and distributing electrical power onboard spacecraft. By integrating superconducting coils into energy storage systems, such as flywheels or magnetic energy storage devices, spacecraft can efficiently capture, store, and utilize solar or nuclear power for extended missions. This aspect enables prolonged exploration of distant planets and celestial bodies.
Challenge: Complexity of manufacturing processes.
The production of superconducting wires entails intricate manufacturing processes, each vital for achieving the desired properties and performance. These processes include thin-film deposition, sintering, and wire drawing. Thin-film deposition is a crucial initial step in superconducting wire fabrication. This process involves precision-depositing superconducting materials onto substrates. Techniques such as physical vapour deposition (PVD) or chemical vapour deposition (CVD) are commonly used to achieve uniformity in thickness and composition across the deposited layers. Any parameter deviation can impact the wire's superconducting properties and overall quality. Sintering follows thin-film deposition and is pivotal in consolidating the deposited materials into a dense and cohesive structure. The substrate and deposited layers undergo controlled heating in specific atmospheres during sintering. This process facilitates the formation of crystalline structures within the material, optimizing its superconducting characteristics. Maintaining consistent sintering conditions ensures uniformity in critical parameters like temperature and current density. Wire drawing is the final step in transforming the sintered material into the desired wire form. This process involves pulling the material through progressively smaller dies to reduce its diameter while maintaining its structural integrity. Controlling parameters such as temperature, strain rate, and die geometry is crucial to prevent defects and ensure uniformity in wire dimensions and properties. However, ensuring consistent quality and performance across large-scale production runs presents significant challenges.
Some of the major players operating in the global Superconducting Wire market are:
• American Superconductor Corporation
• ASG Superconductors SpA
• Bruker Corporation
• Eaton Corporation PLC
• Epoch Wires Ltd.
• Fuji Electric Co., Ltd.
• Fujikura Ltd.
• Furukawa Electric Co., Ltd.
• Japan Superconductor Technology Inc.
• LS Cable & System Ltd.
• MetOx Technologies, Inc.
• Nexans SA
• Phoenix Contact
• Superconductor Technologies Inc.
• Sumitomo Electric Industries, Ltd.
• Superox
• Theva Dunnschichttechnik GmbH
Key Segments cover in the market:
By Type
• Low-temperature Superconductor (LTS)
• Medium-temperature Superconductor (MTS)
• High-temperature Superconductor (HTS)
By Application
• Energy
• Medical
• Research
• Industry
• Others
By Sales Channel
• Direct
• Indirect
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion) and volume (Meters). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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