The growth of the superconducting wire market is driven by growing demand for Superconductor-based magnetic resonance imaging (MRI) Systems. Expansion of offshore wind farms using superconducting technologies, and rising implementation of superconducting wire over conventional wires creates new opportunities for superconducting wire manufacturing companies
According to a new market research report, 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.
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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.
The global market based on their ranges of critical temperatures, superconductive materials such as NbTi, Nb3Sn, MgB2, YBCO, and BSSCO are used to develop low-, medium-, and high-temperature superconductors. Superconducting wires are utilized in various end-user industries, such as medical, energy transmission, nuclear energy, transportation, and automotive. Governments and companies are increasing investment in superconducting wires to minimize energy loss in power transmission and equipment such as MRIs and NMRs.
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 industry 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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Key Market Players
A limited number of global and regional players characterize the superconducting wire market. At the global level, competitors include American Superconductor Corporation (US), Bruker Corporation (US), Furukawa Electric Co Ltd. (Japan), and Fujikura Ltd. (Japan). Regional players include SuperOx (Russia) and Theva GmbH (Germany).
Objectives of the Study
- To define, describe, segment, and forecast the market based on type, end user, sales channel, and region.
- To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze the micromarkets1 with respect to individual growth trends, future expansions, and the contribution to the market
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
- To forecast the growth of the superconducting wire market with respect to the main regions (Asia Pacific, Europe, North America, and RoW)
- To strategically profile key players and comprehensively analyze their market rankings and core competencies2
- To track and analyze competitive developments in the market, such as contracts & agreements, investments & expansions, new product developments, and mergers & acquisitions
