Global Superconducting Wire Market

Superconducting Wire Market Size, Share, Growth Analysis, By Type Sub-SegmentsLow and Medium Temperature Superconductors, High Temperature Superconductors, First Generation HT Superconductors, and Second-Generation HT Superconductors(Energy, Medical), By Application(Niobium-Titanium, Niobium-Tin) - Industry Forecast 2024-2031

Report ID: SQMIG10A2041 | Region: Global | Published Date: March, 2024
Pages: 175 | Tables: 71 | Figures: 72

Superconducting Wire Market Insights

Global Superconducting Wire Market size was valued at USD 1186.13 million in 2022 and is poised to grow from USD 1,300 million in 2023 to USD 2706.62 million by 2031, growing at a CAGR of 9.6% in the forecast period (2024-2031).

Superconductors have found many applications, such as nuclear power, medical research, and transportation. Many nuclear power projects are going on with small accelerator and nuclear reactors in different parts of the world like Europe, US, Japan etc. One of the biggest power projects is the International Thermonuclear Experimental Reactor (ITER) in France -Reactors can be manufactured, resulting in a high demand for superconductors for this application. Recently, there has also been an increase in research on overvoltage wiring for electric vehicles. For example, in June 2022, Toshiba Energy System Solutions Corporation (Toshiba ESS) announced the development of a prototype superconductor motor using superconductor cables to meet the mobility sector needs for this technology.

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Superconducting Wire Market size was valued at USD 1186.13 million in 2022 and is poised to grow from USD 1,300 million in 2023 to USD 2706.62 million by 2031, growing at a CAGR of 9.6% in the forecast period (2024-2031).

The competitive environment of the Superconducting Wire Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority. 'Fujikura Ltd.', 'Furukawa Electric Co. Ltd.', 'Superconductor Technologies Inc.', 'American Superconductor', 'Sumitomo Electric Industries', 'Superox', 'Theva Dunnschichttechnik GmbH', 'Japan Superconductor', 'Fuji Electric', 'ASG Superconductors SpA', 'Bruker Corporation', 'California Fine Wire Co.', 'Chubu Electric Power Co., Inc.', 'Cutting Edge Superconductors, Inc.', 'Eaton Corporation PLC', 'Epoch Wires Ltd.', 'Firmetal Group Fujikura Ltd.'

Increasing investment in superconductivity related activities is driving the market CAGR for superconducting wire. Conduits are generally made of niobium and titanium. When frozen below the transition zone, it has no motion resistance. Furthermore, high-temperature materials such as YBCOP tend to outperform copper and aluminum materials. Because the latter is the current quantity with no energy loss. Like magnets, high-conductivity wires are commonly used in research and medical devices. As the importance of computer chip technology increases, so the market for cables also increases.

Superconducting cables are made of composite materials that exhibit superconductivity. It can be used for energy efficiency with no loss of power and no interruption of electricity supply. Because their heat loss is less, and the temperature of the wire is lower than that of a normal conductor. Higher cooling rates increase the maximum power output and enable the use of thinner conductors and, consequently, smaller conductors. Alternative methods of conducting electricity are going to be used worldwide to meet the growing demand for electricity with minimal losses.

The Asia-Pacific region in the superconducting wire market is expected to grow at a rapid pace during the forecast period. This is attributed to several conductor wire developments in recent years, including general statements, new product launches, and acquisitions primarily in Asia-Pacific Moreover, China dominates the market share of superconducting wire market. The Asia Pacific region, especially countries such as China, Japan and South Korea, is experiencing rapid industrialization and urbanization. This leads to a demand for advanced technologies, including high-permeability pipelines, for applications in healthcare, transportation, and energy. Countries like Japan and South Korea are known to be leaders in advanced manufacturing technology. They play a key role in the production of high-strength cables, contributing to supply and market growth.

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Global Superconducting Wire Market

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