Superconducting Wire Market Anticipated to Reach $1.7 billion by 2028, Witnessing a CAGR of 9.2% During 2023 to 2028

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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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.

Challenges: High manufacturing costs of superconductors

The cost of manufacturing superconductors is very high due to their material composition, making it commercially unviable, leaving less possibility of commercial application, and limiting it to a niche market. Presently, high-temperature superconductors cost extremely high compared with low- and medium-temperature superconductors. Reducing this cost is a major challenge faced by the manufacturers, which has limited the number of buyers in the market, reducing the ability to achieve economy of scale. The discovery of new superconductors that can be mass manufactured at a low cost can reduce the costs of many superconducting equipment.

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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.

This research report categorizes the superconducting wire market by type, end user, sales channel, and region.

On the basis of by type:

Low-temperatur superconductor (LTS)
Medium-temperature superconductor (MTS)
High-temperature superconductor (HTS)

On the basis of end user:

Medical
Energy
Transportation
Research
Others

On the basis of sales channel:

Direct
Indirect

On the basis of region:

Asia Pacific
Europe
North America
Rest of the World

The superconducting wire 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.

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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).

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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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