Superconducting wires are electric wires capable of transmitting more electrical current than copper wire of the same size. Made of superconductive material, these wires offer electricity transmission with the least amount of inefficiency, making them an attractive choice for crucial applications and energy production. They have limited electrical resistance when cooled below their transition temperatures. Superconductors do not require electromagnetic interferences or the financial outlays needed to build overhead transmission systems.
The global superconducting wire market was valued at USD 1.19 billion in 2022 and is expected to reach USD 2.97 billion at a CAGR of 9.6% during the forecast period.
Superconducting wire is used in scientific and medical equipment for high magnetic fields. High-temperature superconductors are made of ceramics and produced in two ways: First Generation (1G HTS) and Second Generation (2G HTS).
A rise in interest in MRI systems based on superconductors and computer chip design technology is driving the market growth. Synergy between high efficiency and high voltage transmission applications has led to increasing the demand for superconductor cables and other superconductor-based auxiliary electrical tools.
The growing demand for superconducting wires in research, electronics & communication, transportation, medicine, and industrial processing offers an opportunity for market expansion.
There are three main categories of superconducting wires, High-Temperature Superconducting (HTS) Wire, Medium Temperature Superconducting (MTS) Wire, and Low-Temperature Superconducting (LTS) Wire.
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By type superconducting wire market segmentation, the low-temperature superconductor category is anticipated to hold the largest share during the forecast period because these wires are significant in high-field magnet applications. Further, by end-use, the energy segment is predicted to grow at the fastest rate throughout the projected period.
Superconducting wires possess several notable properties, including:
Europe dominated the market in 2022
By geography, Europe accounted for the largest superconducting wire market share owing to the rising expenditures in fusion-based nuclear research as well as increased attempts to reduce the carbon footprint of transport, particularly in the region of Europe. Also, the growing interest in producing affordable products and the rising demand for extremely efficient electric motors are likely to boost regional market growth.
In December 2022, RI Research Instruments GmbH (RI) and the Bruker Energy & Supercon Technologies (BEST) subsidiary of Bruker were awarded multi-year sales contracts to provide technology components for fusion projects in Europe and Asia. A tokamak fusion project in Asia will use high-current density RRP superconductors from Bruker, provided by its BEST subsidiary.
Growing applications of these electric wires in various sectors, such as research, electronics, communication, transportation, medicine, and industrial processing, are expected to propel the market growth. The industry is predicted to create growth prospects for developments in multiple industries.
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