Rising Demand for Superconducting Wire Market to Create Growth Opportunities

Rising Demand for Superconducting Wire Market to Create Growth Opportunities

What Are Superconducting Wires?

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.

Some of The Key Elements Considered During the Research

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.

  • Applications and Production Methods of Superconducting Wire:

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).

  • Growing Demand for Superconductors in MRI Systems:

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.

  • Opportunities for Superconducting Wires in Various Industries:

The growing demand for superconducting wires in research, electronics & communication, transportation, medicine, and industrial processing offers an opportunity for market expansion.

Types of Superconducting Wires

There are three main categories of superconducting wires, High-Temperature Superconducting (HTS) Wire, Medium Temperature Superconducting (MTS) Wire, and Low-Temperature Superconducting (LTS) Wire.

  1. High-Temperature Superconducting (HTS) Wire: These wires are coated conductors that transmit electricity very effectively below a certain temperature. These are made of ceramic materials and are highly manufactured by two methods, including First Generation (1G HTS) and Second Generation (2G HTS).
  2. Medium Temperature Superconducting (MTS) Wire: In this type of wire, magnesium diboride is commonly used. The material-building process involves melting magnesium and boron powders at magnesium’s melting temperature and creating and completing the wires.
  3. Low-Temperature Superconducting (LTS) Wire: Materials that function at 4 K or lower are referred to as low-temperature materials. Niobium titanium or niobium-tin are frequently used to make low-temperature superconducting wires.

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Important Notation

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.

Properties of Superconducting wires

Superconducting wires possess several notable properties, including:

  • Zero Electrical Resistance
  • High Critical Temperature
  • Strong Magnetic Field Capability
  • High Current Density
  • Low Energy Loss
  • Compact Size and Lightweight
  • Cooling Requirement

Leading Region

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.

Recent Development

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.

Future Growth of Superconducting Wire Market

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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