Superconducting Wire Market Size Worth $2.97 Billion By 2032 | CAGR: 9.6%

Superconducting Wire Market Size Worth $2.97 Billion By 2032 | CAGR: 9.6%

The global superconducting wire market size is expected to reach USD 2.97 billion by 2032.The report “Superconducting wire Market Share, Size, Trends, Industry Analysis Report, By Type (Low-temperature superconductor (LTS), Medium-temperature superconductor (MTS); By End-use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Wires made of superconducting composite materials are known as superconducting cables. They can be used for high-efficiency power transmission with little current crowding and loss of energy. Because they lose less heat, the wire has a lower temperature than a standard conductor. The increased cooling capabilities enable the use of thinner wires and, as a result, smaller conductors while also increasing the maximum power rating.

Higher efficiency would help reduce environmental harm and energy consumption by reducing transmission losses and enabling better management of supply peaks and troughs. Due to its simplicity of manufacture, steel tape containing tin oxide could replace copper conductors in a power wire and reduce costs.

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Superconductors have found multiple applications, such as nuclear energy, medical diagnostics, and transportation. Multiple nuclear energy-related projects involving the development of particle accelerators and nuclear reactors are ongoing in various parts of the world, such as Europe, the US, and Japan. One of the largest energy projects is the International Thermonuclear Experimental Reactor (ITER) in France, which has a high requirement for superconducting wire for the coil magnet. Its success can lead to the development of more fusion reactors across the world, leading to high demand for superconductors for this application. Investment in research into the use of superconducting wires in electric vehicles has also grown recently. For instance, in June 2022.

Superconducting wire Market Report Highlights

  • Low-temperature superconductor segment is expected to be the largest market during the forecast period. Growing demand for superconductor-based magnetic resonance imaging (MRI) systems are expected to drive the market for low-temperature superconductor.
  • The energy segment is expected to be the fastest during the forecast period. The market for the energy sector is anticipated to be driven by the expansion of offshore wind farms that make use of superconducting technologies.
  • Europe is expected to dominate the market followed by North America and Asia Pacific. Increasing investments in the nuclear fusion-based research, and growing efforts on decarbonization of the transportation sector, especially in Europe region is driving the market for this region.
  • Some of the major players operating in the global market include American Superconductor Corporation, Bruker Corporation, Furukawa Electric Co., Ltd., Fujikura Ltd., Superconductor Technologies Inc., Eaton Corporation PLC, Theva GmbH, Japan Superconductor Technology Inc., Fuji Electric Co., Ltd., Phoenix Contact

Polaris Market Research has segmented the superconducting market report based on type, end use and region:

Superconducting wire, Type Outlook (Revenue - USD Billion, 2019 - 2032)

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

Superconducting wire, End use Outlook (Revenue - USD Billion, 2019 - 2032)

  • Medical
  • Energy
  • Transportation
  •  Research
  • Others

Superconducting wire, Region Outlook (Revenue - USD Billion, 2019 - 2032)

  • Asia Pacific
  • Europe
  • North America
  •  Rest of the World