Superconducting Wire Market by Type (Low-temperature Superconductor, Medium-temperature Superconductor, High-temperature Superconductor), End User (Energy, Medical, Transportation, Research), Sales Channel and Region - Global Forecast to 2028
[179 Pages Report] The global superconducting wire market is estimated to grow from USD 1.1 billion in 2023 to USD 1.7 billion by 2028. It is expected to record a CAGR of 9.2% during the forecast period. Rising implementation of superconducting wire over conventional wires, and expansion of offshore wind farms using superconducting technologies are the major driving factor for the superconducting wire market.
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Superconducting Wire Market Dynamics
Driver: Rising implementation of superconducting wires over conventional wires
Superconductivity has been proven to reduce energy losses for transmitting a large amount of energy over long distances with smaller infrastructure development than conventional wire setups. High-temperature superconducting wires in cables, fault current limiters, transformers, and generators have made it possible to ensure minimum losses while transferring power compared to conventional wires. Superconductors also save capital investments required for building overhead transmission systems and electromagnetic interferences, which are necessary for conventional wires, as high-temperature superconducting wires are laid on or below ground.
Countries are planning to upgrade their power transmission infrastructures with superconducting cables to minimize energy and monetary losses during power transmission by conventional wires. Furthermore, the use of low-temperature superconductors in MRI and NMR systems is projected to enhance image clarity, compared to their conventional counterparts, owing to the higher field strength. With the increasing population, the requirement for energy-efficient and fast public modes of transportation has witnessed healthy growth. The development of MagLev trains and the utility of high-temperature superconducting wires for these trains is expected to propel development in the future. Low-temperature superconducting wires are also used in nuclear fusion reactors and particle accelerators to ensure that the energy particles do not hit the reactor walls, as they tend to have a greater magnetic field than conventional wires. Many projects have been initiated globally to research and develop superconducting wires in different applications.
Restraint: Lack of technical know-how related to superconducting technology
Most of the power transmission lines worldwide are equipped with conventional wiring. Superconducting wires are still undergoing constant research and development to achieve the required cost-efficiency and economies of scale. They have a low market penetration. Moreover, there is a lack of expertise in maintenance and technical know-how related to superconducting technology in the energy sector. Due to the above factors, the government of several countries and some private players are reluctant to invest and adopt this technology, leading to slowed demand in the market. Furthermore, most of the applications, such as Maglev, fusion reactors, airborne generators, rocket propulsion, high-field magnets, and generators, are still in the initial product development phase with high efforts in the discovery of new superconducting materials.The lack of user experience in superconducting wires is hampering their reliability.
Opportunities: Increasing research investments for superconducting wires
There is extensive research going on in the field of superconductors. 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 massive 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. In recent times, research investment in utilizing superconducting wires in electric vehicles has also increased. For instance, in June 2022, Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) announced the development of a prototype superconducting motor using superconducting wires to meet the needs of the mobility sector. This superconducting motor has a maximum output of 2 MW, is lightweight, has high-output density and high-speed rotation, and can be used for large mobility applications. The company anticipated commercializing this technology by the late 2020s. Other research and development efforts in Magnetic levitation for the transportation and medical sectors are also anticipated to provide lucrative opportunities for the market players during the forecast period.
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.
Furthermore, superconductors require the cryogenic system to ensure consistent cooling. Though the initial cost of low-temperature superconductors is comparatively low, they generally use helium cooling, enhancing their operational costs. On the other hand, high-temperature superconductors use nitrogen cooling, which is cheaper compared to helium. This leads to extra capital, operation, and maintenance costs for the end-users leading to lower demand. Reducing the cost of this cryogenic system is also a big challenge faced by the superconductor industry.
Market Trends
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Low-temperature superconductor segment, by type, is expected to be the largest market during the forecast period
This report segments the superconducting wire market based on type into three types: low-temperature superconductor, medium-temperature superconductor, and high-temperature superconductor. The low-temperature superconductor is ecpected 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.
By End User, the energy segment is expected to be the fastest during the forecast period
This report segments the superconducting wire market based on end user into five segments: energy, medical, transportation, research, and others. Energy segment is expected to be the fastest segment during the forecast period. Expansion of offshore wind farms using superconducting technologies is expected to drive the market for energy segment.
“Europe”: The largest superconducting wire market”
Europe is expected to dominate the superconducting wire market between 2023–2028, 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.
Key Market Players
The superconducting wire market is dominated by a few major players that have a wide regional presence. The major players in the superconducting wire market are Sumitomo Electric Industries, Ltd. (Japan), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Bruker (US), and American Superconductor (US). Between 2018 and 2022, Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the superconducting wire market.
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- Latest News, Updates & Trend analysis
Report Metric |
Details |
Market size available for years |
2020–2028 |
Base year considered |
2022 |
Forecast period |
2023–2028 |
Forecast units |
Value (USD Million/Billion) |
Segments covered |
Superconducting wire market by type, end user, sales channel, and region. |
Geographies covered |
Asia Pacific, North America, Europe, and RoW |
Companies covered |
SUMITOMO ELECTRIC INDUSTRIES, LTD (Japan), Fujikura Ltd. (Japan), FURUKAWA ELECTRIC CO., LTD. (Japan), Bruker (U.S), AMERICAN SUPERCONDUCTOR (U.S), NEXANS (France), LS Cable & System Ltd. (South Korea), Kiswire Advanced Technology Co., Ltd. (South Korea), MetOx Technologies, Inc. (U.S), Sam Dong (South Korea), THEVA Dünnschichttechnik GmbH (Germany), Firmetal Group (China), SuperOx (Russia), ASG Superconductors spa (Italy), Supercon Inc. (U.S), Western Superconducting Technologies Co,Ltd. (China), Hyper Tech Research, Inc. (U.S), LUVATA (Finland), JAPAN SUPERCONDUCTOR TECHNOLOGY, INC. (JASTEC) (Japan), and AMPeers LLC (U.S) |
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
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.
Frequently Asked Questions (FAQ):
What is the current size of the superconducting wire market?
The current market size of the superconducting wire market is USD 0.9 billion in 2022.
What are the major drivers for the superconducting wire market?
Rising implementation of superconducting wire over conventional wires, and expansion of offshore wind farms using superconducting technologies are the major driving factor for the superconducting wire market.
Which is the largest region during the forecasted period in the superconducting wire market?
Europe is expected to dominate the superconducting wire market between 2023–2028, 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.
Which is the largest segment, by type during the forecasted period in the superconducting wire market?
The low-temperature superconductor is ecpected 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.
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The study involved major activities in estimating the current size of the superconducting wire market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the superconducting wire market involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, Factiva, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect information useful for a technical, market-oriented, and commercial study of the superconducting wire market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The superconducting wire market comprises several stakeholders such as superconducting wire manufacturers, manufacturing technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for superconducting wire in, energy, medical, transportation, research, and other end-user industries. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the superconducting wire market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
- The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Superconducting wire Market Size: Bottom-Up Approach
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Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Objectives of the Study
- To define, describe, segment, and forecast the superconducting wire market based on type, end user, sales channel, and region.
- To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze the micromarkets1 with respect to individual growth trends, future expansions, and the contribution to the market
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
- To forecast the growth of the superconducting wire market with respect to the main regions (Asia Pacific, Europe, North America, and RoW)
- To strategically profile key players and comprehensively analyze their market rankings and core competencies2
- To track and analyze competitive developments in the superconducting wire market, such as contracts & agreements, investments & expansions, new product developments, and mergers & acquisitions
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Product Analysis
- Product Matrix, which provides a detailed comparison of the product portfolio of each company
Company Information
- Detailed analyses and profiling of additional market players
Growth opportunities and latent adjacency in Superconducting Wire Market