Global Superconducting Wire Market - Forecasts from 2021 to 2026

The global superconducting wire market is estimated to be worth US$1,043.736 million in 2019.

Superconducting wires are electrical wires made of superconductive material. When cooled below their transition temperatures, they have zero electrical resistance. These wires are used in many diverse application fields such as NMR and MRI magnets, high field magnets for test equipment, nuclear fusion devices, or accelerators.

The increasing efficiency and improved transmission capabilities being provided by the latest superconducting materials are driving the market growth. In addition, the increased healthcare spending and flourishing healthcare industry will strengthen the market growth of the superconducting wires. According to CMS, 2020, the United States health care spending grew up 4.6% in 2019, reaching $3.8 trillion or $11,582 per person in 2020. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7% of the total GDP. The surge in healthcare spending will in turn accelerate the demand for superconductor-based MRI systems, globally.

Moreover, the booming automotive industry will further contribute to the market growth as the superconducting wires are extensively used in the industry as the superconducting coil provides a high magnetic flux density and delivers much higher torque than ordinary motors. Further, the rising demand from the electronics industry nationwide will bolster the market growth as these wires are widely used for offshore oil and gas platforms, electrical ships, electrical aircraft, or railway grids.

Also, the constant developments in the energy industry such as the development of smart cities, across the globe and the strict energy-efficiency standards imposed by the governing bodies will further proliferate the market growth.

Furthermore, the advancements in computer chip design technology and synergies of high voltage transmission application and high efficiency will subsequently drive the market growth during the forecast period.

Market Share Segmentation

By type, the high-temperature superconducting wires segment is expected to hold a dominant market share as these conductors require a cheaper cryogenic system for cooling the wire to attain superconductivity. By application, the automotive industry will grow at a high CAGR owing to the increasing use of superconducting wires in the automotive and transportation industry. Further, the flourishing scientific and medical equipment industry will hold a significant market owing to the surging demand for superconductor-based MRI systems, worldwide. Geographically, North America will account for the highest market share due to the early adoption of superconducting wires across industries and the extensive research and development related to superconductors in the region. Also, the Asia Pacific region will grow at a high CAGR owing to the flourishing healthcare, automotive, and electronics industry in the region.

Growth Factors

Increasing use across industries

The use of superconducting wires across diverse industries such as automotive, electronics, energy, medical and scientific equipment, etc. for multiple applications will drive the market growth during the forecast period. The superconducting wires have high efficiency due to which they are excessively being used across industries which have, in turn, surged their market demand, globally.

Restraints

High manufacturing and operating costs

The high manufacturing and operating costs associated with superconducting wires may impede the market growth during the forecast period. The small and medium manufactures may not be able to able to bear the high costs associated with the wires which may restraint the market growth. Also, the lack of skilled professionals in the industry may further hamper the market growth.

Impact of COVID-19 on the superconducting wire market

The Covid-19 pandemic negatively impacted the global superconducting wire market, as due to the lockdown and travel and trade restrictions imposed by the governments, worldwide the business operations of many industries such as automotive, electronics, aerospace & defense, energy, etc. were put to a halt which in turn declined the demand for superconducting wires in 2020 as the industries suffered huge losses. Also, due to the supply chain disruptions, the superconducting wires were unable to reach the end-user industry which further hampered the market growth. However, with the ease of restrictions and normalcy being restored, the market is expected to rebound during the forecast period. 

Competitive Insights

The market leaders for the global superconducting wire market consist of American Superconductor, Fujikura Ltd., Japan Superconductor Technology, Inc., Supercon, Inc., Furukawa Electric Co., Ltd., SuperOx, and THEVA Dünnschichttechnik GmbH. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors.

Segmentation:

By Type

• Low-Temperature superconducting wires
• Medium-Temperature superconducting wires
• High-Temperature superconducting wires

By Material

• Yttrium Barium Copper Oxide (YBCO)
• Bi-2212
• Bi-2223
• Others

By Application

• Electronics
• Energy
• Scientific and Medical equipment
• Automotive
• Others

By Geography

• North America
• USA
• Canadá
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• Indonesia
• Taiwan
• Thailand
• Others