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.
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.
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.
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.
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.
|Market size value in 2019||US$1,043.736 million|
|Growth Rate||CAGR of during the forecast period|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Material, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||American Superconductor, Fujikura Ltd., Japan Superconductor Technology, Inc., Supercon, Inc., Furukawa Electric Co., Ltd., SuperOx, THEVA Dünnschichttechnik GmbH|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global superconducting wire market?
A1. Superconducting Wire Market was valued at US$1,043.736 million in 2019.
Q2. Who are the major players in the superconducting wire market?
A2. The market leaders for the superconducting wire market consist of American Superconductor, Fujikura Ltd., Japan Superconductor Technology, Inc., Supercon, Inc., Furukawa Electric Co., Ltd., SuperOx, and THEVA Dünnschichttechnik GmbH.
Q3. How is the global superconducting wire market segmented?
A3. The superconducting wire market has been segmented by type, material, application, and geography.
Q4. What factors are anticipated to drive the superconducting wire market growth?
A4. The increasing efficiency and improved transmission capabilities being provided by the latest superconducting materials are driving the superconducting wire market growth.
Q5. Which region holds the largest market share in the superconducting wire market?
A5. Geographically, North America will account for the highest share of the superconducting wire market due to the early adoption of superconducting wires across industries and the extensive research and development related to superconductors in the region.
Japan Superconductor Technology, Inc.
Furukawa Electric Co., Ltd.
THEVA Dünnschichttechnik GmbH
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