High Temperature Superconductor Wire Market

SKU: DM2461 | Last Updated On: Nov 08 2022 | Available Formats

>High Temperature Superconductor Wire Market Expected to reach a high CAGR By 2029:

High Temperature Superconductor Wire Market is segmented By Product Type (High-Temperature Superconductor Wire industry, Rare earth-Barium-Copper Oxide, Bismuth-Strontium-Calcium-Copper-Oxygen, others), By Application (Energy, Healthcare, Electronics, Aerospace, Others), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

High-Temperature Superconductor Wire Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

High-Temperature Superconductor Wire Market

Metrics

Details

Market CAGR

 High

Segments Covered

By Product Type, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

To Get a Free Sample Click here

High-Temperature Superconductor (HTS) Wires are electrical wires which are made of materials that have zero resistivity when they reach below a high critical temperature. For instance, YBCO (Yttrium Barium Copper Oxide) was the first true high-temperature superconductor discovered in 1987, with a critical temperature of around 91K.

High Temperature Superconductor Wire Market Dynamics

The market is driven by the rising demand for high-temperature superconductor wire for commercial technology used in a wide range of applications like a power grid, for high voltage and current transmission due to surge infrastructure development.

Rising demand for Superconductor wire for commercial technology

Superconductors are primarily used for their property of conducting current with almost zero resistance and minimizing the power consumption to a great extent. Of the two types of semiconductors, HTS is preferred over LTS because of its high critical temperature above the boiling point of liquid nitrogen, and it is becoming increasingly popular in the superconductor field. SQUID (Superconducting Quantum Interference Device), one of the small-scale applications of HTS, is a magnetometer. It is so extremely sensitive that it can detect magnetic fields 100 billion times smaller than the Earth's field, and it can also detect any other physical quantity that can be converted to a magnetic flux.   According to the Semiconductor Industry Associations, worldwide sales of semiconductors materials like a high-temp superconductor and copper wire were $41.8 billion in April 2021, an increase of 1.9% from the March 2021 total of $41.0 billion and 21.7% more than the April 2020 total of $34.4 billion.

And as per the Organization of Economic Co-operation and Development (OECD), the global investment in the power sector is projected to reach around USD 16.9 trillion by 2035, with an average increase of USD 675 billion annually.

According to International Energy Agency’s World Energy Investment Report 2021, the annual global energy investment is expected to rise to $1.9 trillion in the current year, increasing nearly 10% from 2020 and bringing the total volume of investments back towards pre-pandemic levels.

Rise in the research and development of superconducting materials.

There is rise in the researches for improving the efficiency and simplifying the application of superconductors. For instance, in a report published by Florida State University, April 2021, their researchers have discovered a innovative way to improve the performance of electrical wires used as high-temperature superconductors (HTS), the discoveries from the research have the potential to power a new generation of particle accelerators.

There is also a rise in the research and development of new semiconducting materials based on various materials like thorium, silicon, etc may create a huge opportunity for the growth of the high-temperature semiconducting wire market. For instance, on 7th November 2019 in collaboration with the Moscow Institute of Physics and Technology, Ivan Troyan of the Institute of Crystallography of RAS and Artem Oganov of Skoltech has been developed a new superconducting material naming thorium decahydrate (ThH10), which can sustain very high critical temperature up to 161 Kelvin.

Covid-19 Impact Analysis

The global pandemic had caused a lockdown and a temporary shutdown of industries in various developed and developing countries causing a negative impact on the supply and demand chain. The HTS Wire market was not indifferent to the effects of the crisis. However, the focus on developing renewable and efficient energy sources has been heightened during the pandemic. For instance, According to the International Energy Agency (IEA), large-scale investment to boost the development and of renewable energy technologies should be on the list of plans the governments around the world has for recovering the economy. It will bring the twin benefits of stimulating economies and accelerating clean energy transitions.

High Temperature Superconductor Wire Market Segment Analysis

The Global High-Temperature Superconductor Wire Market is segmented based on product type, application, and region.

In terms of product type the global High-Temperature Superconductor Wire market is bifurcated into Rare earth - Barium - Copper Oxide (ReBCO), Bismuth - Strontium - Calcium - Copper – Oxygen(BSCCO) , and others. Among these Rare earth - Barium - Copper Oxide wire has the highest share due to its excellent 2D uniformity of critical current carrying capacity and used in the manufacturing of long lengths 2G (second generation) high-temperature semiconducting wires. Superconducting wire manufacturers are switching to ReBCO compounds as they are superior superconductors offering better performance in a magnetic field and improved mechanical properties - all at a lower cost.

In a press release from KIT (Karlsruhe Institute of Technology), 2019 they reported that they had manufactured a new cable called the High-temperature Superconductor Cross Conductor (HTS CroCo) which can be used at minus 196 degrees Celsius (77 K), whereas other superconductor wires usually need to be cooled down to 269 degrees. As per the report, this was made possible by using ReBCO.

Similarly, Bismuth - Strontium - Calcium - Copper – Oxygen segment is also growing at a faster pace owing to increasing demand for energy transmission as its current carrying capacity is 100 times more as compared to the conventional copper wires. 

High Temperature Superconductor Wire Market Geographical Analysis

By region, the global high-temperature superconductor wire market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global high-temperature superconductor wire market and is expected to grow at the highest CAGR during the forecasted period due to the presence of advanced technology and surge in energy demand followed by European region.

As per the International Energy Agency, many countries have been making investments in renewable energy like solar power, wind power, and many others. For instance, for the year United States government has been allocated USD 55 billion packages for renewable energy development and transmission. Thus, to distribute and transmit the electricity high-temperature superconductor wire saves a lot of power.

An instance of technological advancement is the fact that the world’s first In-Grid High-Temperature Superconducting Power Cable System project called the Albany Project was energized in Albany, New York, USA.

High Temperature Superconductor Wire Market Competitive Analysis

The global high-temperature superconductor wire market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition making it difficult for new entrants. Furukawa Electric Co., Ltd., Nexans, Metal Oxide Technologies, Bruker Corporation, American Superconductor Technologies, and SUNAM are the leading market players with significant market share.

Major players are receiving launching new technology materials and growing industrial investments may create huge demand for high-temperature superconductor wire during the forecast period.

For instance, in a research paper published by MIT in Oct 2020, Commonwealth Fusion Systems an MIT-based company had developed and extensively tested an HTS cable technology that can be scaled and engineered into high-performance magnets. This technology aims to generate fusion in compact devices on a shorter period and lower cost than alternative approaches.

For instance, AMSC has been received an order of around USD 11 Million for D-VAR System for providing voltage regulation which requires connecting wind power plants to the electric grid.

Since renewable energy power demands is also a factor that drives the HTS wire market, companies are investing in more efficient power system. For instance, American Superconductors, leading players, in June 2021 has ordered a new power system worth $19 million dollars

Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 3rd April 2019, Bruker Corporation has been acquired Rave Company for the expansion of the semiconductor mask repair and cleaning business.

Frequently Asked Questions

What is the Projected CAGR value of the High Temperature Superconductor Wire Market?

High-Temperature Superconductor Wire Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Which region controlled the global market during 2022-2029?

North America region Controls the High Temperature Superconductor Wire Market during 2022-2029

Which is the fastest growing region in the High Temperature Superconductor Wire Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period 

Trending Topics

Wireless Microphones Market

Wireless Mouse Market

Wireless Charging Market

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report

20% Discount Applied*



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest