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The high temperature superconducting wires market size is estimated to grow at a CAGR of 9.33% between 2022 and 2027. The market size is forecast to increase by USD 258.64 million. The growth of the market depends on several factors, including the increased adoption of high temperature superconducting wires in medical applications, the development of smart grids, and the growing demand for power electronics.
This high temperature superconducting wires market report extensively covers market segmentation by type (second generation HT superconductors wires, and first generation HT superconductors wires), application (healthcare, electronics, R&D, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for power electronics is notably driving the market growth, although factors such as compliance with regulations may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for power electronics is the key factor driving the growth of the global high temperature superconducting wires market. Power electronics help convert electrical energy into efficient power systems. The increasing demand for power electronics in many end-use industries is accelerating the adoption of high temperature superconducting wire. Power electronics play an important role in controlling the electronics of automobiles such as modern electric power steering, automobile main inverter, etc. In automotive electronics, high temperature superconducting wire helps overcome heat problems and improve fuel efficiency.
In the aerospace and defense industry, the demand for power electronics is high. This is because of the increased benefits such as being lightweight, easier maintenance, more controllability, and fault detection intelligence that power electronics offer. Superconducting materials generally carry out the energy conversions of generators used in aircraft. However, to reduce output losses by handling high temperatures, aircraft and military manufacturers are incorporating superconducting power electronic systems. This is because the systems can withstand higher voltages and deliver higher output. Thus, growing demand for power electronics will drive the growth of the market during the forecast period.
Increasing interest in quantum computing is the primary trend in the enterprise indoor global high temperature superconducting wires market. Quantum computing consists of 1, 0, and superposition of 1 and 0. These bits are known as qubits, short for quantum bits. Superconducting loop technology dominates quantum computing. This technology uses superconducting loops to develop qubits that are manipulated by electromagnetic signals. IBM has used this technology to develop a 5-qubit quantum computer. The current has two different strengths indicating two different states. They can also be at both levels simultaneously. Four superconducting loops are connected to the central main loop, resulting in an additional set of operations for passing information between the loops.
Moreover, the superconducting loop technology has been commercialized since it has been used in the D-Wave systems quantum computers. This has generated interest in technology among other market participants. Google and Intel have focused on developing more efficient superconducting loops technology to allow qubits to remain in their quantum state for longer. Thus, the increasing use of high temperature superconducting wires in quantum computers will drive market growth during the forecast period.
Compliance with regulations is a major challenge to the growth of the global high temperature superconducting wires market. Electrical wire and cable manufacturers are required to comply with various safety rules and regulations for the installation of power cable systems. These regulations are scripted and decided by regulatory bodies such as the American National Standards Institute (ANSI), the International Electrotechnical Commission (IEC), and the Institute of Electrical and Electronics Engineers (IEEE). The rules vary depending on the circuit voltage, temperature rating, and environmental conditions.
Moreover, complying with these rules and regulations, as well as complying with specific wire manufacturing standards, is a major challenge for vendors in the global high temperature superconducting wire market. This is because they are forced to manufacture the same product with different technical specifications. Therefore, established standards and regulations in the manufacture of products affect the profit margins of suppliers. These factors will challenge the growth of the global high temperature superconducting wire market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global High Temperature Superconducting Wires Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Superconductor Corp.:- The company offers high temperature superconducting wires such as Amperium brass, copper, and stainless steel wires.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the second generation HT superconductors wires segment will be significant during the forecast period. Second generation high temperature superconductor wires are in the form of a metal tape of around 10 mm width and about 100 mm thickness, coated with superconductor materials such as YBCO. High temperature superconductors permit an intermediate phase where external magnetic fields can extend the material as vortexes. These types of superconductors can also operate in higher fields.
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The second generation HT superconductors wires segment was valued at USD 180.59 million in 2017 and continued to grow until 2021. Second-generation high-temperature superconducting wires will enable the delivery of energy-efficient, high-power-density electricity, facilitating the development of clean power generation, transmission, storage, and conversion. Advances in manufacturing technology have made second-generation high-temperature superconducting wires more attractive to the power transmission industry. These high temperature superconducting wires are known for their various characteristics, such as extremely low resistance and immense power-carrying capacity, and true potential of transforming the entire power network and bringing about an exponentially more powerful and virtually `loss-free' future for the power industry. Such factors will positively impact the growth of the second generation high temperature superconducting wires segment of the global high temperature superconducting wires market during the forecast period.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Increasing investment in the development and growth of renewable energy sources is the major reason driving the growth of the Asia Pacific high temperature superconducting wire market. APAC governments are investing heavily in the development of high voltage power grids. For instance, in September 2022, Adani Electricity Mumbai Infra Limited partnered with Hitachi Energy to supply up to 1000 MW of electricity to the city with the help of Hitachi's new high-voltage direct-current (HVDC) transmission system. These investments will lead to the procurement of new equipment, which will require an extensive number of high temperature superconducting wires. This will drive the growth of the market in the region during the forecast period.
COVID-19 negatively impacted the high temperature superconducting wires market in APAC. However, in 2021, due to the large-scale COVID-19 vaccination drives carried out by the governments of several countries, such as India, China, and Japan, many end-user industries, such as energy generation and transmission, automotive and electronics witnessed an increase in demand for high temperature superconducting wires. As these industries widely use superconducting wires, the demand for high temperature superconducting wires from these industries increased with growing sales. In addition, the rise in the demand for new technologies from automotive OEMs will drive the growth of the regional high temperature superconducting wires market during the forecast period.
The high temperature superconducting wires market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global high temperature superconducting wires market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of smartphones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
High Temperature Superconducting Wires Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.33% |
Market growth 2023-2027 |
USD 258.64 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
8.46 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Superconductor Corp., Bruker Corp., Fujikura Ltd., Furukawa Electric Co. Ltd., High Temperature Superconductors Inc., Hitachi Ltd., Innova Superconductor Technology Co. Ltd., Japan Superconductor Technology Inc., MetOx Technologies Inc., Southwire Co. LLC, Sumitomo Electric Industries Ltd., SuNam Co. Ltd., Supercon Inc., and THEVA Dunnschichttechnik GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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