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The high temperature superconducting wires market size is estimated to grow by USD 307.8 million at a CAGR of 10.09% between 2023 and 2028. The market's growth hinges on several critical factors. Firstly, the increased adoption of high-temperature superconducting wires in medical applications, such as MRI scanners and particle beam therapy, drives demand for their superior efficiency and performance. Secondly, the development of smart grids leverages these wires' capabilities to enhance energy transmission and distribution efficiency. Lastly, the growing demand for power electronics, including electric vehicles and renewable energy systems, underscores the need for advanced superconducting technologies. These factors collectively propel the market for high-temperature superconducting wires, fostering innovation in energy infrastructure and supporting sustainable development goals. As industries continue to integrate these technologies, they play a pivotal role in modernizing electrical grids and meeting evolving global energy demands efficiently.
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The market is witnessing significant growth due to the increasing demand for energy-efficient power transmission solutions. High-temperature superconducting cables offer advantages such as reduced energy loss during power transmission and higher current-carrying capacity compared to conventional wires. These cables can operate at temperatures above the boiling point of liquid nitrogen, making them more practical for large-scale power transmission applications. Two main types of high-temperature superconducting cables are Warm dielectric cable and Cryogenic dielectric cable. Warm dielectric cables operate at temperatures close to room temperature, while Cryogenic dielectric cables require cooling with liquid nitrogen. High-temperature superconducting wires find applications in various sectors such as Power transmission and distribution, Motors, Offshore wind farms, and Superconducting technologies for MagLev trains, Nuclear fusion reactors, Particle accelerators, and other research applications. The market is driven by the need for power efficiency and the increasing demand for renewable energy sources. The use of metal alloys like Niobium-Titanium in superconducting wires further enhances their performance and market potential. The market is expected to grow significantly in the Energy sector, Medicine sector, Research sector, Defense sector, and Automotive sector in the coming years. Our researchers analyzed the data with 2023 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 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 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 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 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 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 market during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, 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 market growth and forecasting strategies.
Customer Landscape
Companies 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 14 market companies, including:
Qualitative and quantitative analysis of companies 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 companies 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 195.30 million in 2018. 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 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.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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High-temperature superconducting wires have gained significant attention in the power industry due to their ability to transmit electricity with minimal loss. These wires, which operate at temperatures above the boiling point of liquid nitrogen, are a game-changer in power transmission and distribution cables. In the power transmission sector, high-temperature superconducting cables offer increased conductivity, higher load capacities, and cost-efficiency compared to conventional wires. The utility segment, particularly in the renewable industry, is a major market for high-temperature superconducting wires. Wind energy farms, both onshore and offshore, are benefiting from these advanced wires for capacity addition. In the distribution segment, cryogenic dielectric cables and warm dielectric cables are used to enhance power transfer efficiency. Motors and generators also utilize high-temperature superconducting wires for improved performance and cost savings.
Further, superconducting technologies are being explored in various applications, including transmission lines for power grids, DEMO Fusion Reactors, MagLev trains, nuclear fusion reactors, particle accelerators, and medical diagnostics. Despite the advantages, the market faces challenges such as the need for cryogens and the lack of expertise in handling and installing these advanced wires. However, economies of scale and continuous research and development are expected to drive the market growth. In conclusion, high-temperature superconducting wires are revolutionizing power transmission infrastructures, offering increased conductivity, cost savings, and improved performance in various industries, including power transmission, renewable energy, transportation, and medical diagnostics.
In addition, the market is poised for growth driven by advancements in energy generation and distribution technologies. Wires based on materials like Yttrium Barium, Copper Oxide cables and Strontium Calcium Copper Oxide cables are crucial for enhancing power transmission efficiency in applications such as transmission lines and wind turbine drive trains. These cables support onshore wind capacity and solar power generation capacity, meeting increasing electricity demands in smart cities. Research and development grants facilitate innovations in temperature superconducting cables, enabling applications in MRI systems and particle beam therapy. With benefits like reduced energy loss and enhanced transmission capabilities, high-temperature superconducting wires are pivotal in achieving sustainable energy solutions and improving the performance of electric devices and medical equipment.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.09% |
Market Growth 2024-2028 |
USD 307.8 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
8.92 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, Japan, Germany, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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