Authored By: Sarah
11 Jul 2024

 High Temperature Superconducting Wires Market Size to grow by USD 307.8 million between 2024-2028

According to a research report “ High Temperature Superconducting Wires Market” by Type (Second generation HT superconductors wires, First generation HT superconductors wires) Application (Healthcare, Electronics, R and D, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 307.8 million, at a CAGR of  10.09% during the forecast period. The global high temperature superconducting wires market is experiencing significant growth due to the increasing demand for advanced medical devices and equipment. Superconducting magnets, which generate high magnetic fields, are essential components in medical devices, particularly Magnetic Resonance Imaging (MRI) systems. MRI manufacturers are continuously innovating to enhance the performance of their devices by increasing magnetic fields and reducing size. This demand for high-performance, robust, and cost-effective superconducting wires has accelerated the development of advanced alternatives in the market. Key players are focusing on improving the technology to cater to this growing need.

Browse market data tables, figures, and in-depth TOC on “High Temperature Superconducting Wires Market” by Type (Second generation HT superconductors wires, First generation HT superconductors wires) Application (Healthcare, Electronics, R and D, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Second generation HT superconductors wires segment is projected to dominate the market size in 2024

The High Temperature Superconducting Wires Market represents a significant growth opportunity for businesses, driven by the increasing demand for energy-efficient solutions and the advancement of HTS technology. Key players are investing in research and development to improve the performance and affordability of HTS wires, which could lead to widespread adoption in various industries, including power generation, transportation, and energy storage. The market is expected to grow at a robust rate, offering substantial revenue potential for businesses involved in its production and application.

By Application, Healthcare  segment is expected to hold the largest market size for the year 2024

The High Temperature Superconducting (HTS) Wires Market represents a significant growth opportunity for businesses, driven by the increasing demand for energy-efficient solutions and the advancement of HTS technology. HTS wires enable electricity to flow with zero resistance at higher temperatures, leading to substantial energy savings and increased power transmission capacity. Market growth is further fueled by the expanding applications in various industries, including power generation, transportation, and energy storage. Businesses can capitalize on this trend by investing in HTS wire manufacturing, research and development, or integration into their products and services.

APAC is forecasted to hold the largest market size by region in 2024

The High Temperature Superconducting (HTS) Wires Market represents a significant growth opportunity for businesses due to the increasing demand for energy-efficient and low-loss power transmission solutions. HTS wires enable electricity to flow with zero resistance at higher temperatures, reducing energy losses and improving power system efficiency. Market growth is driven by the expanding renewable energy sector, increasing electricity demand, and advancements in HTS technology. Businesses investing in HTS wire manufacturing and implementation can reap substantial benefits from this emerging market trend.

The High Temperature Superconducting Wires Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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.
  • THEVA Dunnschichttechnik GmbH
.

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Research Analysis Overview

The High Temperature Superconducting (HTS) Wires market is witnessing significant growth due to the increasing demand for energy efficiency and the ability of HTS wires to conduct large currents with minimal energy loss. HTS wires are primarily made of Niobium-Titanium metal alloys, which allow superconductivity at higher temperatures compared to low-temperature superconductors. The automotive sector, defense sector, research sector, medicine sector, and energy sector are some key end-users of HTS wires. In the automotive sector, HTS wires are used in motors to improve power efficiency and reduce emissions. In the defense sector, they are used in various applications, including particle accelerators and nuclear fusion reactors. In the research sector, HTS wires are used in MagLev trains and superconducting technology for scientific research. The energy sector is the largest end-user of HTS wires, with applications in power transmission infrastructures, offshore wind farms, and distribution cables. Conventional wires lose a significant amount of energy due to resistance during power transmission, but HTS wires can transmit power with minimal energy loss. HTS wires come in different types, including cryogenic and warm dielectric cables. Cryogenic cables require cooling with liquid nitrogen, while warm dielectric cables operate at temperatures above -140°C. HTS wires have various applications, including power transmission, motors, and superconducting technologies, making them a versatile solution for various industries.

Market Research Overview

The High Temperature Superconducting Wires (HTS) market is experiencing significant growth due to its application in various sectors including energy distribution and generation, medical equipment, automobiles, and electric devices. HTS wires are made of high-temperature superconductors, such as Niobium-Titanium and metal alloys, which allow for superconductivity at higher temperatures than traditional low-temperature superconductors. This eliminates the need for expensive cryogenic cooling systems like nitrogen or helium, making HTS wires more cost-efficient. HTS wires are used in particle beam therapy, magnetic resonance spectrometers, CT scans, MRI scanners, and other medical diagnostic equipment. In the energy sector, they are used in power transmission infrastructures, wind turbines, electric motors, transformers, and nuclear energy. The automotive sector uses HTS wires in MagLev trains and electric vehicles for improved power efficiency and transportation. The HTS wire market is driven by the demand for power efficiency, superconducting technology, and the growing renewable industry. However, the lack of expertise and economies of scale in HTS manufacturing can limit market growth. Standard testing facilities and consortiums are being established to address these challenges and increase cost-efficiency. Applications of HTS wires include temperature superconducting cables for transmission lines, cryogenic dielectric cables, and warm dielectric cables for distribution cables. The market for HTS wires is expected to grow significantly in the coming years due to the increasing demand for power transmission, especially in onshore wind farms and offshore wind capacity. The utility segment, including generators and motors, is also a significant market for HTS wires. In conclusion, the High Temperature Superconducting Wires market is poised for growth due to its applications in various sectors, including energy, medical, automotive, and electric devices. The market is driven by the demand for power efficiency, superconducting technology, and the growing renewable industry. However, challenges such as the lack of expertise and economies of scale need to be addressed to increase market growth.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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