NEW
YORK, July 25, 2024 /PRNewswire/ -- The global
high temperature superconducting wires market size is estimated to
grow by USD 307.8 million from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 10.09% during the forecast period. Increased adoption
of high temperature superconducting wires in medical applications
is driving market growth, with a trend towards growing adoption of
renewable energy. However, high cost of high temperature
superconducting wires poses a challenge. Key market players include
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.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Second generation
HT superconductors wires and First generation HT superconductors
wires), Application (Healthcare, Electronics, R and D, and Others),
and Geography (APAC, North America, Europe, South America, and
Middle East and Africa)
|
Region
Covered
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
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
|
Key Market Trends Fueling Growth
The renewable energy sector has experienced significant growth
due to increasing global adoption and government incentives.
According to the International Energy Agency (IEA), renewables
accounted for 25% of the world's electricity generation in 2018,
with this figure projected to reach almost 30% by 2023. Renewable
energy sources, including wind, geothermal, solar, biomass, and
waste, have gained popularity due to their environmental
sustainability and affordability. High temperature superconducting
wires have become essential components in renewable energy systems,
particularly in wind turbines. These wires offer benefits such as
higher efficiency, specific output power, compactness, and
increased resources. Two main concepts for designing
superconducting wind turbine generators are fully superconducting
machines and partially superconducting machines. In fully
superconducting machines, both the rotor and stator windings are
superconducting, while in partially superconducting machines,
superconducting wires are used for field excitation windings. The
demand for high temperature superconducting wires in renewable
energy sources is expected to drive the growth of the global high
temperature superconducting wires market during the forecast
period.
The High Temperature Superconducting (HTS) Wires market is
experiencing significant growth due to increasing demand in various
sectors. In the energy sector, HTS wires offer improved power
efficiency and reduced energy losses in transformers and electric
motors, making them a preferred choice for capacity addition in
power generation and distribution. The medical sector benefits from
HTS wires in MRI scanners, CT scans, magnetic resonance
spectrometers, and particle beam therapy, enhancing diagnostic
accuracy and patient care. The defense sector utilizes HTS wires
for advanced applications, including motors and generators, while
the automotive industry explores their use in electric vehicles for
increased efficiency and performance. Research institutions
continue to invest in HTS wires for developing new technologies and
applications. HTS wires are manufactured using advanced metal
alloys, primarily Niobium-Titanium, and are available as
high-temperature superconducting cables, including warm dielectric
and cryogenic dielectric types. The market's growth is driven by
the increasing demand for energy efficiency, urbanization, and the
development of smart cities. The manufacturing cost and raw
materials are under constant review to ensure affordability and
competitiveness. HTS wires' high conductivity and load capacities
make them ideal for use in transformers, electric motors, wind
turbines, and other applications. The utility segment and renewable
industry, particularly wind energy farms, are key markets for HTS
wires, with energy generation and distribution benefiting from
their superior performance. The market is expected to continue
growing as new applications and industries discover the advantages
of HTS wires.
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Market Challenges
- The high temperature superconducting wires market has witnessed
significant attention due to their potential applications in
various industries, particularly in renewable energy generation.
However, the high cost of these wires, which is approximately
USD300-USD400/kA-m, poses a significant challenge to
their widespread adoption. This cost represents over half the
expense of the device in which the wire is integrated, making it a
substantial investment. Despite the potential benefits of high
temperature superconducting wires in refrigeration systems, such as
smaller and more efficient cooling systems, their high cost has
limited their market penetration. The theoretical performance
advantages of these wires in refrigeration systems have yet to be
proven in practice, further hindering investment in this market.
Vendors are focusing on developing cost-effective high temperature
superconducting solutions to address these challenges. The success
of these efforts will be crucial in driving the growth of the
global high temperature superconducting wires market during the
forecast period.
- High-temperature superconducting wires are revolutionizing the
power industry by enabling more efficient power transmission and
distribution. These wires, which can carry large currents with
minimal energy loss, are crucial for high-capacity addition in the
utility segment and renewable industry. However, challenges remain,
such as the need for cryogens like liquid nitrogen for
cooling, and the high cost compared to conventional wires. In power
transmission, high-temperature superconducting cables offer
significant advantages, including increased conductivity and load
capacities. In the renewable industry, these cables are essential
for wind energy farms, both onshore and offshore, where
long-distance power transmission is necessary. Superconducting
technologies also have applications in motors and generators,
nuclear fusion reactors, particle accelerators, and MagLev trains.
However, the lack of expertise and economies of scale in
high-temperature superconducting wire production pose challenges.
Despite these challenges, the benefits of high-temperature
superconducting wires are significant. They offer cost-efficiency
and improved performance in various industries, from power
transmission infrastructures to transportation, medical
diagnostics, and electric vehicles. A consortium of companies and
researchers is working on developing warm dielectric and cryogenic
dielectric cables to reduce the need for cryogens. Meanwhile,
advancements in superconducting technology continue to push the
boundaries of what is possible, from temperature superconducting
cable for transmission lines to applications in DEMO Fusion Reactor
and MagLev trains. In conclusion, high-temperature superconducting
wires offer significant advantages in various industries, but
challenges remain in terms of cost, expertise, and cryogenic
cooling. Ongoing research and development efforts aim to address
these challenges and unlock the full potential of this promising
technology.
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challenges - Download a Sample Report
Segment Overview
This high temperature superconducting wires market report
extensively covers market segmentation by
- Type
- 1.1 Second generation HT superconductors wires
- 1.2 First generation HT superconductors wires
- Application
- 2.1 Healthcare
- 2.2 Electronics
- 2.3 R and D
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Second generation HT superconductors wires- The High
Temperature Superconducting (HTS) Wires Market is experiencing
significant growth due to increasing demand for energy-efficient
solutions in various industries. HTS wires offer lower energy loss
and higher current carrying capacity compared to traditional wires.
Key players in the market include General Electric, Sumitomo
Electric Industries, and American Superconductor. HTS wires find
applications in power transmission, MRI systems, and industrial
motors. Market growth is driven by factors such as government
initiatives for renewable energy and advancements in HTS wire
technology.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Superconducting Magnetic Energy Storage (SMES) market
is set for significant growth due to increasing energy storage
needs and advancements in superconducting materials. The global
Wire Bonder Equipment market is driven by the rising demand for
semiconductor devices, essential in various electronic
applications. Meanwhile, the global Smart Grid Sensors market is
expanding rapidly, fueled by the need for efficient energy
management and the integration of IoT in power grids. Key players
are investing in innovative technologies to enhance performance and
reliability across these markets.
Research Analysis
High-temperature superconducting (HTS) wires are revolutionizing
the energy sector with their ability to conduct large electrical
currents with minimal energy loss at relatively higher temperatures
compared to conventional wires. HTS wires are used in various
applications, including power transmission and distribution cables
for enhancing power efficiency. Unlike traditional cryogenic cables
that require liquid nitrogen cooling, HTS wires can operate with
warm dielectric or cryogenic dielectric insulation. HTS cables have
significant potential in power transmission infrastructures,
offshore wind farms, motors, and various industries such as
superconducting technologies for MagLev trains, nuclear fusion
reactors, particle accelerators, and research facilities in the
energy, medicine, research, defense, automotive sectors, and more.
HTS wires are typically made of metal alloys like Niobium-Titanium,
making them a valuable investment for the future of power
transmission and energy efficiency.
Market Research Overview
High-temperature superconducting cables (HTS cables) are
revolutionizing power transmission and distribution, offering
increased conductivity and load capacities compared to conventional
wires. HTS cables operate at warmer temperatures, reducing the need
for expensive cryogens like liquid nitrogen. Two main types exist:
warm dielectric cables and cryogenic dielectric cables. HTS cables
are used in various industries, including power transmission,
distribution, motors, and generators, particularly in the utility
segment and renewable industry. They are essential for wind energy
farms, both onshore and offshore, enabling capacity addition with
greater efficiency. Superconducting technologies are also used in
MagLev trains, nuclear fusion reactors, particle accelerators, and
more. HTS cables offer cost-efficiency and economies of scale but
require expertise in manufacturing and handling. The energy sector,
medicine sector, research sector, defense sector, and automotive
sector are potential markets for HTS cables. HTS cables are made of
metal alloys like Niobium-Titanium and are used in transformers,
electric motors, wind turbines, and other applications.
Urbanization and smart cities also present opportunities for HTS
cables in electric devices, medical equipment, automobiles, and
standard testing facilities. HTS cables are cooled using helium or
nitrogen cooling and offer significant power efficiency advantages
over conventional wiring.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- 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
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
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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