Global superconducting wire market projected to reach $2.89 billion by 2033, led by HTS segment.

From GlobeNewswire: 2024-07-05 22:00:00

The global superconducting wire market is projected to grow from USD 1.2 billion in 2023 to USD 2.89 billion by 2033 at a CAGR of 9.19%. Superconducting wires conduct electricity without resistance at low temperatures, allowing for efficient power transmission in applications like maglev trains and MRI equipment.
The high-temperature superconductor (HTS) segment is expected to dominate the market, offering increased reliability and efficiency in electrical systems. Superconducting wires in the energy sector reduce energy losses during transmission, lowering costs and enhancing grid reliability.
Europe is poised to lead the global superconducting wire market, thanks to robust R&D infrastructures and government support for scientific research. Meanwhile, Asia Pacific is expected to see rapid growth driven by rising disposable incomes and urbanization, with countries like South Korea, China, Japan, and India making significant contributions.
The industry faces challenges with the high cost of production techniques, hindering widespread adoption. However, leading vendors such as American Superconductor Corporation and Fujikura Ltd. are driving innovation through partnerships, mergers, and product development to enhance market competitiveness.
Recent developments include MetOx International’s expansion of HTS wire production, aimed at advancing energy generation, distribution, and medical device technologies. The global superconducting wire market is segmented by type (LTS, MTS, HTS), application (energy, medical, research, industry), sales channel, and region, offering insights for strategic decision-making.



Read more at GlobeNewswire: Global Superconducting Wire Market Size To Worth USD 2.89