The Global High-Temperature Superconductor Wire Market is expected to grow at a high CAGR during the forecasting period (2021-2028).
High-Temperature Superconductor (HTS) Wires are electrical wires which are made of materials that have zero resistivity when they reach below a high critical temperature. For instance, YBCO (Yttrium Barium Copper Oxide) was the first true high-temperature superconductor discovered in 1987, with a critical temperature of around 91K.
The market is driven by the rising demand for high-temperature superconductor wire for commercial technology used in a wide range of applications like a power grid, for high voltage and current transmission due to surge infrastructure development.
Rising demand for Superconductor wire for commercial technology
Superconductors are primarily used for their property of conducting current with almost zero resistance and minimising the power consumption to a great extent. Of the two types of semiconductors, HTS is preferred over LTS because of its high critical temperature above the boiling point of liquid nitrogen, and it is becoming increasingly popular in the superconductor field. SQUID (Superconducting Quantum Interference Device) , one of the small scale applications of HTS , is a magnetometer. It is so extremely sensitive that it can detect magnetic fields 100 billion times smaller than the Earth’s field, and it can also detect any other physical quantity that can be converted to a magnetic flux. According to the Semiconductor Industry Associations, worldwide sales of semiconductors materials like high-temp superconductor and copper wire were $41.8 billion in April 2021, an increase of 1.9% from the March 2021 total of $41.0 billion and 21.7% more than the April 2020 total of $34.4 billion.
And as per the Organization of Economic Co-operation and Development (OECD), the global investment in the power sector is projected to reach around USD 16.9 trillion by 2035, with an average increase of USD 675 billion annually.
According to International Energy Agency’s World Energy Investment Report 2021, the annual global energy investment is expected to rise to $1.9 trillion in the current year, increasing nearly 10% from 2020 and bringing the total volume of investments back towards pre-pandemic levels.
Rise in the research and development of superconducting materials.
There is a rise in the researches for improving the efficiency and simplifying the application of superconductors. For instance, in a report published by Florida State University, April 2021, their researchers have discovered an innovative way to improve the performance of electrical wires used as high-temperature superconductors (HTS), the discoveries from the research have the potential to power a new generation of particle accelerators.
There is also a rise in the research and development of new semiconducting materials based on various materials like thorium, silicon, etc may create a huge opportunity for the growth of the high-temperature semiconducting wire market. For instance, on 7th November 2019 in collaboration with the Moscow Institute of Physics and Technology, Ivan Troyan of the Institute of Crystallography of RAS and Artem Oganov of Skoltech has been developed a new superconducting material named thorium decahydrate (ThH10), which can sustain very high critical temperature up to 161 Kelvin.
By Product Type
Rare earth-Barium-Copper Oxide
By region, the global high-temperature superconductor wire market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global high-temperature superconductor wire market and is expected to grow at the highest CAGR during the forecasted period due to the presence of advanced technology and surge in energy demand followed by Europe region.
As per the International Energy Agency, many countries have been making investments in renewable energy like solar power, wind power, and many others. For instance, for the year United States government has been allocated USD 55 billion packages for renewable energy development and transmission. Thus, to distribute and transmit the electricity high-temperature superconductor wire saves a lot of power.
The global high-temperature superconductor wire market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition making it difficult for new entrants. Furukawa Electric Co., Ltd., Nexans, Metal Oxide Technologies, Bruker Corporation, American Superconductor Technologies, and SUNAM are the leading market players with significant market share.
Major players are receiving launching new technology materials and growing industrial investments may create huge demand for high-temperature superconductor wire during the forecast period.
For instance, in a research paper published by MIT in Oct 2020, Commonwealth Fusion Systems an MIT-based company had developed and extensively tested an HTS cable technology that can be scaled and engineered into high-performance magnets. This technology aims to generate fusion in compact devices on a shorter period and lower cost than alternative approaches.