Superconducting Materials Market Assessment, By Product Type [High Temperature Superconductor, Less Temperature Superconductor, Liquid Cooled Superconductors], By Element Type [Copper, Brass, Stainless Steel, Others], By Application [Magnetic Resonance Im

Superconducting Materials Market Assessment, By Product Type [High Temperature Superconductor, Less Temperature Superconductor, Liquid Cooled Superconductors], By Element Type [Copper, Brass, Stainless Steel, Others], By Application [Magnetic Resonance Imaging, Nanomaterials, Vehicle Bearings, Power Transmission Cables, Others], By End-user [Healthcare, Transportation, Textile Industry, Electric Power Grids, Others], By Region, Opportunities and Forecast, 2016-2030F

Global superconducting materials market size was valued at USD 2.07 billion in 2022, expected to reach USD 4.6 billion in 2030, with a CAGR of 10.5% for the forecast period between 2023 and 2030. The development and advancement in materials has led to the introduction of superconducting materials. The growing market in healthcare, energy, and transportation has significantly driven the technologies spectrum for superconducting materials.

High temperature superconductors are used for round conductors and solenoid applications in healthcare and electrical sectors. Superconducting magnetic systems are truly reliable and deliver high performance by ensuring safety parameters, used as current limiters and in lead applications. Superconductor magnetic bearing is used in high-speed textile and processing machines to run dynamic yarn processing effectively. Resilient electric grid is developed using advanced superconducting materials using high power medium voltage cable technology.

Incorporation of Superconducting Materials in Developing Electric Grid and Distribution System

Considering the objective of net zero goals transport, heating and similar industries need to be electrified during the upcoming years. Superconducting cables are potentially great to transmit humongous electricity in a small space for congested urban grids. Superconducting cables transform urban power by eliminating heating, electric and magnetic fields. High temperature superconductors make power grid units and transmission cables by providing cryogenic compound insulation, usually liquid nitrogen surrounding the cable.

Brass metal is extensively used in high-current AC or DC applications like power transmission and distribution without affecting the voltage and providing high strength and stability. Copper metal find the application in power dense coils for developing synchronous motors, generators, and magnets. The market for superconducting materials can be emphasized as its incorporation in building resilience electrical power grid and distribution network.

The European Commission has executed an action plan for 2022 for “Digitalization of the energy system” to invest around USD 633 billion by 2030 to develop an advanced European electricity grid. China has already implemented measures to modernize and enhance the power grid system by investing USD 442 billion from 2021 to 2025. The United States commenced the Grid Resilience Innovative Partnership (GRIP) program in 2022 with a funding amount of USD 10.5 billion with the objective to upgrade and expand grid networks.

Superconducting Materials to Augment the Technology of Magnetic Resonance Imaging

The conventional equipment for performing magnetic resonance imaging usually takes around 1-2 hours, but with the introduction of superconducting materials, the MRI examination time has come down to minutes. Superconductivity is considered important for MRI scanning devices that assist in creating unprecedented views of structures deep inside the human body. Conventional MRI with novel elements, like magnesium and titanium, can generate magnetic fields at higher rates. For instance, Hitachi has exceptionally developed a 1.1-m-diameter magnesium bromide superconducting magnet where the time required to perform MRI examinations is 10 minutes. All modern MRI scanners are equipped with niobium-titanium (NbTi) superconducting materials with multiple NbTi microfilaments embedded in a copper core. These advanced MRI scanners provides superior soft-tissue imaging to assist doctors in predicting various diseases like cancer, Alzheimer, trauma injury, etc.

Japan has the highest density of magnetic resonance imaging (MRI) units, accounting for over 55 units per every million of its population, followed by the United States and Germany. Siemens in Germany has commenced a whole-body MRI scanner Magentom Free Star that is enabled with AI-based technology that generates superior image quality.

Applications of Superconducting Materials as a Magnetic Bearing in Textile Machines

Cooled superconductors require an additional positioning system, which is significantly replaced by superconductor magnetic bearings in a stable position. Shock-staple yarn production is progressively achieved by the ring spinning technique operating at a maximum speed of 25,000 rpm and is widely adopted across the textile industry. The SMBs are used as twist elements that comprise a rotating permanent-magnetic ring that handles the yarn twisting. The problem of friction-induced heat generation in the ring-traveler twist element during ring spinning is overcome through superconductive magnetic bearings.

Data released by the Ministry of Textiles, India states that FDI has invested USD 1522.23 million in the textile sector from 2017-2022. In 2022, the net value of the United States manufactured fiber, textile, and apparel shipments accounted for an estimated over USD 65.8 billion, whereas the export of fibers and textiles contributed to around USD 34 billion. Around 33% of companies across the European Union are textile-based, accounting for micro and SMEs. With such impeccable figures, Europe has extreme potential for a superconducting materials market that generates phenomenal opportunities to replace conventional technologies.

Impact of COVID-19

The outbreak of COVID-19 severely impacted numerous sectors with a shutdown of industrial operations due to imposed lockdowns and less workforce, including Superconducting Materials. The lowering demand for textile production has substantially de-structured the incorporation of superconducting materials as the magnetic bearing was significantly discouraged. The closure of various industrial manufacturing units has reduced resources to manage the electric-grid distribution network which substantially degraded the market of superconducting materials.

Key Players Landscape and Outlook

The global superconducting materials market is successfully growing with the increasing demand for power transmission capacity without overheating and losses. Nexans S.A. has developed superconducting cables that assist in transmitting large electricity for congested urban grids. Transmission cables have a massive capacity of 3.2 GW with a voltage level of ± 320 kV for HDC cables. Nexans S.A. is leading globally in manufacturing superconducting cable systems and superconducting fault current limiters. They are involved in creating incredible infrastructure and shaping the future of electrical transmission, like installing superconducting cables in French transportation, developing smart city grids, etc.

In September 2021, Nexans S.A. installed and commissioned superconducting cables for Chicago’s resilient electric grid project that are imperative in preventing power grids from unpredictable weather and severe catastrophic events.