Superconductors Market Forecasts to 2028 – Global Analysis By Type (High Temperature Superconductors, Low and Medium Temperature Superconductors), Application (Magnetic Resonance Imaging , Research & Development) and By Geography

Superconductors Market Forecasts to 2028 – Global Analysis By Type (High Temperature Superconductors, Low and Medium Temperature Superconductors), Application (Magnetic Resonance Imaging , Research & Development) and By Geography

According to Stratistics MRC, the Global Superconductors Market is accounted for $5,584.29 million in 2022 and is expected to reach $10,110.73 million by 2028 growing at a CAGR of 10.4% during the forecast period. Superconductors are materials that permit the passage of electricity with zero resistance at their critical temperature. There is no loss of energy in the form of heat or sound if there is a zero resistance. It is not affected by external magnetic fields when in its superconducting state owing to the Meissner effect, which is a unique property exhibited by them. The demand for superconductors has been growing quickly owing to their extensive adoption in different applications in the medical and industrial sectors.

According to the Health System Tracker, in 2020, the USA has 40.4 MRI machines per million people, considerably more than most comparably rich countries excluding Japan (55.2). Therefore, the growing demand for MRI machines drives the growth of the superconductors market.For instance, in June 2020, Festo, a German-based industrial control and automation company introduced a lab automation superconductor device that transfers materials without touching. The company stated that its SupraModule design that allows wireless control of operations with an autonomous energy generation on a magnetic, floating carrier..

Market Dynamics:

Driver:

Rising demand for electric motors

Electric motors are primarily used in applications such as compressors, fans, elevators, and pumps. Increasing consumption of electricity due to growing populations is projected to propel the market growth. Superconducting materials enhance the efficiency of electric motors and thus growing demand for electric motors is expected to augment the market growth of the superconducting materials.

Restraint:

High cost

The high manufacturing cost of it and lack of standard testing facility is anticipated to hamper the market growth. The high operating cost at low voltage (power distribution) is restraining the acceptance of superconducting materials. This is expected to hinder the market growth over the forecast period.

Opportunity:

Usage in numerous applications

As it has zero resistance owing to which it is used in various applications. It has released no heat, sound, and other elements. Due to this, it has been extensively applied in generators, motors, and power transmission lines. The superconductors are also capable of transmitting electricity. It is assumed that its densities are 7 times more than the copper lines of transmission. They are also capable of increasing powers without the application of higher voltages. Moreover, over the years there has been an increasing need for transportation, medical, and industrial processing. Due to these manufacturers in the superconductor wire industry can reap various market opportunities.

Threat:

Restriction on trade

There were restrictions on foreign trades owing to the closure of international borders, non-operational distribution channels, and various government norms to take precautionary measures for public health and safety. This is one of the factors threating the market growth.

The onset of the COVID-19 pandemic led to raw material supply chain disruptions in the initial phase of the pandemic. As a result, the market players witnessed a slowdown in production. However, by mid-2020, the companies overcame these challenges through several initiatives such as strategic partnerships and contract acquisitions. The COVID-19 pandemic negatively hampered the market share in an overall semiconductor industry due to considerable disruption in the supply chain activities and several countries sealing off their international trade in the wake of the pandemic.

The medical segment is expected to be the largest during the forecast period

The medical segment is expected to be the largest during the forecast period, owing to the rising demand for MRI and NMR devices from the medical field is the biggest driving factor of superconducting materials. The increasing health standards and awareness in numerous countries are contributing to the growth of the market. The increase in the use of superconducting materials in medical technology is set to drive the demand for the market.

The High Temperature Superconductorssegment is expected to have the highest CAGR during the forecast period

The High Temperature Superconductors segment is expected to have the highest CAGR during the forecast period, As high-temperature semiconductors need cheaper cryogenic systems for cooling the wire to attain superconductivity and are used for induction heater magnets. The technological applications of high-temperature superconducting materials in niche application areas such as bio magnetism and bullet train manufacturers are increasing the demand for high-temperature superconductors.

Region with highest share:

North America is projected to hold the largest market share during the forecast period. TThe province has experienced a significant increase in medical infrastructure investment and the procurement of medical equipment across these infrastructures. Thus, the rising demand for magnetic resonance imaging (MRI) equipment across the province is predictable to impact the demand for superconductors among medical device manufacturers directly. Moreover, countries such as the US and Canada have experienced a rise in military expenditure over the last five years, influencing the demand for power railguns and coil guns. Defense manufacturers are highly adopting superconductors to increase the resistance and efficiency of weapons. Thus, the rise in demand for power railguns and coil guns across the region is further expected to contribute to the North American superconductor’s market growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period countries such as China, India, and Malaysia have increased spending on developing and modernizing their medical infrastructure. This positively impacts the demand for superconductors across the province from the medical device manufacturers. This rise in military spending is used in procuring advanced weapons for their defense forces. China has been actively investing in developing advanced rail guns, which is expected to propel the demand for the market across the country.

Key players in the market

Some of the key players profiled in the SuperconductorsMarket include Superconductors market include Furukawa Electric Co., Ltd., Toshiba Corporation, Fujikura Ltd.,Superconductor Technologies Inc., Bruker Corporation, American Superconductor Corporation, ThevaDünnschichttechnik GmbH, Sumitomo Electric Industries, Ltd., Supercon Inc., Evico GmbH, Superox, Japan Superconductor Technology, Inc., Hyper Tech Research, Inc., Deutsche NanoschichtGmbh and Conductus, Inc, Hitachi,Ltd.

Key Developments:

In 2021: Hitachi,Ltd. Has announced that it had developed a 1.1-m-diameter magnesium diboride (MgB2) superconducting magnet that can rapidly generate a magnetic field space as required for magnetic resonance imaging (MRI) examinations and has demonstrated that MRI imaging of the head region can begin in 10 minutes from a zero-field state, compared to 1 to 2 hours using conventional equipment.

In July 2019: Fujikura Ltd. announced successful development of novel technology for mass production of world’s highest performance second generation rare earth high temperature superconducting wires.

Types Covered:
• High Temperature Superconductors
• Low and Medium Temperature Superconductors

Applications Covered:
• Magnetic Resonance Imaging
• Research & Development
• Energy
• Electronics
• Computer
• Generator
• Conductive Material
• Medical

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements