Superconductors Market Size, Share & Industry Growth by 2028

The superconductors market is projected to reach US$ 8,564.61 million by 2028 from US$  5,286.26 million in 2022; it is expected to grow at a CAGR of 8.4% from 2022 to 2028.

The term superconductor refers to those materials that conduct electricity without resistance. These can carry power for a continuous period without losing any energy. Critical magnetic field, heat capacity, critical temperature, and critical current density are all physical parameters of superconducting materials. Depending on the type of superconducting material, these qualities may differ. However, qualities like resistivity are not affected by the substance. The medical business has been changed by introducing magnetic resonance imaging (MRI) equipment that uses superconducting materials. Other industries that have benefited considerably from superconductors include transportation, military, electronics, and power utilities.

Because of the growing medical industry, the demand for superconducting materials is expected to increase significantly during the forecast period. Superconductors have a wide range of applications in MRI technology. This technological trend is projected to continue beyond the forecast period, indicating that the market for superconducting materials is promising. In addition, one of the primary reasons driving the demand for superconductors is the rising need for highly efficient electric motors. These factors are further contributing to the growth of the global superconductors market analysis.

Strategic Insights

Impact of COVID-19 Pandemic on Superconductors Market

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 superconductors 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 impact of the COVID-19 outbreak on the growth of the global superconductors market analysis in various countries/regions.

Since the beginning of the COVID-19 outbreak, the superconductors market has impacted the manufacturing component of superconductors globally. Moreover, this outbreak severely hampered the shipping & marine industries as their workforces were shut down for safety and to prevent the spread of COVID-19. Companies operating in the market had to make tough choices in the supply chain during the pandemic and post-pandemic recovery period. Since some companies operating in market were severely impacted, this further resulted in a marginally adverse effect on the superconductors market.

Lucrative Regions for Superconductors Market

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Market Insights –Superconductors Market

The global superconductors market based on geography is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The North American region accounted for the highest share in the global superconductors market growth in 2021, whereas the Asia Pacific superconductors market share is expected to grow with the highest CAGR during the forecast period.  

North America has constantly grown medical and defense industries. The region 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 region is expected 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 America superconductors market growth.

Asia Pacific is expected to grow at the highest CAGR over the forecast period, followed by Europe and North America. 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 region from the medical device manufacturers. Additionally, China and India contribute more than 60% of the region’s military expenditure. This rise in military spending is used in procuring advanced weapons for their defense forces. For instance, China has been actively investing in developing advanced rail guns, which is expected to propel the demand for superconductors across the country.

Type-Based Insights

Based on type, the superconductors market is bifurcated into low Temperature Superconductors (LTS) and high Temperature Superconductors (HTS). Low-temperature superconductors held the larger in 2021 in the global superconductors market share. This growth is attributed to the ease in manufacturing of the LTS compared to HTS. However, the rising application of HTS across transformers and transmission cables is expected to influence the segment's growth with a higher CAGR over the forecast period.

Nb-based alloys (most often Nb-47wt% Ti) and A15 (Nb3Sn and Nb3Al) superconductors are examples of low temperature superconductors. Low-temperature superconductors have a critical temperature of less than 30 K and are cooled mostly by liquid helium (Tc > 4.2 K). Because it can be made in a ductile form with the required nanostructure for high critical current density caused by strong vortex pinning, Ti alloy has become the most popular commercial superconductor. Similarly, despite having a brittle A15 intermetallic phase, Nb3Sn may be made into robust composites with fine-grain nanostructures and high critical current densities in km lengths. Thus, the ease in manufacturing the low temperature superconductors is one of the major factors propelling the growth of the segment in the global superconductors market.

The superconductors market size is segmented on the basis of type, applications, and geography. Based on type, the superconductors market is categorized into low temperature superconductors and high temperature superconductors). By application, the superconductors market is segmented into medical, electronics, defense & military, and others. On the basis of geography, the superconductors market size is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

Bruker Corporation; Furukawa Electric Co. Ltd.; American Superconductor Corporation; Sumitomo Electric Industries, Ltd.; and Hitachi Ltd. are some of the prominent superconductors market players. The superconductors market is highly fragmented, with several players localized in a specific region to cater to the domestic demand.

Players operating in the superconductors market mainly focus on developing advanced and efficient products.

• In 2022, Cryomagnetics designed and produced the six 5 Tesla recondensing magnets that comprise the Differential Pumping Section (DPS), as well as the "Pinch" and "Detector" magnets for this groundbreaking experiment.

• In 2021, Hitachi,Ltd. has 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.