Superconductors Market Size, Share & Industry Growth by 2028

Superconductors Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Low Temperature Superconductors and High Temperature Superconductors) and Application (Medical, Electronics, Defense & Military, and Others)

  • Report Code : TIPRE00004630
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 165
Buy Now

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.


Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Superconductors Market: Strategic Insights

Superconductors Market

  • CAGR (2022 - 2028)
    8.4%
  • Market Size 2022
    US$ 5.29 Billion
  • Market Size 2028
    US$ 8.56 Billion

Market Dynamics

GROWTH DRIVERS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
FUTURE TRENDS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
OPPORTUNITIES
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX

Key Players

  • American Superconductor Corporation
  • Bruker Corporation
  • Furukawa Electric Co.Ltd.
  • Hitachi Ltd.
  • Hyoer Tech Research, Inc.
  • Japan Superconductor Technology, Inc.
  • Sumitomo Electric Industries, Ltd.
  • Toshiba Corporation
  • Cryomagnetics

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Type
  • Low Temperature Superconductors and High Temperature Superconductors
Application
  • Medical
  • Electronics
  • Defense & Military
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
– Superconductors Market



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

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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.

Superconductors Market Report Scope

Report Attribute Details
Market size in 2022 US$ 5.29 Billion
Market Size by 2028 US$ 8.56 Billion
Global CAGR (2022 - 2028) 8.4%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Type
  • Low Temperature Superconductors and High Temperature Superconductors
By Application
  • Medical
  • Electronics
  • Defense & Military
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • American Superconductor Corporation
  • Bruker Corporation
  • Furukawa Electric Co.Ltd.
  • Hitachi Ltd.
  • Hyoer Tech Research, Inc.
  • Japan Superconductor Technology, Inc.
  • Sumitomo Electric Industries, Ltd.
  • Toshiba Corporation
  • Cryomagnetics
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type and Application

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    What is the global market size for the superconductors market in 2022?

    The global market size for the superconductors market is US$ 5,286.26 million in 2022.

    What are the driving factors impacting the global superconductors market?

    Rising Implementation of Safety and Environmental Management System
    Increasing Use of MRI Technology
    Superconducting Chips to Scale-up Quantum Computers and Boost Supercomputers

    What are the future trends of the superconductors market?

    Powerful superconducting magnet for next generation light sources

    Which are the key players holding the major market share of the superconductors market?

    The major companies in the superconductors market include Bruker Corporation; Furukawa Electric Co. Ltd.; American Superconductor Corporation; Sumitomo Electric Industries, Ltd.; and Hitachi Ltd.

    Which is the fastest growing regional market?

    APAC is expected to dominate the market during the forecast period owing to growing projects in commercial and residential sector.

    Which countries are registering a high growth rate during the forecast period?

    The US, the UK, China, Saudia Arabia, and Brazil are the countries registering a high growth rate during the forecast period.

    The List of Companies - Superconductors Market
    1. American Superconductor Corporation
    2. Bruker Corporation
    3. Furukawa Electric Co.Ltd.
    4. Hitachi Ltd.
    5. Hyoer Tech Research, Inc.
    6. Japan Superconductor Technology, Inc.
    7. Sumitomo Electric Industries, Ltd.
    8. Toshiba Corporation
    9. Cryomagnetics
    10. Fuji Electric Co. Ltd.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

    Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

    Trends and growth analysis reports related to Superconductors Market