Superconductors Market Size, Share, Growth, and Industry Analysis by Type (High Temperature Superconductors, Low Temperature Superconductors, Other Types), By Application (Generator, Computer, Conductive Material, Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Superconductors Market REPORT OVERVIEW

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The global superconductors market size was USD 6245.09 million in 2021 and market is projected to touch USD 12588.5 million by 2031, at a CAGR of 7.26% during the forecast period.

There are two varieties of superconductors: low temperature and high temperature. And each type has a variety of application industries. The downstream application industries will require more superconducting products as a result of superconductor's ability to conserve energy. Therefore, superconductors market share have enormous potential in the future. Through the study of cutting-edge materials and technology, manufacturers working in the sector are attempting to build high temperature superconductors.

COVID-19 Impact: Supply and Demand Chain were Interrupted Due to Restrictions Imposed

Due to mandatory lockdown and other restrictions set by the relevant regulating bodies in the wake of the recent COVID-19 outbreak, the activities of multiple industries have either been temporarily shut down or are running with a small personnel.The restrictions put in place globally to stop the spread of the coronavirus caused the construction of new buildings to stop, numerous companies to shut down, and a decrease in the consumption of energy that has impacted the superconductors market share. However, the market size has indirectly grown due to the rising use of medical equipment and the use of MRI machines, which has also increased demand for superconductors. Superconductor demand is increasing due to a number of factors, including businesses restarting operations and adjusting to the new normal as they recover from the effects of COVID-19.

LATEST TRENDS

"The Intensive Utilization in Medical Sector to Attract the Consumers and Inflate the Market"

Technological advancements and advances in the realm of superconductivity are expected to be the main drivers of demand for these materials for a variety of applications, including transmission and transformation. The market for superconducting materials worldwide is now dominated by the medical industry. Due to the growing health difficulties and concerns around the world, there has been a significant increase in the demand for magnetic resonance imaging (MRI) devices in recent years. In order to maintain the strong magnetic fields, energy must be provided via superconducting materials in MRI machines. In order to virtually completely eliminate resistance in the cables, superconducting materials are used. Additionally, governments in a number of developing nations have boosted their spending in the medical sector in an effort to improve the effectiveness of equipment. The demand for superconducting materials is anticipated to be highest in the medical sector during the forecast period due to the aforementioned reasons.

Superconductors Market SEGMENTATION

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• By Type

Based on type; the market is divided into high temperature, low temperature and others.

• By Application

Based on the application; the market is divided into generator, computer, conductive material and others.

DRIVING FACTORS

"The Growing Energy Demand Across the Globe to Uplift the Market Demand"

Global energy consumption is predicted to increase as a result of daily activities, which will help drive up demand for goods and services. Energy firms employ superconducting components to improve the efficiency of the power system. For instance, the Center for Sustainable Systems projects that between 2019 and 2050, the annual growth rate of renewable energy consumption will be 1.9% on average, compared to a 0.3% growth rate for overall energy use.

"The Intensive Use in Automotive Industry to Drive the Market Growth"

A rise in the demand for electric motors is a result of increased per capita disposable income and expanding vehicle demand, notably in Asia Pacific. The rise in motor demand is anticipated to fuel market expansion. The need for magnets is anticipated to soar in a number of end-user applications, including high-speed trains and cryogenics and bio magnetism. These are also employed in information processing and quantum computers.

RESTRAINING FACTORS

"The Raw Materials Price Fluctuations to Restrain the Market Growth"

Titanium metal, bismuth metal, yttrium metal, and other metals are the main raw materials for superconductors. Changes in the upstream product's pricing will have an impact on the superconductor's production costs, which will subsequently have an impact on the superconductor's price. However, the growth is being hampered by the insufficient supply of feedstock materials, such as yttrium and it will likely limit the superconductors market growth in the coming years.

Superconductors Market REGIONAL INSIGHTS

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"Asia-Pacific Region to Lead the Market with Wide Utilization and Major Players"

The Asia-Pacific area has seen a tremendous increase in the demand for superconducting materials in recent years. Due to its expanding population and customers' growing awareness of health issues, this area is anticipated to maintain its lead in the market for superconducting materials throughout the coming years. Due to the substantial use of high temperature semiconductors to improve energy efficiency in the electronics market, Asia Pacific is predicted to experience significant superconductors market growth.

The region's expanding output of electrical and electronics is largely responsible for the increase in demand. Due to favourable government backing for the electrical and electronics industry to enhance output, China and India are likely to see a significant increase in the demand for superconducting materials. Additionally, the medical sector in the Asia-Pacific region has seen significant expansion as a result of rising demand from the medical sector for applications like MRI and NMR in the region, which is projected to propel the superconductors market under study. Consequently, due to the aforementioned causes, Asia-Pacific is predicted to experience the fastest growth rate during the projection period.

KEY INDUSTRY PLAYERS

"Key Industry Players to Promote the Market Expansion"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other considerations taken into account for this market are the businesses that develop and provide new products, the geographic areas in which they function, mechanization, innovation strategies, generating the maximum revenue, and using their products to make a significant difference.

List of Market Players Profiled

• Bruker (U.S.A)
• Ceraco Ceramic Coating GmbH (Germany)
• American Superconductor (U.S.A)
• Fujikura (Japan)
• Furukawa Electric (Japan)
• Deutsche Nanoschicht GmbH (Germany)
• LS Cable and System (South Korea)
• Japan Superconductor Technology (Japan)
• Cryomagnetics (U.S.A)
• Hyper Tech Research (U.S.A).

REPORT COVERAGE

This research includes a thorough examination of the market's historical context, a review of the parent market, and a thorough investigation of the market's dynamics. Size of the market in terms of value and volume in the past, currently, and in the future. In-depth analysis of market shares and strategies of main competitors, recent industry developments, emerging niche markets, and recent market trends in specific regions are all addressed in the research.