Selbyville, Delaware, Sept. 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global superconducting materials market is anticipated to record a valuation of about $18 billion by 2030. The report provides a detailed analysis of the top winning strategies, competitive scenario, wavering market trends, market size & estimations, drivers & opportunities, and major investment pockets.
Superconducting materials have varied applications owing to their high-speed operation capacity, low power dissipation, and high sensitivity. These factors have elevated the utilization of superconducting devices in electric motors and magnetic products. These materials allow the smooth flow of electric current at low temperatures, which has also boosted product uptake in healthcare, automotive, research & development, and electronics, among other sectors. Moreover, several countries, such as China, India, and others, have increased the production of electronic products and power grid components, which is expected to propel superconducting materials market growth over the forthcoming years.
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Notable benefits of superconducting materials, viz., low dissipation, distortion, and quantum accuracy have made them ideal for use in electronic products. The proliferating electronics industry in the Asia Pacific and North America would promote product uptake. Propelled by these factors, the electronics end-user segment is primed to progress at a growth rate of over 9.5% CAGR over the forecast period.
On the other hand, the research & development end-user segment is slated to gain significant traction through the assessment timeframe due to rigorous improvement in technologies with the use of superconducting materials. Superconducting products are aiding modern scientific research facilities in the development of a wide array of novel technologies right from nuclear fusion to advanced computing faster than silicon technology, which is likely to further fuel segmental demand.
Key reasons for superconducting materials market growth:
- Mounting penetration in research & development activities.
- Surging product application in electronics sector.
- Increasing demand for low temperature superconducting materials.
- Prevalent utilization in automotive industry in Europe.
2030 forecasts show the ‘low temperature’ segment retaining its dominance:
Based on product, the superconducting materials industry share from the low temperature segment is foreseen to grow at around 8.5% CAGR through the estimated timeline. Wide-ranging application of low temperature materials, such as in medical imaging machines and electric power transmission, along with escalating awareness pertaining to the advantages of these materials in the market, is poised to bolster segmental expansion.
Europe to continue its top status in terms of revenue:
In the regional context, the Europe superconducting materials market is likely to depict more than 8.6% CAGR over the review timeline. Technological advancements and soaring utilization of electric vehicles have positively impacted the electronics industry in the region. Prominent adoption of superconducting materials in electronic devices is speculated to foster regional market outlook.
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Impact of COVID-19 pandemic on superconducting materials market:
The COVID-19 outbreak caused a decline in the industry’s revenue growth mainly due to disruptions in the global supply chain and drastic effects on the automotive sector. The decline in electronic devices manufacturing amid lockdowns also impacted market growth negatively. However, relaxations in lockdown restrictions and the advent of novel technologies have positively driven product innovation and development.
Leading market players:
Major companies analyzed in the global superconducting materials industry report include American Superconductor, Superpower Inc., Evico, Can Superconductor, Brucker, Nexans, Superconductor Materials Inc., Advanced Magnetic Lab Limited, Hitachi, and others.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
