New York, June 24, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “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)”, the global 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.
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Superconductors Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 5,286.26 million in 2022 |
| Market Size Value by | US$ 8,564.61 million by 2028 |
| Growth rate | CAGR of 8.4% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 165 |
| No. Tables | 56 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Superconductors Market: Competitive Landscape and Key Developments
Bruker Corporation, Furukawa Electric Co. Ltd.; American Superconductor Corporation; Sumitomo Electric Industries, Ltd.; and Hitachi Ltd. are a few key superconductors market players. In addition, several other important market players in the superconductors market were studied and analyzed to get a holistic view of the global superconductors market size and its ecosystem.
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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 2022, Hitachi 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.
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. Growing applications of superconductors will assist in boosting the penetration rate of same, and thus fueling the superconductors market size.
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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 superconductors market growth is the rising need for highly efficient electric motors.
Superconductors Market: Impact of COVID-19
The COVID-19 pandemic negatively hampered the superconductors 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. Due to the pandemic, various industries were declining in 2020. The lockdowns impacted the global manufacturing sectors. The worldwide lockdown to minimize the transmission of the virus has significantly disrupted the supply chain activities and reduced the production of commodities, goods, and services. Further, there were restrictions on foreign trades due to the closure of international borders, non-operational distribution channels, and various government norms to take precautionary measures for public health and safety.
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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 superconductors market had to make tough choices in the supply chain during the pandemic and post-pandemic recovery period. Since some companies regulating in superconductors market were severely impacted, this further resulted in a marginally adverse effect on the superconductors market growth.
Superconductors Market: Application Overview
Based on the application, the superconductors market is segmented into medical, electronics, military & defense, and others. The medical sector led the application segment in the superconductors market in 2021 and is expected to grow at the fastest CAGR during the forecast period in the superconductors market share. Magnetic Resonance Imaging (MRI) in strong magnetic fields, where 1.5 to 3T (7T for research) high-field-homogeneity superconducting magnets are used, and the passive, non-invasive measurement, mapping, and evaluation of extremely weak bio magnetic fields, which originate from various organs in humans and animals, are the two most common applications of superconductivity in medicine. Highly sensitive SQUIDs (Superconducting Quantum Interference Devices) can be used as detectors to measure such fields.
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In modern medical technology, superconductivity is becoming increasingly relevant. Compact superconducting cyclotrons are gaining traction as effective tools for protons and carbon ions external beam therapy, as well as cost and size reductions in isotope manufacturing. Isocentric gantries with superconducting magnets are smaller and lighter than conventional gantries. Superconducting magnets have been critical for the effective clinical use of magnetic resonance imaging in diagnostic imaging.
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