Superconducting Materials Market: A Strategic Outlook By 2030

New York, March 28, 2023 (GLOBE NEWSWIRE) -- In 2022, the superconducting materials market was estimated at USD 5.50 Billion. The market is projected to grow with a CAGR of 9.8% to reach USD 11.62 Billion in 2030. The key factor to propel the market growth over the long run is increasing the demand for low-temperature superconducting materials along with the increasing utilization of smart devices at the global level. Reports Insights' study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the superconducting materials market.

Superconducting Materials Market Size, Share & Trends Analysis, By Product Type (Low-temperature Superconducting Materials (LTS), and High-temperature Superconducting Materials (HTS)), Application (Magnetic Resonance Imaging (MRI), Magnetoencephalography (MEG), Magnetic-Energy Storage Systems, Electric Power Generators, Electric Motors, Power Transmission, And Others), End Use (Medical Devices, Electronics Industry, and Others), By Region and Segment, Forecast Period 2023 – 2030.

ReportsInsights Consulting Pvt. Ltd. provided an inclusive research report on the superconducting materials market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as product type, application, end use, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.

The superconducting materials market is expected to grow in the coming years, driven by the increasing demand for advanced technologies such as quantum computers and fusion energy systems.

The increasing demand for superconducting magnets that are further used in many medical applications, including MRI machines and magnetoencephalography due to the rising instances of chronic diseases. These magnets can generate strong and stable magnetic fields, and superconducting materials are ideally suited to this task. For instance, Siemens Healthineers offers a range of MRI systems that use superconducting magnets based on niobium-titanium (NbTi) or HTS wire technology.

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Furthermore, the ability of superconducting materials to transmit power by enabling the creation of high-capacity and low-loss transmission lines increases the demand for these materials in the electronics sector. For instance, American Superconductor Corporation offers a range of HTS wire products for use in superconducting power cables. These cables can carry up to 10 times more power than traditional copper cables, with virtually no energy loss.

Additionally, superconducting materials are also being explored for use in quantum computing, where they can be used to create the quantum bits (qubits) that are the building blocks of quantum computers. For instance, IBM has developed a quantum computer based on superconducting qubits, which it makes available to researchers and businesses through its IBM Quantum program. Hence, the increasing technological innovations will create a potential opportunity for the superconducting materials market growth.

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Key Market Takeaways

• The global superconducting materials market size is estimated to exceed USD 11.62 billion by 2030 and grow at a CAGR of 9.8% during the forecast period (2023-2030).
• Based on product type, the low-temperature superconducting materials (LTS) segment accounted for the highest share contribution to the superconducting materials market statistics in 2022.
• By application, the magnetic resonance imaging (MRI) segment is anticipated to contribute the largest shares to the market growth in 2022.
• Based on end use, the electronic segment is estimated to contribute substantial shares to the market growth in terms of volume and value.
• North America will create favorable circumstances for market growth in terms of value and volume due to the growth of the electronics industry in countries such as the United States and Canada.
• The Asia Pacific region will register the fastest growth in the CAGR during the forecast, owing to the high expenditures on technological advancements in superconducting materials players having their presence in India, China, South Korea, and others.

Global Superconducting Materials Market Segmentation Details:

Based on Product Type, the low-temperature superconducting materials (LTS) segment contributed the largest shares to the market growth in 2022. Low-temperature superconducting materials are the materials that exhibit superconductivity at relatively low temperatures, typically below 20 Kelvin. These materials have very low electrical resistance, which means they conduct electric current with virtually no energy loss. LTS materials are commonly used in MRI machines, where they enable the creation of strong and stable magnetic fields needed for high-quality imaging, thus driving the segment in the medical sector.

Based on Application, the magnetic resonance imaging (MRI) segment accounted for the highest shares in the global superconducting materials market due to the widespread use of superconducting magnets in MRI machines. These magnets allow LTS and HTS materials to generate strong and stable magnetic fields. For instance, Philips offers BlueSeal magnet, an innovative MRI system that utilizes a fully sealed magnet design, eliminating the need for helium-related maintenance and reducing the risk of helium leaks. Helium is a critical component in the cooling of superconducting magnets, and helium leaks can lead to system downtime and costly repairs.

By End Use, the electronic sector is expected to witness significant growth in the superconducting materials market over the forecast period. Superconducting materials have the potential to revolutionize energy storage by enabling the creation of more efficient and compact systems. For example, high-temperature superconductors (HTS) are used to create high-capacity, high-efficiency energy storage devices called superconducting magnetic energy storage (SMES) systems. SMES systems use superconducting coils to store energy in a magnetic field, which can be discharged as electricity when needed.

Based on region, North America is anticipated to witness significant growth in the superconducting materials market over the forecast period due to the increasing research and development activities supported by the governments through funding and grants. For instance, the U.S. Department of Energy (DOE) announced USD 9.1 million in capital for 13 projects in Quantum Information Science (QIS) with significance to nuclear physics.

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Superconducting Materials Market Growth Drivers:

• Crucial factors such as government initiatives for the medical devices industry, and the development of a new range of medical devices, among others are propelling the demand for superconducting materials, which, in turn, is accelerating the overall market growth.
• The booming electronics industry in key regions, including Asia Pacific, North America, Europe, and others are fostering the growth of the superconducting materials market.

Restraints

• The supply-related constraints of the crucial raw materials such as rare earth materials often utilized in the manufacturing of superconducting materials are restraining the market growth.
• High manufacturing costs associated with the superconducting materials will pose a bottleneck for market growth in the short run.

Competitive Landscape

As per the research, American Superconductor, Evico GmbH., Metal Oxide Technologies, Inc., BrukerEnergy &Supercon Technologies, Inc., and SuperPower Inc. (The Furukawa Electric Co., Ltd.), are several prominent market players in the superconducting materials market. The above-mentioned companies are continuously leveraging new technologies such as automated manufacturing technology to develop innovative solutions that are more efficient and lightweight as compared to conventional superconducting materials. Furthermore, the key players operating in the global superconducting materials market are adopting strategies such as new product development, partnerships, acquisitions, mergers, and others to increase their revenue share in the global market. This factor is leading to increased competition in the global superconducting materials market.

Recent Developments:

In February 2022, Cryomagnetics designed and manufactured six recondensing magnets with a magnetic field strength of 5 Tesla, which makes up the differential pumping section (DPS) of the experiment. They also produced the magnets used in the “pinc” and “detector” sections of the experiment.

In March 2021, Hitachi, Ltd has created a 1.1-meter-diameter magnet with a magnetic field suitable for magnetic imaging examinations. They have successfully demonstrated that the MRI imaging of the head region can commence within 10 minutes of starting from a zero-field state. This contrasts with conventional equipment which takes 1 to 2 hours to achieve the same result.

List of Major Global Superconducting Materials Market Players

• American Superconductor
• Evico GmbH.
• Metal Oxide Technologies, Inc.
• BrukerEnergy &Supercon Technologies, Inc.
• SuperPower Inc., (The Furukawa Electric Co., Ltd.)
• Sumitomo Electric Industries Ltd.
• Western Superconducting Technologies
• NEXANS
• Cryomagnetics
• Hyper Tech Research

Global Superconducting Materials Market Segmentation: 

• By Product Type
  • Low-Temperature Superconducting Materials (LTS)
  • High-Temperature Superconducting Materials (HTS)
• By Application
  • Magnetic Resonance Imaging (MRI)
  • Magnetoencephalography (Meg)  
  • Magnetic-Energy Storage Systems
  • Electric Power Generators
  • Electric Motors
  • Power Transmission
  • Others
• By End Use
  • Medical Devices  
  • Electronics Industry
  • Others

Key Questions Covered in the Superconducting materials Market Report

What will be the potential market valuation for the superconducting materials industry by 2030?

What insights are covered by the factors driving the growth of the superconducting materials market, as well as the opportunities and challenges that may impact the market’s future development?

What specific segmentation details are covered in the superconducting materials market report, and how do they contribute to the overall market analysis?

What are some of the most important applications of superconducting materials, and how do they impact the industry's growth potential?

Based on current market trends and future predictions, which geographical region will have the largest impact on the superconducting materials market's growth in the coming years?

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