Global Superconductors Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Vikas Kumar
- October 6, 2021
- ENERGY & POWER, NEWS
- Industrial hemp market, Superconductors Market Growth, Superconductors Market Share, Superconductors Market Size, Superconductors Market Trend
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Global Superconductor Market is expected to exceed the market valuation of US$ 11 billion in 2027 and is expected to grow at a significant CAGR of 9.2% during the forecast period (2021-2027). The factors that driving the market of superconductors such as surging demand for advance power grid infrastructure coupled with rising implementation of government regulations needed to implement for safety of environment. In addition, superconductors are proficient of generating high magnetic fields that would help in reducing the sizes of medical devices by increasing the magnetic field. Hence, superconductor market is expected to grow at an influential rate in the forecasted period.
Factors that are escalating market demand for superconductors such as companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to superconductors are restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. In addition, growing energy demand across globe required for day to day activities is expected to positively influence market demand. For instance, according to, Center for Sustainable Systems, Renewable energy consumption is projected to increase annually at an average rate of 1.9% between 2019 and 2050, compared to 0.3% growth in total energy use.
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The outbreak of coronavirus in 2020 had severely impacted the economic conditions around the globe. The restriction imposed around the globe to reduce the spread of Coronavirus resulted in halt working of new building and construction projects, shutdown of various industries has reduced the use of electricity that has affected the market share of superconductors. However, demand for superconductors has also increased owing to the surging use of medical devices and adoption of MRI machines has indirectly escalated the market size of superconductors. For instance: Based on IEA report, Electricity demand dropped quickly across Europe and India with confinement measures but steadily recovered as measures were gradually softened. In India, recovery seemed faster and stronger than in EU countries. The end of the year was marked by a recovery of electricity demand, now above 2019 levels after weather adjustment.
Based on type the global Superconductors market is bifurcated into Type-I superconductor and Type-II superconductors. Currently type-I superconductors caters significant market share in the past few years. It is mainly owing to the properties of type-I superconductors that escalated its demand in various end-users application. Type-I super are of low temperature which has major application for superconductivity is in producing the large-volume, stable, and high-intensity magnetic fields required for MRI and NMR.
Based on material, market is classified into stainless steel, Yttrium Barium Copper Oxide, Bismuth Strontium Calcium Copper Oxide and Others. Currently, yttrium barium copper oxide acquired significant market share in the global superconductors market. Yttrium have high temperature superconductivity have a high critical current density at high magnetic fields and high mechanical strength, they are applicable to broad areas of electric machinery.
Based on product, market is segment into magnets, cables, transformer and energy Storage devices. Currently, magnets and energy storage together captured significant market share. It is mainly owing to the use of superconductor magnets in MRI machines, NMR equipment, mass spectrometers, magnetic separation processes, and particle accelerators. However, cables also acquired considerable market growth and expected to grow at increasing rate in the projected year as well.
Based on application, the market is classified in to energy, electronics, medical, research and development, industrial and others. Currently, medical and electronics dominates the market share of superconductors. The surge in the adoption of superconductor in various end-users such as electric power generation, transmission and storage; medical instrumentation; wireless communications; computing; and transportation. It is mainly due to increase in efficiency and performance of the end-users’ products that resulted in societal advances that are cost effective and environmentally friendly.
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For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Currently Asia Pacific dominated the market and is expected to maintain its dominance throughout the forecast period. However, Europe is expected to witness highest CAGR growth during the forecast period.
Some of the major companies operating in the global superconductors market includes American Superconductor, Bruker, Furukawa Electric Co. Ltd., Southwire Company LLC., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superconductor Technologies Inc., Cryomagnetics Inc, Deutsche Nanoschicht GmbH, Japan Superconductor Technology Inc.
Global Superconductors Market Segmentation
Market Insight, by Type
- Type-I Superconductor
- Type-II Superconductor
Market Insight, by Material
- Stainless Steel
- Yttrium Barium Copper Oxide
- Bismuth Strontium Calcium Copper Oxide
Market Insight, by Product
- Energy Storage Devices
Market Insight, by Application
- Research and Development
Market Insight, by Region
- North America Superconductors Market
- United States
- Rest of North America
- Europe Superconductors Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Superconductors Market
- Rest of Asia-Pacific
- Rest of World Superconductors Market
Top Company Profiles
- American Superconductor
- Furukawa Electric Co. Ltd.
- Southwire Company LLC.
- Sumitomo Electric Industries Ltd.
- Fujikura Ltd.
- Superconductor Technologies Inc.
- Cryomagnetics Inc.
- Deutsche Nanoschicht GmbH
- Japan Superconductor Technology Inc.