Superconducting Materials Market - By Product (Low Temperature, High Temperature), By End-User (Medical, Research & Development [Nuclear Fusion], Electronics, Transportation, Energy, Power), & Global Forecast, 2023 – 2032

Superconducting Materials Market Size

Superconducting Materials Market size was valued at around USD 10.9 billion in 2022 and is anticipated to grow at a CAGR of 10.8% between 2023 and 2032.

The superconducting materials sector has experienced substantial growth and innovation in recent years. These materials are being used more and more in a variety of industries, including healthcare (MRI machines), energy (high-efficiency power transmission cables), and transportation (magnetic levitation trains). They exhibit zero electrical resistance and the expulsion of magnetic fields at extremely low temperatures.
 

The market potential of these materials will also be increased by ongoing research into high-temperature superconductors, which promises to make them more practical and accessible. Despite these obstacles, chances for future development in the superconducting materials sector remain due to issues like the necessity for cryogenic cooling and high production costs.
 

COVID-19 Impact

The COVID-19 pandemic had both positive and negative impacts on the superconducting materials market. On the one hand, disruptions in global supply chains and reduced industrial activities during lockdowns had a temporary negative effect on the market. Delays in research and development projects and construction of superconducting applications occurred due to restrictions and economic uncertainties.

However, the pandemic also highlighted the importance of advanced medical equipment like MRI machines, which rely on superconducting materials for their functionality. As a result, the healthcare sector saw increased demand for superconducting materials during the pandemic. Moreover, governments and industries around the world recognized the need for resilient and efficient power transmission systems, potentially driving investment in superconducting power cables.
 

Overall, while the pandemic posed challenges, it also underscored the potential and relevance of superconducting materials in various applications, leading to renewed interest and opportunities in the market.
 

Superconducting Materials Market Trends

The global superconducting materials industry has been experiencing significant growth and evolving trends in recent years. One prominent trend is the increasing adoption of superconducting materials in various industries, such as healthcare, energy, and transportation. Superconductors offer zero electrical resistance and can carry high currents, making them ideal for applications like MRI machines, power transmission, and magnetic levitation trains. As these industries continue to expand and demand more efficient and high-performance solutions, the superconducting materials industry is poised for substantial growth.
 

Researchers are constantly exploring novel materials with higher critical temperatures, which would allow superconductors to operate at less extreme cryogenic temperatures, thereby reducing the energy and infrastructure required for their deployment. Additionally, advancements in manufacturing processes, such as thin-film deposition and chemical vapor deposition, are making superconducting materials more accessible and cost-effective, driving wider adoption across industries.
 

Superconducting Materials Market Analysis

Based on product, the superconducting materials market is segmented as low & high superconductor. low Temperature superconductor held a majority market value of USD 8.69 billion in 2022. Low-temperature superconductors, which require extremely cold conditions close to absolute zero, historically market share due to their challenging operating requirements. However, they have found niche applications in areas like medical imaging (MRI machines) and scientific research. In contrast, high-temperature superconductors, which operate at comparatively fewer extreme temperatures, have gained a potential for more practical and versatile applications. High-temperature superconductors are increasingly used in power transmission and distribution systems, transportation (e.g., magnetic levitation trains), and emerging technologies, such as quantum computing. This segment has witnessed substantial growth and investment, driving its larger market presence within the superconducting materials industry.

Based on end-use, the superconducting materials market from medical sector holds a notable portion around 63.26% in 2022 and is expected to grow at a lucrative pace through 2032 primarily due to the critical role of superconducting materials in medical imaging devices like MRI machines. Research and development applications, particularly in scientific laboratories and experimental setups, also contribute to a significant share of the market. The nuclear fusion sector, although relatively niche, commands attention due to its potential for clean energy generation, and superconducting materials are crucial in this context. The electronics industry utilizes superconducting materials in various applications, including sensors and detectors, contributing to a substantial share.
 

In the transportation sector, superconducting materials are used in magnetic levitation (maglev) trains and are gradually gaining ground, while in the energy sector, particularly power transmission and distribution, they are essential for high-efficiency power cables, making it a significant market segment. The "others" category encompasses various emerging applications, such as quantum computing. Overall, while each segment has its significance, the energy, and medical sectors, alongside research and development, tend to hold the largest market shares within the superconducting materials industry.
 

U.S. dominated the North American region with majority share and a revenue of USD 3.02 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The superconducting materials market in the United States is segmented by application, with a diverse range of industries benefiting from these advanced materials. While specific market share data by region or state may vary, certain areas like the Northeast and West Coast are known for their active engagement in superconducting technology. Key applications include healthcare, where superconducting magnets are crucial in MRI machines, and energy, where they hold promise for efficient power transmission.
 

Superconducting Materials Market Share

Some of the major superconducting materials market players operating in the Propylparaben industry are:

• American Superconductor
• Sumitomo Electric Industries Ltd.
• Superpower Inc.
• Bruker
• Southwire Company LLC
• Hitachi Ltd.
• Nexans SA
• Western Superconducting Technologies Co., Ltd.

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Superconducting Materials Industry News:

May 2021, AMSC Extends New Energy Power Systems Product Offerings with the Acquisition of Neeltran, Inc. The acquisition of Neeltran directly aligns with AMSC’s strategic priority to achieve sustainable profitability independent of its wind business, broaden its product offerings and expand both total available market share and content-per-sale for the industrial sector.
 

Superconducting Materials Market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Kilo Tons from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

By Product

• Low temperature
• High temperature

By End-use

• Medical
• Research and development
• Nuclear fusion
• Others 
• Electronics
• Transportation
• Energy
• Power

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt