The global superconducting materials market was valued at USD 1,522.4 million during 2021 and is projected to present a CAGR of 17.2% in the forecast period. The market is expected to be driven by the growing need for electric motors in conjunction with superconducting materials. Electric motors find predominant utility in different applications including pumps, elevators, fans, and compressors. The market growth is fostered by the increasing electricity consumption attributable to growing populations. Superconducting materials play an essential role in fostering the effectiveness of electric motors, thereby contributing to the expected increase in demand for electric motors and consequent market growth for superconducting materials. The global market of superconducting materials is expected to be driven by the robust expansion of the electronics industry in emerging countries. In addition, the growing disposable income leading to increased consumer spending on different electronic products is projected to contribute to global superconducting materials market growth. In addition, the rising adoption of electric vehicles globally, propelled by efforts to lessen carbon emissions and stringent environmental regulations, is estimated to further bolster the superconducting materials market share.
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Key Market Drivers
Rise in requirement for high voltage transmission applications in the medical industry
The increase in requirement for superconducting materials is being driven by the rising demand for medical devices to address different medical and disability conditions prevalent in today’s generation. In addition, the growing trend towards high-voltage transmission applications in the medical sector, including cathode ray tubes, X-rays, and other medical devices, is driving the usage of superconducting materials within the healthcare industry. The growing prevalence of diseases propels the need for medical equipment and, consequently resistance and magnetic resonance properties. Citing the “Heart Diseases and Stroke Statistics — 2020 Update” report from the American Heart Association, nearly 655,000 Americans succumb to heart disease annually, representing 1 in every 4 deaths. This underscores the imperative for advanced medical technologies assisted by superconducting materials to address your pressing health concerns. In addition, the Canadian government reported a mysterious health brain disease affecting a few individuals at the outset of 2021. This incident is projected to amplify the need for medical applications including cathode ray tubes, and X-rays. Therefore, the increase in use and need for medical devices is further propelling the superconducting materials demand.
Rapid increase in demand for electric motors
The growing need for efficient electric motors in different industries has led to an increased requirement for superconducting materials. Electric vehicles highly depend on superconducting materials during their procedures. As per the International Energy Agency, global sales of electric cars increased to over 2.1 million during 2019, marking an extraordinary 40% year-on-year rise. Comparatively, only nearly 17,000 electric cars were in operation globally in 2010. In 2019, this figure increased to 7.2 million, contributing to the expansion of the superconducting materials market within the electric vehicle industry.
Key Market Challenges
Flexibility in raw materials cost
The superconducting materials market encounters significant challenges, with one of the most prominent being the volatile pricing system of important raw materials including yttrium. This volatility is primarily propelled by supply constraints affecting the availability of yttrium. As of 2021, the price of yttrium stood at INR 4,961.0 per 10 grams, rendering it relatively expensive for the quality attained. Such high prices pose a substantial hurdle to the growth of the superconducting materials market.
Market Opportunities
Market growth is being driven by potential opportunities in different sectors including healthcare, transportation, electronic & communication, industrial processing, and research. The robust expansion of these industries, specifically in emerging countries propelled by the growing disposable income of consumers, is further improving the global superconducting materials market share. Thereby, the emerging applications of these products in the cited end-user industries are fostering market growth.
High rise in research and development activities by manufacturers to introduce improved and innovative goods are projected to present opportunities. Significant investments in research and development by key manufacturers focus to drive product innovation and attain a competitive edge globally. Hence, the expansion of research and development activities across the globe, focused on continuing product innovation, is projected to support the global superconducting materials market trends.
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Segmental Insights
Product Insights
The superconducting materials market is classified into low and high superconductors. The low-temperature superconductor registered the market. Low-temperature superconductors require extremely cold conditions near absolute zero, historically limiting their market share owing to challenging functioning demands. However, they have carved out niche applications in fields including medical imaging and scientific research. On the other hand, high-temperature superconductors, which function at less extreme temperatures, have attained the potential for more practical and different applications. High-temperature superconductors are witnessing an increase in utilization in different sectors including power transmission and distribution systems, transportation, and innovating technologies including quantum computing. This segment has observed investment and growth, leading to its expanded market existence within the superconducting materials market.
End-Use Insights
The medical sector registered the market share in the global superconducting materials market. This sector is projected to continue its robust growth in the forecast period, propelled by the indispensable role of superconducting materials in medical imaging devices including MRI machines. In addition, research and development applications, specifically in scientific laboratories and experimental setups, also contribute to the market share. The nuclear fusion sector, while niche, garners attention for its potential in clean energy generation, with superconducting materials playing an important role in this domain. In addition, the electronics industry extensively uses superconducting materials in different applications including detectors, and sensors, hence contributing to a market share.
Regional Insights
In the recent past, the Asia-Pacific region has witnessed growth in the demand for superconducting materials. This increase is largely propelled by the growing need for electrical and electronics products across the region. Countries including India and China are projected to observe robust growth in the need for superconducting materials, assisted by favorable government initiatives focused on boosting production in the electronics and electrical industry. For instance, in 2021, the total profit of electronics manufacturing enterprises across China increased by 38.9% compared to the previous year, reaching USD 128.35 billion.
Furthermore, in India, the production value of consumer electronics stood at USD 9.53 billion in 2021, reflecting a decrease of 12.9% compared to 2020. This decrease in production value can be attributed to the impact of COVID-19. The medical industry in the Asia-Pacific region has observed growth in recent years, which is projected to propel the market. For instance, India’s expenditure on the health sector increased from USD 36.92 billion in 2020 to USD 63.83 billion in 2021, an increase of approx. 73%. Thereby, the growing expenditure in the healthcare sector is projected to introduce the need for superconducting materials in the country. Therefore, the Asia Pacific is likely to observe the highest growth rate in the forecast period.
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The Global Superconducting Materials Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.Superconducting materials are the materials that have the property of superconductivity.
These are the materials that lose their resistance due to the flow of electrical current below the critical temperature.
These materials are used in various applications such as medical, electronics, research and development, transportation and energy generation.The key drivers of the global superconducting materials market are increase in applications in end-use industries such as energy, defense, transportation, medical and science & research.
The growing energy demand across the developing economies is expected to boost market demand.
The extensive research and development and technological innovations are also expected to fuel the market.
The Global Superconducting Materials Market Report, with its deep industry analysis of the market, estimates the market size bifurcated into segments and regions.
The Superconducting Materials market share and growth, trends estimated at the end of 2027 give a fair idea of the new opportunities coming up in the market.
The detailed key player's profile and market share analysis give a better understanding of the competitors and their business strategies.Base Year: 2020Estimated Year: 2021Forecast Till: 2027The report classifies the market into different segments based on type and product.
These segments are studied in detail, incorporating the market estimates and forecasts at regional and country levels.
The segment analysis is helpful in understanding the growth areas and potential opportunities of the market.Get | Download FREE Sample Report of Global Superconducting Materials Market @ https://www.decisiondatabases.com/contact/download-sample-1683A special section is dedicated to the analysis of the impact of the COVID-19 pandemic on the growth of the Superconducting Materials market.
The impact is closely studied in terms of production, import, export, and supply.The report covers the complete competitive landscape of the Worldwide Superconducting Materials market with company profiles of key players such as:Siemens AGMetal Oxide Technologies Inc.Hyper Tech Research Inc.Hitachi Ltd.Superconductor Technologies Inc.Evico GMBHAmerican SuperconductorWant to add more Company Profiles to the Report?
