The Superconducting Materials Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Superconducting Materials Global Market Report 2024, The superconducting materials market size has grown rapidly in recent years. It will grow from $8.02 billion in 2023 to $8.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to research and development initiatives, government funding and support, growing demand in medical imaging, energy infrastructure development, increased manufacturing capabilities, increasing adoption in the energy sector..
The superconducting materials market size is expected to see strong growth in the next few years. It will grow to $13.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to emerging applications in transportation, expanding renewable energy projects, advancements in healthcare devices, increasing demand in research facilities, enhancements in energy storage.. Major trends in the forecast period include advancements in research and development, superconductors in quantum computing, focus on sustainable technologies, application expansion beyond electronics, infrastructure upgrades for 5g, advancements in electronics..
The robust growth in the electronic industry is expected to propel the growth of the superconducting materials market going forward. The electronics industry refers to the sector of the economy that encompasses the design, development, manufacturing, and distribution of electronic devices, components and systems. Superconducting materials enable electronic devices, with ultra-high resolution and speed, to improve the user experience and functionality of the devices. For instance, in June 2023, according to the Bureau of Economic Analysis, a US-based government agency, the electronic products manufacturing industry increased to 5.7 percent in 2021. Therefore, the robust growth in the electronic industry is driving the growth of the superconducting materials market.
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The superconducting materials market covered in this report is segmented –
1) By Product: Low Temperature, High Temperature
2) By Sales channel: Direct, Indirect
3) By End User: Medical, Research And Development, Nuclear Fusion, Electronics, Transportation, Energy, Power, Other End Users
Major companies operating in the superconducting materials market are developing innovative superconducting materials, such as superconducting magnets, to gain a competitive edge in the market. Superconducting magnets can conduct electricity without resistance, which enables them to carry more electrical current than traditional magnets, leading to more efficient electricity grids and energy-saving devices. For instance, in March 2021, Hitachi, a Japan-based company that manufactures superconducting materials, developed a 1.1-diameter magnesium diboride (MgB2) superconducting magnet that rapidly generates a magnetic field space as required for magnetic resonance imaging (MRI) examinations. The magnet can generate the required magnetic field within 10 minutes, making it suitable for intraoperative MRI in which MRI is performed several times during surgery.
The superconducting materials market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Hitachi Ltd.
- Sumitomo Corporation
- Sumitomo Electric Industries Ltd.
- Toshiba Corporation
- NEXANS SA
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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.
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