Latest News- Superconductor Market: Magnets is expected to lead the Product segment during 2025-2029

The Superconductor Market is being driven by Development of smart grids

The Superconductor Market is expected to grow at a CAGR of 10.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6688.2 million. Superconducting Magnetic Energy Storage (SMES) systems represent a cutting-edge technology for electric energy storage. These systems utilize superconducting coils to store energy in the form of a magnetic field. Direct current flows through the coil, generating the magnetic energy, which can be swiftly transformed into electricity for powering devices. A SMES system comprises three primary components: a cooling system, a coil, and a power conditioning device. As a direct electric energy storage technology, SMES is in its nascent stages of commercialization. Its advantages include high power, impressive energy conversion efficiency, and instantaneous response time. The burgeoning demand for energy storage solutions is driving the integration of renewable energy technologies with grids on a large scale. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Magnets
  • Cables
  • Transformers
  • Energy storage devices
• Type
  • Low temperature
  • High temperature
• Application
  • Magnetic resonance imaging
  • Medical imaging
  • Power transmission
  • Particle accelerators
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Development of smart grids
• Increasing demand for energy efficiency
• Rising adoption of superconductor devices in medical applications

However, the market also witnesses some limitations, which are as follows:

• High cost of HTS wires
• Issues related to uncertain material performance and stability of superconductors
• Complexity in manufacturing superconductors

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Market Scope in Superconductor Market Research Report

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Research Analysis Overview

The Superconductor Market encompasses various applications, including YBCO superconductors with unique properties and MgB2 for specific uses. Flux creep phenomenon and surface resistance measurement are crucial in understanding superconductors. Quantum entanglement studies and superconducting cable design lead to lossless energy transfer and high-frequency applications. Magnetic shielding, medical imaging systems, and particle accelerator design benefit from superconductors. Superconducting electronics, tunneling spectroscopy, and vortex dynamics further expand their uses. Critical magnetic fields, superconducting transistors, and quantum computing hardware drive technological advancements. Energy storage capacity, power transmission lines, superconducting motors, and material synthesis methods complete the market landscape. Applications span from microwave technology to radiation detection systems and electronic device fabrication.

Market Research Overview

In the dynamic landscape of the global electronics market, high-temperature superconductors, specifically type-II superconductors, play a pivotal role in driving innovation within the electronic components sector. These advanced materials, renowned for their flux pinning mechanism and critical current density, are integral to various applications, including transformers, magnetic resonance imaging (MRI) systems, and energy storage. The market's expansion is fueled by the growing demand for IoT devices, necessitating increasingly efficient and powerful electronic components. Technavio's market analysis projects that this trend will continue to shape the global electronic components market, which encompasses manufacturers of connectors, capacitors, resistors, coils, PCBs, transformers, inductors, and lighting products. This segment's growth is attributed to the increasing adoption of IoT devices, which rely on these components for seamless connectivity and functionality.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/