Authored By: Sarah
11 Jul 2024

 Superconductor Market Size to grow by USD 5.31 billion between 2024-2028

According to a research report “ Superconductor Market” by Application (Magnets, Cables, Transformers, Energy storage devices) Type (Low Temperature Superconductors, High Temperature Superconductors) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 5.31 billion, at a CAGR of almost 9.28% during the forecast period. In the energy sector, the integration of computer-intelligent electric grids, referred to as smart grids, is a significant trend. These advanced systems enhance the efficiency and management of electricity transmission networks. Components integral to smart grids encompass transmission lines, generators, transformers, smart meters, energy-efficient appliances, uninterruptible power supplies (UPS), and implantable medical devices (IMDs). The adoption of smart grids is crucial due to their real-time information capabilities, which are particularly valuable during power outages. Blackouts can lead to detrimental consequences for communication systems, traffic signals, security, and banking. Smart grids mitigate these risks by managing power supply effectively during such events.

Browse market data tables, figures, and in-depth TOC on “Superconductor Market” by Application (Magnets, Cables, Transformers, Energy storage devices) Type (Low Temperature Superconductors, High Temperature Superconductors) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Magnets segment is projected to dominate the market size in 2024

In the realm of materials science, low temperature superconductors refer to those with critical temperatures below 30 Kelvin (-243.15 degrees Celsius). The critical temperature denotes the threshold temperature below which the material must be cooled to exhibit superconductive properties. These materials, when cooled, can conduct electrical current without resistance, making them invaluable in various industries. Applications include high-energy physics, transportation, and medical technology. Liquid helium is commonly used for cooling these superconductors. Notably, NbTi (Niobium-titanium) low temperature superconductors are extensively utilized in producing MRI magnets, which are integral to medical imaging and research.

By Type, Low Temperature Superconductors  segment is expected to hold the largest market size for the year 2024

In the global superconductor market, the magnets segment is experiencing significant growth, driven by the expanding medical applications. Superconducting magnets play a pivotal role in the effective operation of Magnetic Resonance Imaging (MRI) systems. These magnets offer a highly stable magnetic field, resulting in enhanced precision, speed, and resolution in MRI scans. The number of MRI installations is witnessing a robust expansion worldwide, fueled by technological advancements in both MRI systems and superconducting materials and magnets. This trend underscores the substantial investment in research and development (R&D) within the superconducting materials and magnets sector.

APAC is forecasted to hold the largest market size by region in 2024

The superconductor market in APAC is experiencing robust growth due to substantial investments in the expansion of power grids and the surge in renewable energy resources. Notable investments include Adani Electricity Mumbai Infra Limited's partnership with Hitachi Ltd. to supply up to 1000 MW of electricity to Mumbai using Hitachi's advanced HVDC transmission system. Furthermore, Sun Cable's agreement with the Indonesian government to develop the world's largest intercontinental solar and storage project, which could potentially unlock over USD115 billion in renewable energy generation and transmission operations, underscores the region's commitment to sustainable energy solutions.

The Superconductor Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • American Superconductor Corp.
  • ASG Superconductors Spa
  • BASF SE
  • Bruker Corp.
  • Can Superconductors s.r.o.
  • Cryomagnetics Inc.
  • evico GmbH
  • Fujikura Ltd.
  • Furukawa Electric Co. Ltd.
  • High Temperature Superconductors Inc.
  • Hitachi Ltd.
  • HORIBA Ltd.
  • Kobe Steel Ltd.
  • Mitsubishi Corp.
  • New England Wire Technologies
  • Siemens AG
  • Sumitomo Electric Industries Ltd.
  • Supercon Inc.
  • THEVA Dunnschichttechnik GmbH
  • Toshiba Corp.
.

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Research Analysis Overview

The global superconductor market is experiencing significant growth due to the advancements in high-temperature superconductors (HTS). These materials offer the promise of zero electrical resistance, making them ideal for various applications in the energy industry, electronics, and medical fields. HTS materials have a critical temperature (Tc) above -130 degrees Celsius, making them suitable for use in warmer environments. HTS is revolutionizing the energy industry by improving the efficiency of energy transmission and distribution. In the energy sector, HTS is used in electromagnetic generators and power cables to reduce energy loss due to resistance. In the medical field, HTS is used in MRI machines to produce stronger magnetic fields, leading to clearer images. Consumer electronics, such as cell phones and computers, are also expected to benefit from HTS technology. The elderly population is another potential market for HTS, as it can be used in heating systems that maintain a constant temperature without energy loss. HTS is also being explored for use in low-temperature superconducting materials for commercialization in sound and heat applications. The dissipation of energy in superconductors is almost zero, making them an attractive option for various industries. The atoms in a superconductor allow electrons to flow freely, creating an electric current with minimal resistance. This property is essential for the development of advanced technologies in various sectors.

Market Research Overview

The Superconductor market encompasses a wide range of applications, including sensors and detectors for clean energy generation in the energy industry, advanced medical equipment in the health sector, and high-performance technologies in the nuclear fusion sector. Superconductors, which exhibit zero electrical resistance at their critical temperature (Tc), are crucial for various applications that require efficient energy transfer and storage. Two main types of superconductors exist: low-temperature and high-temperature. Low-temperature superconductors, which require cooling with liquid helium, are used in MRI machines, electromagnetic generators, and magnetic levitation trains. High-temperature superconductors, which can operate at higher temperatures using cooling systems like cryogenic cooling, are increasingly being used in power storage devices, cables, wires, and magnets. Superconducting materials, such as lanthanum, titanium, lead, thorium, tungsten, zinc, vanadium, aluminum, cadmium, gallium, and their alloys and metallic compounds, play a significant role in the Superconductor market. These materials are used to create superconductors with high transition temperatures and excellent magnetic field capabilities, enabling applications in quantum computers, MRI structures, and grid integration solutions. The Superconductor market is highly competitive, with significant financial and technical resources invested in research and development. The market is driven by the need for improved grid performance, distribution abilities, and electric transmission in the power sector, as well as the growing demand for quantum computing, green power storage, and cooling systems in various industries. Government support and cutting-edge solutions continue to fuel innovation in the Superconductor market, with applications ranging from renewable energy sources like solar and wind to transportation and healthcare technology. The Meissner effect, a phenomenon where superconductors expel magnetic fields, is a fundamental property of superconductors that makes them essential for various applications. The dissipation of sound and heat in superconductors is virtually non-existent, making them ideal for applications that require minimal energy loss. The critical temperature (Tc) and resistance of superconductors are key factors in their commercialization and application in various industries. In summary, the Superconductor market is a dynamic and innovative field that is driving advancements in clean energy generation, medical technology, and various industrial applications. With ongoing research and development, superconductors are poised to revolutionize the way we generate, transmit, and store electricity, as well as enable new technologies like quantum computing and advanced medical equipment.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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