Superconductors Market to Reach $17.4 Billion, Globally, by 2032 at 9.97% CAGR: Allied Market Research
The superconductors market is driven by factors such as a surge in demand for medical imaging, advances in quantum computing, and the transmission and distribution of power.
Portland, OR, Aug. 02, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Superconductors Market, by Type (Low Temperature, and High Temperature), Application (Medical, Electronics, Defense & Military, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global superconductors Market generated $6,772.09 million in 2022, and is projected to reach $17,367.31 million by 2032, registering a CAGR of 9.97% from 2023 to 2032.
Prime determinants of growth
The superconductors market is anticipated to expand significantly during the forecast period due to the growing demand for medical imaging and advances in quantum computing. Additionally, the market for superconductors is expected to benefit from the transmission and distribution of power. However, the high cost poses a restraint to the growth of the superconductors market during the forecast period.
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Report coverage & details:
|Market Size in 2021||$6,772.09 million|
|Market Size in 2031||$17,367.31 million|
|No. of Pages in Report||277|
|Segments covered||Type, Application, and Region.|
|Drivers||Growing demand for medical imaging Quantum computing advances|
|Opportunities||Transmission and distribution of power|
- The COVID-19 pandemic had a mixed impact on the superconductors market. On one hand, there was an increase in demand for medical equipment, particularly advanced MRI systems that rely on superconducting magnets. The need for precise diagnostic imaging to manage COVID-19 cases led to a surge in demand for these systems, which positively affected the superconductors market.
- On the other hand, the pandemic brought economic uncertainty, resulting in reduced investment and funding for research and development projects in the field of superconductors. Many companies and institutions faced financial challenges, leading to cutbacks and delays in their superconductivity-related initiatives.
The low temperature segment is anticipated to dominate in terms of revenue during the forecast period-
Based on type, the low temperature segment accounted for more than three-fifths of the total revenue in the global superconductors market in 2022, and it is expected to continue its dominant position throughout the forecast period. This segment’s supremacy is attributed to its wide range of commercial applications, higher critical temperatures, and established usage in various industries. However, the high-temperature segment is poised for remarkable growth, projected to achieve a CAGR of 10.48% from 2023 to 2032, driven by increasing demand for practical and accessible superconducting materials and government support for ongoing research. HTS remains a significant driver of innovation in the market.
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The medical segment is projected to retain the lion’s share by 2032.
Based on application, the medical segment emerged as the market leader in the global superconductors market in 2022, holding the highest market share of two-fifths of the revenue. This segment is projected to maintain its leadership status throughout the forecast period. The remarkable growth is fueled by rising demand for advanced medical imaging technology, especially MRI systems, benefiting from superconducting magnets’ strong and stable magnetic fields for high-resolution imaging. Ongoing research has led to technological advancements and hybrid systems, further boosting the segment’s appeal. The electronics segment is expected to experience the fastest CAGR of 11.19% during the forecast period, driven by the increased adoption of superconducting materials in various electronic devices and systems. These materials offer unique properties with significant advantages in applications such as quantum computing and high-speed data transmission.
North America to maintain its dominance by 2032.
Based on region, North America dominated the superconductors market revenue in 2022, representing approximately one-third of the global market share, driven by thriving medical and defense industries. Investments in medical infrastructure and military spending in countries like the US and Canada fuel the demand for superconductors in medical devices and defense applications, including power railguns and coil guns. However, the Asia-Pacific region is projected to witness the fastest CAGR of 11.09% from 2023 to 2032. This is due to robust infrastructure development, high-tech manufacturing industries, and increased investments in medical infrastructure in countries like China, India, and Malaysia. The region’s focus on defense advancements, including advanced rail guns, further contributes to its prominence in the global superconductors market.
Leading Market Players: –
- Bruker Corporation
- Furukawa Electric Co. Ltd.
- American Superconductor Corporation
- Sumitomo Electric Industries, Ltd.
- Hitachi Ltd.
- Cryomagnetics Inc.
- Japan Superconductor Technology Inc.
- LS Cable & System Ltd.
- Hyper Tech Research, Inc.
- Fujikura Ltd.
The report provides a detailed analysis of these key players of the global superconductors market. These players have adopted different strategies such as product launches, collaborations, and new product development to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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