Superconductor material easily conducts electricity without any resistance. They are capable of conducting electricity without any loss of energy and have various potential properties such as high heat capacity and critical temperature. Superconductor materials are widely used across various industries including medical where it is used in magnetic resonance imaging (MRI) machines.
The global superconducting materials market is estimated to be valued at US$ 1,522.4 million in 2021 and is expected to exhibit a CAGR of 17.2 % over the forecast period (2021-2028).
In September 2021, Superconductor Technologies Inc. merged with Allied Integral United, Inc. Following the completion of the Merger, the businesses being conducted by the Company became the continuation of primarily, AIU's business, including the continued development of its virtual, in-home care service - Clearday at Home, and its membership-based daily care offering - Clearday Club.
In May 2021, Allied Integral United Inc., entered into an updated merger agreement with Superconductor Technologies, or STI.
Asia Pacific region held dominant position in the global superconducting materials market in 2020, accounting for 40.8% share in terms of value, followed by North America and Europe, respectively. As the medical industry in the Asia- Pacific region has witnessed a major growth in recent years which is likely to drive the market.
Figure 1. Global Superconducting Materials Market Value (US$ Mn), by Region, 2020
Global Superconducting Materials Market: Drivers
The growing demand for electric motors across superconducting materials is expected to foster market growth. Electric motors are majorly used in applications such as compressors, fans, elevators, and pumps. Increasing consumption of electricity due to growing populations is projected to propel the market growth. Superconducting materials enhance the efficiency of electric motors and thus growing demand for electric motors is expected to augment the market growth of the superconducting materials.
Robust growth in the electronic industry across developing regions is expected to drive the market growth of the superconducting materials. Growing consumer spending’s on various electronic products due to increasing disposable income is also projected to propel the market growth. The growing penetration of electric vehicles around the globe in order to curb the growing carbon emission and growing strict environmental regulations is again projected to augment the market growth of the superconducting materials.
Superconducting Materials Market Report Coverage
|Base Year:||2020||Market Size in 2021:||US$ 1,522.4 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||17.2%||2028 Value Projection:||US$ 4,637.7 Mn|
Superconductor Technologies, Inc., American Superconductor, Evico GmbH, Hitachi, Ltd., Metal Oxide Technologies, Inc., Siemens AG, Hyper Tech Research, Inc., Toshiba Corporation, and Sumitomo Electric Industries Ltd
|Restraints & Challenges:||
Global Superconducting Materials Market: Opportunities
Potential market opportunities across sectors such as healthcare, Industrial processing, transportation, research, and electronics & communication is propelling market growth. Robust growth in the aforementioned industry across developing countries due to the increasing disposable income of the consumers is augmenting the market growth of the superconducting magnets. Thus, the emerging application of the product across the aforementioned end-user industry is stimulating market growth.
Increased research and development activities by manufacturers for developing innovative and new products with enhanced properties are projected to offer to bring opportunities. Major manufacturers are investing heavily in R&D to encourage innovation in the product in order to obtain a competitive advantage around the globe. Thus, growing such research and development activities around the globe for continuous product innovation will favor the market growth in the near future.
Low-temperature superconducting materials are gaining traction in the market. It has broad application across MRI and nuclear magnetic resonance (NMR) in the healthcare industry. Moreover, low-temperature superconducting materials are cost-efficient and also has stable operational properties when compared to high-temperature superconducting materials. Additionally, high-temperature superconducting materials are quite expensive which is again propelling demand for low-temperature superconducting materials.
Improving standard of living coupled with the changing lifestyle of the consumer is driving demand for advanced electronic gadgets. This is creating a huge demand for superconducting materials. The increasing population and growing number of various players in the domestic as well as international market are again expected to foster the market growth of the superconducting materials. All these factors are influencing the overall growth of the superconducting materials market.
Figure 2. Global Superconducting Materials Market Share, By Application, 2020
Key Takeaways of the Graph:
Global Superconducting Materials Market: Restraints
High operating cost at low voltage (power distribution) is limiting the adoption of superconducting materials. This is expected to hinder the market growth over the forecast period.
High manufacturing cost of superconductor and lack of standard testing facility is expected to hamper the market growth. Moreover, mismatch demand and supply in terms of a superconductor is also projected to restrict the market growth of superconducting materials.
Global Superconducting Materials Market: Competitive Landscape
Major players operating in the global superconducting materials market include, Superconductor Technologies, Inc., American Superconductor, Evico GmbH, Hitachi, Ltd., Metal Oxide Technologies, Inc., Siemens AG, Hyper Tech Research, Inc., Toshiba Corporation, and Sumitomo Electric Industries Ltd.
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