Superconductors Market: Current Analysis and Forecast 2021-2027

Global Superconductor Market is expected to exceed the market valuation of US$ 11 billion in 2027 and is expected to grow at a significant CAGR of 9.2% during the forecast period (2021-2027). Surging demand for advance power grid infrastructure coupled with rising implementation of government regulations needed to implement for safety of environment. In addition, superconductors are proficient of generating high magnetic fields that would help in reducing the sizes of medical devices by increasing the magnetic field. Hence, superconductor market is expected to grow at an influential rate in the forecasted period. In addition, growing energy demand across globe required for day to day activities is expected to positively influence market demand. For instance, according to, Center for Sustainable Systems, Renewable energy consumption is projected to increase annually at an average rate of 1.9% between 2019 and 2050, compared to 0.3% growth in total energy use.
The key reasons for the growth superconductors is mainly owing to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to superconductors are restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. In addition, rising geriatric population with complex healthcare needs and the shift in the focus of medical service and care facilities from infectious diseases to life-threatening chronic ailments surging demand for medical equipment such as MRI machines is expected to drive the growth of the superconductors market in the coming years.
American Superconductor, Bruker, Furukawa Electric Co. Ltd., Southwire Company LLC., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superconductor Technologies Inc., Cryomagnetics Inc, Deutsche Nanoschicht GmbH, Japan Superconductor Technology Inc. are some of the prominent players operating in the Global Superconductor Market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Type, Type-I Superconductor segment holds the major share"
Based on Type, the global superconductors market is bifurcated into Type-I superconductor and Type-II superconductors. Currently type-I superconductors caters significant market share in the past few years. It is mainly owing to the properties of type-I superconductors that escalated its demand in various end-users application. Type-I super are of low temperature which has major application for superconductivity is in producing the large-volume, stable, and high-intensity magnetic fields required for MRI and NMR.
"Amongst Material, Yttrium Barium Copper Oxide Segment holds the major share"
Based on material, the global superconductor market is segmented into stainless steel, Yttrium Barium Copper Oxide, Bismuth Strontium Calcium Copper Oxide and Others. Currently, yttrium barium copper oxide acquired significant market share in the global superconductors market. Yttrium have high temperature superconductivity have a high critical current density at high magnetic fields and high mechanical strength, they are applicable to broad areas of electric machinery.
"Amongst Product, Magnet and Energy Storage segment holds the major share"
Based on product, the global superconductor market is segmented into magnets, cables, transformer and energy Storage devices. Currently, magnets and energy storage together captured significant market share. It is mainly owing to the use of superconductor magnets in MRI machines, NMR equipment, mass spectrometers, magnetic separation processes, and particle accelerators. However, cables also acquired considerable market growth and expected to grow at increasing rate in the projected year as well.
"Asia Pacific represents one of the largest markets of Global Superconductor Market"
For a better understanding of the market dynamics of the Global Superconductor Market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe and Rest of the World. Asia Pacific dominated the market and grabbed around XX% market share is majorly attributed to the increasing electrical & electronics production in the region.
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- Deep dive regional level analysis of the industry
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Superconductors are materials which enables the conduct of electricity with no resistance from one atom to another. Zero resistance allows no loss of energy from the material in heat or sound form when it reaches critical temperature. Superconductors offer the promise of important major advances in efficiency and performance in electric power generation, transmission and storage, medical instrumentation, wireless communications, computing, transportation and scientific instruments that will result in new paradigms and in societal advances that are cost effective and environmentally friendly. The factors that driving the market of superconductors such as surging demand for advance power grid infrastructure coupled with rising implementation of government regulations needed to implement for safety of environment. In addition, superconductors are proficient of generating high magnetic fields that would help in reducing the sizes of medical devices by increasing the magnetic field. Hence, superconductor market is expected to grow at an influential rate in the forecasted period.
Based on type the global Superconductors market is bifurcated into Type-I superconductor and Type-II superconductors. Currently type-I superconductors caters significant market share in the past few years. It is mainly owing to the properties of type-I superconductors that escalated its demand in various end-users application. Type-I super are of low temperature which has major application for superconductivity is in producing the large-volume, stable, and high-intensity magnetic fields required for MRI and NMR.
Based on material, marked is classified into stainless steel, Yttrium Barium Copper Oxide, Bismuth Strontium Calcium Copper Oxide and Others. Currently, yttrium barium copper oxide acquired significant market share in the global superconductors market. Yttrium have high temperature superconductivity have a high critical current density at high magnetic fields and high mechanical strength, they are applicable to broad areas of electric machinery.
Based on product, market is segment into Magnets, Cables, Transformers and Energy Storage Devices. Currently, magnets and energy storage together captured significant market share. It is mainly owing to the use of superconductor magnets in MRI machines, NMR equipment, mass spectrometers, magnetic separation processes, and particle accelerators. However, cables also acquired considerable market growth and expected to grow at increasing rate in the projected year as well.
Based on application, the market is classified in to energy, electronics, medical, research and development, industrial and others. currently, medical and electronics dominates the market share of superconductors. The surge in the adoption of superconductor in various end-users such as electric power generation, transmission and storage; medical instrumentation; wireless communications; computing; and transportation. It is mainly due to increase in efficiency and performance of the end-users products that resulted in societal advances that are cost effective and environmentally friendly.
For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Currently Asia Pacific dominated the market and is expected to maintain its dominance throughout the forecast period. However, Europe is expected to witness highest CAGR growth during the forecast period.
Some of the major companies operating in the global superconductors market includes American Superconductor, Bruker, Furukawa Electric Co. Ltd., Southwire Company LLC., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superconductor Technologies Inc., Cryomagnetics Inc, Deutsche Nanoschicht GmbH, Japan Superconductor Technology Inc.