Superconductor Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Taiwan, South Korea, Japan - Size and Forecast 2024-2028

Superconductor Market Forecast 2024-2028

The Global superconductor market size is projected to increase by USD 5.31 billion, at a CAGR of 9.28% between between 2023 and 2028. The growth rate of the market depends on several factors, such as the development of smart grids, increasing demand for energy efficiency, and rising adoption of superconductor devices in medical applications. A superconductor is a material that, when cooled to a specific temperature, shows zero electrical resistance and is capable of repelling magnetic fields. In other words, a superconductor can conduct electric current without loss of resistance, making it highly efficient for use in a variety of technologies, including magnetic resonance imaging (MRI), maglev trains, and superconducting magnets.

What will be the Size of the Market During the Forecast Period?

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The Global Superconductor Market is driven by innovations harnessing the properties of electrons and atoms to achieve critical temperature (Tc), supported by government initiatives, and addressing cooling requirements through cutting-edge solutions for superconducting systems, facilitating grid integration of wind and solar energy, alongside green power storage, including superconducting magnetic energy storage systems (SMES), with applications spanning MRI structures.

Market Segmentation

In the magnets segment of the Global Superconductor Market, high-temperature superconductors are revolutionizing various industries. With a growing elderly population, superconducting magnets find extensive use in the healthcare sector, particularly in MRI machines, where they enable precise imaging with zero electrical resistance. Moreover, in the energy industry, superconducting magnets play a crucial role in electromagnetic generators and high-efficiency power transmission cables, facilitating the transmission of electricity over long distances with minimal loss. Additionally, in the transportation industry, superconducting magnets contribute to the construction of advanced propulsion systems and levitation technologies, enhancing efficiency and reducing environmental impact. These magnets exhibit the expulsion of magnetic fields, allowing for stable and reliable performance across diverse applications, from consumer electronics to the construction of superconducting applications.

By Application

The market share growth by the magnets segment will be significant during the forecast period. The magnets segment in the market is growing due to the increasing medical applications. Superconducting magnets are crucial for the appropriate functioning of MRI systems.

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The magnets segment was the largest and was valued at USD 2.94 billion in 2018. These magnets have a highly stable magnetic field and provide results with augmented precision, speed, and resolution. The number of MRI installations is continuing to grow at a rapid pace globally. The increasing development of superconducting magnet product portfolios will increase the growth of the agents market segment. Upcoming projects in Japan for high-speed magnet trains that are expected to integrate superconducting magnets are expected to boost the adoption during the forecast period. These factors under the magnets segment will boost the growth of the market during the forecast period.

Regional Overview

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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional market trends and analysis, and drivers influencing the market's trajectory throughout the forecast period.  The growth of the market in the Asia-Pacific (APAC) region is propelled by increasing investments in power grid development and the expanding use of renewable energy resources. Governments across APAC are making substantial investments in high-voltage power grids, evident in collaborations such as Adani Electricity Mumbai Infra Limited partnering with Hitachi Ltd. to supply up to 1000 MW of electricity using Hitachi's new HVDC transmission system. These investments are expected to fuel the demand for superconducting cables, transformers, and generators, essential for efficient power grid operations.

Furthermore, the growing emphasis on renewable energy in the region is supported by different initiatives. For instance, Japan's 6th Strategic Energy Plan and Singapore's goal to import 4GW of low-carbon electricity by 2035. Such initiatives will drive the need for superconducting cables and devices, stimulating market growth in APAC during the forecast period.

Market Dynamics and Customer Landscape

The Global Superconductor Market explores low-temperature superconducting materials to enhance electric power transmission, catering to the growing energy demands of an elderly population while minimizing the expulsion of magnetic fields and resistance, achieving superconductivity by leveraging the behavior of electrons and atoms at critical temperature (Tc) levels, thereby reducing dissipation of energy, heat, and sound, paving the way for widespread commercialization.

Key Market Driver

Increasing demand for energy efficiency is notably driving market growth. One of the main reasons for the rise in energy efficiency requirements is the global pressure to reduce carbon emissions and adopt more sustainable ways of doing things. Governments around the world, such as Japan and Germany, and developing countries like India and China, are actively looking for ways to improve energy efficiency, and one promising option is superconductors. Superconductors help to reduce power transmission losses and improve the overall performance of electrical systems. This makes them an important part of the overall strategy to combat climate change and support green technologies.

Moreover, superconductors are being widely adopted in the transmission and distribution industry to improve grid performance. For example, the Tres Amigas SuperStation project in the United States aims to create a superconductor-based energy hub, connecting three major power grids. Not only does this increase grid reliability, but it also shows that superconductors can be used to improve energy transmission efficiency at a large scale. As the world moves towards more sustainable ways of doing things, the need for energy-efficient solutions like superconductors will continue to grow, which will drive the growth of the market during the forecast period.

Significant Market Trends

The emergence of SMES systems is an emerging trend shaping the market growth. The magnetic flow is created by the flow of direct current through the coil that produces the stored energy. This magnetic energy stored is easily converted to electricity for the use of power devices. The system consists of three major pads, namely a cooling system, coil, and power conditioning device. A SMES is a direct electric energy storage technology that is in its early phase of commercialization. It has high power with high-energy conversion efficiency along with instantaneous response time. Companies are investing in developing better SMES systems with higher power storage capacities to keep pace with the accelerating demand for large-scale energy storage applications. 

Moreover, the growing global demand for power due to the concerns over climate change, depleting non-renewable energy resources, and rapidly increasing global population is also expected to accelerate the demand for SMEs. These above-mentioned factors will drive the demand for superconducting magnets and boost the growth of the market during the forecast period.

Major Market Restrain

Issues related to uncertain material performance and stability of superconductors are a significant challenge hindering market growth. Certain limitations in achieving consistent and reliable material performance levels reduce the potential of superconductors. One of the key aspects of this limitation is the material sensitivity of superconductors. Superconducting materials are sensitive to temperature variations and mechanical stress due to their inherent properties. Many superconductors need extremely low temperatures to remain in their superconducting state. This makes them vulnerable to external environmental conditions that negatively affect their performance. 

However, uncertainty in material stability also negatively impacts the scalability and affordability of superconducting technologies. Market players like BASF SE and Hitachi Ltd. often struggle with the reproducibility of required superconducting properties through large-scale manufacturing. This variability can result in inconsistent product performance, which hampers the growth of the market and raises doubts among users about the dependability of the superconducting system. Therefore, these factors related to the uncertain material performance and stability may slow down the growth of the market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Market Companies 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Bruker Corp - The company offers superconductors such as Niobium Titanium Superconductor, Niobium tin Superconductor, and Bi 2212 HTS Superconductors for MRI and NMR, as well as high energy physics research and fusion research.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market is witnessing key trends driven by advancements in various sectors, particularly in healthcare where superconductors play a crucial role in enhancing the functionality of MRI machines. Additionally, the application of high-efficiency power transmission cables is transforming the landscape of power transmission and distribution systems, impacting both the transportation sector with the advent of magnetic levitation trains and the energy sector through high-efficiency power cables. Despite ongoing research in the field of high-temperature superconductors, challenges persist due to high production costs, limiting the widespread adoption of superconducting materials. The global industry is navigating these challenges by exploring innovative manufacturing processes such as thin-film deposition and chemical vapor deposition, catering to both low-temperature superconductors and high-temperature superconductors.

Moreover, the market is pivotal not only for power-related applications but also extends its impact to various sectors, including the medical sector with applications in medical imaging devices, research and development in scientific laboratories, and even the nuclear fusion sector for clean energy generation. In the electronics industry, superconductors find applications in sensors and detectors, emphasizing their diverse range of uses in cutting-edge technologies. The market stands out for its unique characteristics, including infinite conductivity, zero resistance, and the intriguing phenomenon of the Meissner effect observed in their interior, contributing to the evolution of various sectors and shaping the future of electronics.

The market is driven by the need to address the dissipation of energy, especially in sectors like the Energy industry and Transportation industry. Superconductors offer solutions to minimize heat and sound generation, making them essential in various applications. Both Low-temperature and High-temperature superconducting materials are utilized, with advancements in High-field magnet technology and Magnetic resonance imaging (MRI) machines in the Healthcare industry. They also find applications in Consumer electronics and Electromagnetic generators. Challenges such as resistance in the wires are being addressed, considering the growing demand, especially with the aging population. The construction of superconducting applications continues to evolve, emphasizing the importance of superconductors in modern industries.

Segment Overview

The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028

• Application Outlook
  • Magnets
  • Cables
  • Transformers
  • Energy storage devices

• Type Outlook
  • Low Temperature Superconductors
  • High Temperature Superconductors

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Superconductor Market Scope
Report Coverage	Details
Page number	187
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 9.28%
Market Growth 2024-2028	USD 5.31 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	8.74
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 47%
Key countries	US, China, Taiwan, South Korea, and Japan
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	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, and Toshiba Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market growth analysis across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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