What Has Been The Evolution of the Superconducting Materials Market in Recent Years?
The superconducting materials market has seen considerable growth due to a variety of factors.
• The market size for superconducting materials has experienced quick growth in the past few years. The market will expand from $8.94 billion in 2024 to $9.92 billion in 2025, growing at an 11.0% compound annual growth rate (CAGR). This steady growth in the historic period is mainly due to factors such as research and development efforts, government aid, rising demand in the field of medical imaging, enhancement of energy infrastructure, improved manufacturing abilities, and increased usage in the energy sector.
What Are the Future Growth Projections for the Superconducting Materials Market?
The superconducting materials market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of superconducting materials is projected to experience significant expansion in the coming years. With a compound annual growth rate (CAGR) of 9.5%, it is estimated to reach $14.26 billion by the year 2029.
This strong projected growth in the forecast period is due to factors such as burgeoning applications in the transport sector, increased efforts in renewable energy projects, technological improvements in healthcare instruments, a rise in demand within research facilities, and advancements in energy storage. Important trends predicted for the forecast period include progressive advancements in research and development, the use of superconductors in quantum computing, a shift towards sustainable technologies, extension of applications beyond the realm of electronics, infrastructural enhancements for 5G, and technological advancements in electronics.
What Are The Core Factors Supporting Growth In The Superconducting Materials Market?
The surge in the electronics industry is anticipated to fuel the expansion of the superconducting materials market. This industry encompasses the conception, creation, production and delivery of electronic devices, components and systems. It is superconducting materials that enable these electronic devices to operate at ultra-high resolution and speed, thereby enhancing the functionality and user experience. For instance, the Shanghai Municipal People's Government reported in October 2023 that the total retail sales of consumer electronics in China are expected to see a 4 percent increase to 2.2 trillion yuan (US$305 billion) this year. The growth rate is projected to escalate even further to 5 percent in 2024. Consequently, the thriving electronics industry is propelling the superconducting materials market's growth.
What Are The Major Segments Within The Global Superconducting Materials Market?
The superconducting materials market covered in this report is segmented –
1) By Product: Low Temperature, High Temperature
2) By Sales Channel: Direct, Indirect
3) By End User: Medical, Research And Development, Nuclear Fusion, Electronics, Transportation, Energy, Power, Other End Users
Subsegments:
1) By Low Temperature: NbTi (Niobium-Titanium), Nb3Sn (Niobium-Tin)
2) By High Temperature: YBCO (Yttrium Barium Copper Oxide), BSCCO (Bismuth Strontium Calcium Copper Oxide), MgB2 (Magnesium Diboride)
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What Emerging Trends Are Influencing The Growth Of The Superconducting Materials Market?
Leading corporations in the superconducting materials market are focused on creating innovative superconducting substances, such as novel superconductive material, to boost effectiveness in various sectors, including energy transmission, MRI, and particle accelerators. These novel superconductive materials are newly formulated substances like high-temperature superconductors and iron-based superconductors, showing no electrical resistance at certain temperatures. For example, The Pennsylvania State University, based in the US, made a notable advancement in quantum technology by creating a novel superconductive material that integrates two kinds of magnetic materials in February 2024. This unique fusion is projected to play a vital part in the future of quantum computing. The superconductivity is essential for fabricating more robust quantum computers, as it enhances steadiness against decoherence, a typical issue in quantum systems.
Who Are the Key Players In The Superconducting Materials Market?
Major companies operating in the superconducting materials market report are:
• Hitachi Ltd.
• Sumitomo Corporation
• Sumitomo Electric Industries Ltd.
• Toshiba Corporation
• NEXANS SA
• Fujikura Ltd.
• LS Cable & System Ltd.
• Furukawa Electric Co. Ltd.
• Delft Circuits
• evico GmbH
• Hyper Tech Research Inc.
• MetOx Technologies Inc.
• Super Conductor Materials Inc.
• Superconductor Technologies Inc.
• Western Superconducting Technologies Co. Ltd.
• Hyper Tech Research Inc.
• SuperPower Inc.
• Columbus Superconductors S.p.A
• Cryomagnetics Inc.
• Deutsche Nanoschicht GmbH
• Japan Superconductor Technology Inc.
• Super Inc.
• SuperOx Ceramic Coating GmbH
• Scientific Magnetics
• Theva Dunnschichttechnik GmbH
What Is The Most Dominant Region In The Superconducting Materials Market?
North America was the largest region in the superconducting materials market in 2024. The regions covered in the superconducting materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
