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Superconductors Market

Superconductors Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

SE : Semiconductors

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Author's: Minulata Nayak | Sonia Mutreja
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Superconductors Market Research, 2032

The global superconductors market was valued at $6.8 billion in 2022, and is projected to reach $17.4 billion by 2032, growing at a CAGR of 10% from 2023 to 2032.

A superconductor is a substance capable of transmitting electric current or facilitating the movement of electrons between atoms without encountering any resistance. As a result, when a superconductor reaches its "critical temperature" (Tc), there is no dissipation of energy in the form of heat, sound, or any other form of energy from the material.  

The superconductor market refers to the global industry involved in the production, research, development, and commercialization of superconducting materials and related technologies. While the market for superconductors has been growing steadily, it is still relatively small compared to other industries.  

Superconducting materials possess unique properties that make them valuable for various technological applications. One of the most significant properties is infinite conductivity, where the material exhibits zero resistance when in the superconducting state. This transition occurs below a critical temperature, also known as the transition temperature, and it involves a sudden and complete shift from being a conductor to a superconductor. Additionally, superconductors demonstrate the Meissner effect, where they expel magnetic fields from their interior when entering the superconducting state. Moreover, superconductors have a critical magnetic field, which represents the maximum magnetic field they can tolerate without reverting to a normal conducting state. The value of the critical magnetic field decreases as the temperature decreases. These exceptional properties make superconductors highly attractive and sought after for numerous applications across various industries. 

Superconductors Market

The superconductors market is segmented into Type and Application.

Superconductors Market by Type

On the basis of type, the market is bifurcated into low temperature and high temperature.

Superconductors Market by Application

On the basis of application, the superconductors industry is segregated into medical, electronics, defense & military, and others.

Superconductors Market by Region

On the basis of region, the superconductors market size is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East, and Africa).   

Country-wise, the U.S. acquired a prime market share in the North American region and is expected to grow at a significant CAGR during the forecast period of 2023-2032. This dominant position can be attributed to strategic investments in research and development, fostering technological expertise, and cultivating a strong industry presence. The country's commitment to advancing superconducting materials, technologies, and applications has led to groundbreaking innovations and cutting-edge solutions. With robust government support and partnerships between companies, research institutions, and universities, the U.S. has been able to accelerate the commercialization of superconductors and cater to diverse market segments. Moreover, the well-developed infrastructure and efficient supply chain have facilitated the widespread adoption of superconductors in critical sectors like energy, healthcare, transportation, and beyond. 

In Europe, Germany emerged as the dominant player in terms of revenue share in the superconductors market in 2022, and this trend is expected to continue during the forecast period. Germany's emergence as the dominant player in the superconductors market in Europe can be attributed to its unwavering commitment to technological advancement and innovation. The country has consistently invested in research and development, fostering a thriving ecosystem for superconducting materials and applications. German companies have demonstrated a high level of expertise in manufacturing, quality control, and the integration of superconductors into various industries, such as power generation, transportation, and medical devices. Additionally, strong government support and favorable policies have played a significant role in nurturing the growth of the superconductors market in Germany. The nation's emphasis on sustainable energy solutions and its ability to forge strategic partnerships between academia, research institutions, and industries have also fueled its success in this dynamic sector. As a result, Germany's dominant revenue share in the superconductors market is expected to persist during the forecast period, solidifying its position as a leader in the European superconductors industry. 

In the Asia-Pacific region, China is anticipated to become a prominent market for the superconductors industry. There are several factors contributing to China's prominence in this market. One of the main factors is their strong and continuous effort to lead in technology and their significant investments in research and development. The Chinese government has prioritized the advancement of superconducting materials and technologies, providing strong financial support and favorable policies to foster innovation. Chinese companies have rapidly progressed in developing cutting-edge applications for superconductors, particularly in the energy, transportation, and medical sectors. The vast domestic market and the country's focus on sustainable energy solutions have driven the demand for superconducting products. Additionally, China's active engagement in international collaborations has enabled knowledge exchange and accelerated the adoption of superconductors in various industrial applications. As a result, China's market for superconductors is set to grow significantly, cementing its position as a prominent player in the Asia-Pacific region. 

In the LAMEA region, the Latin America dominated the superconductors market share in terms of revenue in 2022. The key driver for this dominance can be attributed to its increasing focus on leveraging advanced technologies to drive economic growth. As Latin American countries pursue modernization and industrialization, the demand for superconductors has risen significantly, especially in sectors such as power generation, healthcare, and transportation. Moreover, the region's favorable investment climate, coupled with government initiatives supporting technological innovation, has spurred the development and adoption of superconducting materials and applications. Latin America's commitment to sustainable energy solutions and its growing interest in high-tech industries have played a crucial role in propelling its position as the dominant market for superconductors in the LAMEA region. With ongoing advancements and market potential, Latin America is likely to maintain its prominence in the superconductors industry. 

Energy efficiency and sustainability are major drivers behind the growing superconductor market. In various industries, including power generation and transmission, energy efficiency is a crucial concern. Superconducting materials present a promising solution by enabling highly efficient electrical transmission, thereby minimizing energy losses during power distribution. This efficiency improvement has led to increased interest in utilizing superconducting power cables and systems for grid applications. Furthermore, the worldwide drive towards sustainability and the urgent requirement to decrease carbon emissions are bolstering the adoption of superconducting technologies. These advancements have the potential to significantly contribute to renewable energy generation and storage, enabling the implementation of more efficient and environmentally conscious solutions as we transition to a more sustainable future.   

On the other hand, one of the significant challenges and restraints that can impede the superconductors market growth and widespread adoption of superconductors is the cooling requirements associated with these materials. In order to achieve and sustain the temperatures at which superconductivity occurs, most superconducting materials necessitate cryogenic cooling. This introduces complexity and cost to superconducting systems, as cryogenic cooling systems tend to be bulky, energy-intensive, and require specialized maintenance. The requirement for continuous cooling poses practical challenges for large-scale deployment and applications in certain environments. Finding efficient and cost-effective cooling solutions that minimize these drawbacks is crucial for overcoming this restraint and further advancing the adoption of superconducting technologies.  

Additionally, the integration of renewable energy presents a significant opportunity in the superconductor market. Renewable energies along with wind and solar often face challenges because of their intermittent nature, which calls for green power storage and grid integration solutions. Superconducting magnetic energy storage systems (SMES) offer a promising solution using superconducting coils to store and release electricity. The integration of superconducting technology with renewable power infrastructure holds tremendous promise for large-scale power storage programs. This connectivity not only guarantees grid balance but also permits more efficient use of renewable resources. By overcoming the limitations of intermittent power generation, we can establish a more dependable and sustainable energy ecosystem. 

Top Impacting Factors 

The developing demand for superior MRI structures in medical imaging has caused an accelerated desire for superconducting magnets, which can be crucial for generating strong and solid magnetic fields. The advancements in quantum computing have also played a significant role in driving the marketplace, as superconducting materials are crucial for the improvement of quantum computers. However, the high cost associated with superconducting substances and technologies poses a restraint on their enormous adoption. On the other hand, there is an opportunity for superconductors inside the power sector, as they offer extraordinarily efficient electric transmission and distribution abilities, that may lessen electricity losses and improve grid overall performance.   

Competitive Analysis 

The superconductors market outlook report highlights the highly competitive nature of the superconductors market, owing to the strong presence of existing vendors. Vendors with extensive technical and financial resources are expected to gain a competitive advantage over their counterparts by effectively addressing market demands. The competitive environment in this market is expected to increase as product launches, collaborations, and new product development strategies adopted by key vendors increase. Competitive analysis and profiles of the major superconductors market players that have been provided in the report include 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., and Fujikura Ltd.   

Key Developments/ Strategies 

According to the latest superconductors market forecast, Hitachi Ltd., LS Cable & System Ltd., Sumitomo Electric Industries, Ltd., Furukawa Electric Co. Ltd., and Cryomagnetics Inc. are the top players in the superconductors market. Top market players have adopted various strategies, such as product launches, collaborations, and new product developments to expand their foothold in the superconductors market. 

  • In August 2022, Cryomagnetic a manufacturer of superconducting magnet launched C-Mag Vari-611-Optical, 6-1-1 Tesla 3-Axis Optical Cryogen superconducting magnet system. It is cooled by a single pulse tube cryocooler to conductively cool the magnet and cryostat as well as cooling a secondary closed loop helium circuit used for controlling the sample temperature. 

  • In March 2021, Hitachi developed a 1.1 diameter magnesium diboride (MgB2) superconducting magnet that rapidly generates a magnetic field space as required for magnetic resonance imaging (MRI) examinations and verified that MR imaging of the head region can begin within 10 minutes from a zero-field state compared with 1 to 2 hours using conventional equipment. 

  • In October 2021, LS Cable & System announced development of a superconducting cable. The superconducting cable has almost no power loss during transmission and is capable of large capacity transmission. 

  • In December 2022, Bruker Corporation and RI Research Instruments GmbH (RI) received multi-year contracts to supply key technology components for major fusion projects in Europe and Asia, together valued at approximately $50 million. 

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the superconductors market analysis from 2022 to 2032 to identify the prevailing superconductors market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the superconductors market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global superconductors market trends, key players, market segments, application areas, and market growth strategies.

Superconductors Market Report Highlights

Aspects Details
Market Size By 2032

USD 17.4 billion

Growth Rate

CAGR of 10%

Forecast period

2022 - 2032

Report Pages


By Type
  • Low Temperature
  • High Temperature
By Application
  • Medical
  • Electronics
  • Defense and Military
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players

American Superconductor Corporation, LS Cable & System Ltd., Bruker Corporation, Hyper Tech Research, Inc., Fujikura Ltd., Sumitomo Electric Industries, Ltd., Cryomagnetics Inc., Hitachi Ltd., Furukawa Electric Co. Ltd., Japan Superconductor Technology Inc.

Analyst Review

The superconductor market is poised for substantial growth. The surge in demand for superconducting materials in the medical industry is anticipated to be a key driver of this growth during the forecast period. The continuous need for superconductors in MRI technology highlights a promising market for these materials. Furthermore, the increasing requirement for highly efficient electric motors is another significant factor fuelling the demand for superconductors. These factors collectively contribute to the overall expansion of the global superconductors market.  

In the forecast period, it is estimated that the North America region dominated the global superconductor market and held the highest market share in terms of growth. On the other hand, Asia Pacific is projected to have the highest CAGR during the forecast period.   

The key players profiled in the superconductor industry include 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., and Fujikura Ltd. rephrase 

Author Name(s) : Minulata Nayak | Sonia Mutreja
Frequently Asked Questions?

The Superconductors Market is expected to grow at a CAGR of 9.97% during the period of 2023 to 2032.

The leading application of the Superconductors Market is in the field of medical devices, particularly in Magnetic Resonance Imaging (MRI) machines.

North America is the largest regional market for superconductors.

The industry size of Superconductors is estimated to be $6,772.09 million in 2022.

The top companies holding significant market share in the superconductors industry include Hitachi Ltd., LS Cable & System Ltd., Sumitomo Electric Industries, Ltd., Furukawa Electric Co. Ltd., and Cryomagnetics Inc.

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Superconductors Market

Global Opportunity Analysis and Industry Forecast, 2023-2032