The Global Market for Superconductors is Forecast to Reach US$8.4 Billion by 2022

Growing Commercial Value of “Zero Electrical Resistivity” & the Ensuing Potential of Superconductivity in a Broad Range of Applications Drives the Global Superconductors Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Superconductors market. The global market for Superconductors is forecast to reach US$8.4 billion by 2022, driven by the benefits of the phenomenon of zero electrical resistance in building power-dense, energy efficient electrical and electronic solutions especially against the backdrop of an increasingly “electrified” world. 

As one of the most important discovery in physics, superconductivity is a breakthrough achievement in the field of electrical conductivity. Defined as a material that conducts electricity in a manner that allows free flow of electricity from one atom to another without resistance and without generation of heat, superconductors bring the promise of reducing energy wastages, improve electrical system efficiency and significantly reduce size and weight of power components and machinery. The zero electrical resistance of superconductors makes the technology attractive for a wide range of applications. In the field of electricity transmission, superconductor cables flaunt the capacity to transport high current densities by over 7 times as compared to current copper transmission lines and technology. They enable the much awaited ability to increase power without higher voltages, and without generating hazardous electromagnetic interference. The technology also holds the potential to develop motors and generators that are lighter, smaller and energy efficient. Continuous technology development and the incredible pace of advancements have helped push superconductor performance limits including their ability to operate at extremely high higher temperatures and magnetic fields. In the electronics industry, the superior benefits of superconductors promise a possible replacement of the conventional copper wire with superconductor wire. The rise of high temperature semiconductors and electronics and the resulting design and reliability challenges will positively benefit the use of superconductors in the field of semiconductors. Already being commercialized are superconductor wires manufactured from Nb3Sn (niobium-tin) and NbTi (niobium-titanium). Doping-induced superconductivity in covalent semiconductors also represents a key trend benefiting growth prospects in this space.  

Other major factors poised to drive growth in the market include continuous technology focus on the development of superconductor material classes, development of Superconducting Magnetic Energy Storage (SMES), growing healthcare industry and the ensuing increase in the use of imaging equipment like (MRI imaging & Nuclear Magnetic Resonance (NMR)) that utilize superconducting magnets, and established uses in research labs, wireless communications and computing. While low temperature superconductors (LTS) plays a vital role in established fields such as MRI and scientific research, high temperature superconductors (HTS) will make a major impact by enabling use in new applications in the industrial sector specifically food processing, drug quality checks in the pharmaceuticals sector, among others. The coming years are forecast to witness applications of superconductors move beyond MRI imaging and Nuclear Magnetic Resonance (NMR) and proliferate into electronics, transportation, industrial processing, military, communication and information, and energy sectors.

As stated by the new market research report on Superconductors, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 5.5% over the analysis period, led by factors such as continuous expansion of MRI imaging in the growing healthcare sector in emerging Asian economies; robust investments in life sciences and biotechnology research and the ensuing increase in demand for Nuclear Magnetic Resonance Spectroscopy (NMR) in R&D applications; growing need for robust energy storage and transmission technologies especially in emerging markets where wasted energy equals to wasted economic resources; and the emergence of Taiwan and South Korea as global semiconductor manufacturing hubs and centers of innovation and excellence in semiconductor research.

Major players in the market include American Superconductor Corporation, Bruker Corporation, Ceraco Ceramic Coating GmbH, Cryomagnetics Inc., Deutsche Nanoschicht GmbH, Fujikura Ltd., Furukawa Electric Co. Ltd., Hyper Tech Research Inc., Japan Superconductor Technology Inc., LS Cable & System Ltd., Luvata, Scientific Magnetics, Southwire Company, Sumitomo Electric Industries Ltd., Supercon Inc., Superconductor Technologies Inc., and SuperOx among others. 

The research report titled “Superconductors: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), and Rest of World. Product segments analyzed for the global and regional markets include Low Temperature Superconductors (LTS) and High Temperature Superconductors (HTS). The report also analyses the global and regional markets by End-Use Segment - Magnetic Resonance Imaging (MRI), Research & Development (R&D), Electronics, and Others (includes new large scale applications).

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