Superconductor market size to grow by USD 4.47 billion from 2022 to 2027

According to Technavio, the global superconductor market size is estimated to grow by USD 4,472.26 million from 2022 to 2027. The market is estimated to grow at a CAGR of almost 8.7% during the forecast period. APAC will account for the largest share of the global market during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 6316.30 million.  For more Insights on market size Request a sample report

A superconductor is a material that can conduct electricity with zero electrical resistance and the exclusion of magnetic flux.

Technavio has segmented the market based on type (Low-temperature superconductors and High-temperature superconductors), and product (Magnets, Cables, Transformers, and Energy storage devices.

• The low-temperature superconductors segment will account for a significant share of the global market during the forecast period. Factors such as low-temperature superconductors are widely used in applications such as high-energy physics, automobiles, magnetic resonance imaging (MRI), and nuclear magnetic resonance (NMR) devices. Currently, commonly used MRI magnets are cylindrical superconducting magnets made from low-temperature Niobium-titanium (NbTi) superconductors. NbTi magnets are compact, demonstrate reliable performance, and are cost-effective. These advantages of low-temperature NbTi superconductors drive their adoption in MRI applications. Such factors will drive the growth of the low-temperature superconductors segment in the global superconductor market.

Geography Overview

By geography, the global superconductor market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global superconductor market.

• APAC is estimated to account for 47% of the growth of the global market during the forecast period. Governments of countries in APAC are investing significantly in developing high-voltage power grids. For instance, in November 2022, Sun Cable signed a deal with the Government of Indonesia to develop the world’s largest intercontinental solar and storage project. The growing investments in power grid projects will accelerate the demand for superconducting cables, transformers, and generators. This, in turn, will drive the growth of the market in APAC during the forecast period. 

The development of smart grids

Smart grids provide various benefits, such as managing the power supply efficiently during blackouts. They are prepared for emergencies such as natural disasters, as they re-route the electrical supply to working lines and isolate the fault lines. Electrical equipment, components, and transmission lines carry high currents and voltage at high temperatures, which necessitates the use of superconductor materials. As superconductor devices are suitable for high-temperature applications, they need to be integrated across generators and transformers. Therefore, with the growing interest in smart grid deployment across the world, the need for superconductor devices will drive the market’s growth during the forecast period. 

• The emergence of SMES systems is a key trend influencing the superconductor market. 
• The high lead time may impede the superconductor market growth.  

Analyst Review

The superconductor market is poised for significant growth, driven by advancements in electric power and high-field magnet technology. Magnetic resonance imaging (MRI) machines utilize superconductors to generate powerful magnetic fields essential for imaging diagnostics in the healthcare sector. These machines, particularly advanced MRI systems, are integral to public health activities worldwide, supported by government initiatives such as those by the US government through entities like the Center for Medicare and Medicaid Services (CMS).

Rising expenditure on healthcare globally, including in developing countries like India, fuels the demand for cutting-edge medical technologies, including superconductors. The Organization for Economic Co-operation and Development (OECD) countries also contribute significantly to the market growth through substantial government support and investments in medical industry infrastructure.

Superconductors play a vital role in enhancing energy efficiency, particularly in high-power applications where resistance in wires can lead to significant energy losses. This is especially crucial in electronics manufacturing enterprises, where superconductors can improve production value and efficiency in various consumer electronics.

India’s health sector expenditure reflects the increasing focus on improving healthcare infrastructure, including the adoption of advanced medical technologies. The growth rate of the superconductor market is thus projected to accelerate, driven by a confluence of factors including technological advancements, increased healthcare spending, and expanding applications across diverse industries. 

The Superconductor Market is thriving, fueled by advancements in electric power and high-field magnet technology. Magnetic resonance imaging (MRI) machines rely on superconductors for their powerful magnetic fields, revolutionizing healthcare. Energy efficiency and magnetic fields drive innovation, propelling the market forward.