Superconductor Market is Expected to Reach USD 22.16 Billion by 2032, Driven by Growth in Smart Grids, Energy Efficiency, and Medical Applications

Pune, July 08, 2024 (GLOBE NEWSWIRE) — The Superconductor Market Share is growing due to its unique ability to transmit energy with very little resistance resulting in huge cost reductions in electricity for power grids, which will be crucial as we build smarter, more effective infrastructure.

The report of SNS Insider for Superconductor market was valued at USD 9.18 Billion in 2023 and predicts the market will reach USD 22.16 Billion by 2032.

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China’s vast market primes superconductor adoption.

The vast market in China will have a significant impact on promoting the global adoption of superconductivity as its popularity grows. Extreme temperature superconductors are a crucial element that is just beginning to be introduced to the market. The technique has the possibility to be widely adopted by employing assertive strategies to lower expenses. Recently, China showed the ability to build an elevated temperatures superconductivity maglev train’s railway that is capable of reaching speed of over 600 kilometers an hour. The competition for the discovery of low-temperature conductivity is speeding up, with significant nations identifying it as an important field for the development of future technology.

American Superconductor Corporation (AMSC) stock price has experienced significant growth, with a return of 149% over the past year and a further increase of 36% in the last week.

AMSC has had important growth in 2023, with its stock price growing by 113%. On the other hand, the long-term image is not as good, as the stock remains 49% below its market value from the previous year. Given the lack of earnings in the past year, AMSC’s increase in revenue shows their resilience. In the last year, the company’s earnings grew significantly by 32%. Given AMSC’s recent excellent performance, the considerable increase in stock price relative to sales growth raised questions about the company’s route to profitability. Investors should exercise care and not get too excited. Prior to making any choices regarding investments, it is essential to evaluate the business’s potential for growth and verify that the stock value complies with its core values.

Airbus Soars towards Superconducting Propulsion for Hydrogen Aircraft as Cryoprops Take Flight

Airbus continues to expand beyond the limits of battery power with Cryoprop, a new experimental program designed for developing a two-megawatt superconducting electric motor for future hydrogen-powered aircraft. This cutting-edge technology makes use of superconductors, which provide nearly negligible electrical resistance when cooled to extremely low temperatures. Cryoprop intends to dramatically minimize weight and energy losses by combining this technology with liquid hydrogen cooling when compared to existing systems.

This adds to Airbus’ previously outcomes with a 500 kW cryogenic propulsion system. Cryoprop represents a substantial promotion, both in terms of power output and in terms of overall evaluation. It is going to investigate the practical application of superconductors in a variety of areas critical to future aircraft uses, such as safety, manufacturing, servicing, and operating efficiency. Cryoprop’s technology proves to be a great opportunity for Airbus. The initiative promotes the development of in-house skills in superconductivity in various sectors like superconducting cables, motors, cryogenic electrical components, and cooling systems.

Superconductor Market Report Scope & Overview:

Report Attributes Details
Market Size in 2023 USD 9.18 Billion
Market Size in 2032 USD 22.16 Billion
CAGR (2024-2032) 9.16%
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver
  • Using Zero Waste Superconductors to Power the Smart Grid Revolution
  • Superconductors have the potential to change both energy and transportation

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Market Players:

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

Segment Analysis

Based on Type low temperature superconductor sector is the most prevalent in the industry, making up 50% of the market. This is because of their established manufacturing methods and proven track record in various uses, especially MRI machines, vital for medical diagnosis. The high-temperature superconductor sector is expected to experience the most rapid growth. This is driven by ongoing efforts in research and development to create high-temperature superconductors that are economically feasible. Their ability to operate at much higher temperatures gives them a lot of potential, making cooling needs easier and allowing them to be used in more industries.

Based on Application with a strong presence in the market, the Medical industry dominates with a 35% market share. This authority is built on a strong foundation. An essential element in MRI machines, a reliable technology employed to detect different medical conditions. Due to the rising demand for sophisticated diagnostics, there is a corresponding expansion in this specific field. Show a track record of successful medical applications. The medical industry depends on the reliability and security of MRI machines, making them the top choice for this essential technology. Despite showing promise in industries such as electronics, defense, and military applications, superconductors are still in their early development. Maintaining a reputable and dependable status in the medical field gives the medical sector a competitive advantage, solidifying its role as a top player in the superconductor market.

Regional Analysis

Asia Pacific holds the largest share of the superconductor market at 40%. This control is due to a combination of various factors. The emerging economies in the area, specifically China and India, are driving a growing need for advanced technologies. Superconductors are being integrated into power grids, healthcare (like MRI equipment), and transportation, which are important sectors for development. Governments are promoting the use of superconductors through laws and initiatives. There is a strong focus on improving infrastructure, such as smart grids, which creates a perfect setting for superconductors to be used because of their energy-efficient qualities. The Asia Pacific region’s dominant role in the superconductor industry is reinforced by these interconnected factors.

North American superconductor giant with 30% market share is poised to emerge. Driven by an unwavering commitment to creativity and significant investments in research and development, North America is continuously challenging the limits of this revolutionary technology. Their existing infrastructure is perfectly complemented by their well-deserved reputation for early adoption of cutting-edge advancements. This powerful blend sets North America up for a forthcoming boom in the superconductor industry. Picture a future where power grids across North America have minimal energy loss due to superconductors, or advanced medical centers use this incredible technology for cutting-edge diagnostics. The foundation is set – North America is ready to take the lead in the superconductor revolution.

Europe is entering the world of superconductors. This area boasts a rich history of technological advancements, with a particular focus on superconductors. Numerous European producers are at the forefront of advancing and manufacturing this groundbreaking technology. Their strong foothold in the industry gives them a major advantage from the beginning. Picture a robust source of knowledge and production capability, prepared to elevate the usage of superconductors to a higher standard. Do not overlook the significance of Europe – they are set to have a significant influence on the development of superconductors.

South American nations are still in the process of growth, focusing on essential requirements and fundamental infrastructure rather than advanced technologies such as superconductors. Financial limitations frequently restrict the funding of major projects that could utilize superconductors, such as improvements to the power grid. Still, South America has the potential to become a strong market despite facing these challenges. The area is dealing with an increasing need for energy, and superconductors provide a solution by reducing energy loss in transmission.

MEA is falling behind in the superconductor market, but there is potential for future growth. At present, the area has a restricted portion of the market. This can be attributed to two factors. Numerous countries in the Middle East and Africa are in the developmental stage, focusing on essential needs rather than advanced technologies such as superconductors. Limited funds frequently prevent investment in infrastructure projects that could utilize superconductors, such as power grids. Nonetheless, a ray of hope remains. The Middle East and Africa region faces an increasing need for energy, and superconductors provide a solution by reducing energy loss in transmission. Moreover, there is a growing curiosity from certain governments regarding this technology. If advancements to lower the cost of superconductors are combined with these efforts, the MEA segment could grow into a key player in the future superconductor market.

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Key Takeaways

  • Report will help you make better business decisions regarding investments, product development, and market targeting.
  • Understanding the main factors and expanding sectors (high-temperature superconductors) could lead to discovering feasible business opportunities in the superconductor industry.
  • The study concentrates on data about leading and swiftly growing areas. This assists in assessing potential rivals and adapting your business strategy as needed.
  • Provides data on market size, growth rates, and regional segmentation. This data can help with making decisions about allocating resources and forming strategic partnerships.
  • Provides important information about the present state and upcoming developments in the superconductor industry. This understanding will help you to make better business decisions regarding investments, product development, and market targeting.
  • Gain insight into the main causes and expanding sectors (high-temperature superconductors) could lead you to discover profitable business opportunities in the superconductor industry.

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Superconductor Market Segmentation, By Type

8. Superconductor Market Segmentation, By Application

9. Regional Analysis

10. Company Profiles

11. Competitive Landscape

12. Use Case and Best Practices

13. Conclusion

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