Superconductors Global Market Report 2024

A superconductor is a device capable of transmitting electricity or transferring electrons between atoms without resistance. This property is known as superconductivity.

The superconductors market, as described in this report, is segmented by type into type-I superconductors and type-II superconductors. It is further categorized by material, including stainless steel, yttrium barium copper oxide, bismuth strontium calcium copper oxide, and others. The market is also divided by product into magnets, cables, transformers, and energy storage devices. Additionally, it is segmented by application, covering energy, electronics, medical, research and development, industrial applications, and others.

The superconductors market research report is one of a series of new reports that provides superconductors market statistics, including superconductors industry global market size, regional shares, competitors with a superconductors market share, detailed superconductors market segments, market trends and opportunities, and any further data you may need to thrive in the superconductors industry. This superconductors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The superconductors market size has grown rapidly in recent years. It will grow from $7.44 billion in 2023 to $8.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The historical growth in the superconductors market can be attributed to factors such as research and development efforts, a focus on energy efficiency, applications in medical imaging, the use of superconductors in particle accelerators, and the deployment of superconducting magnets in various technologies.

The superconductors market size is expected to see rapid growth in the next few years. It will grow to $12.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the forecast period for the superconductors market can be attributed to factors such as the integration of superconductors in renewable energy systems, advancements in quantum computing, applications in high-speed transportation, the implementation of superconductors in smart grids, and their use in the semiconductor industry. Notable trends in the forecast period include the utilization of high-temperature superconductors (HTS), the development of cryogen-free superconducting systems, the deployment of superconducting fault current limiters, applications in space exploration, and a rising demand for smart devices.

The superconductors market is poised for growth, primarily driven by the increasing demand for MRI machines. Magnetic resonance imaging (MRI) relies on powerful superconducting magnets to create large and uniform magnetic fields within the patient's body, enhancing the precision of health issue diagnoses. As of 2020, the USA boasted 40.4 MRI machines per million people, surpassing most similarly affluent countries, except Japan (55.2). Consequently, the escalating need for MRI machines is a key factor propelling the growth of the superconductors market.

Anticipated growth in the demand for renewable energy sources is set to further drive the expansion of the superconductors market. Renewable energy sources, characterized by natural replenishment, offer an eco-friendly alternative to traditional fossil fuels. Superconductors play a crucial role in harnessing renewable energy from sources such as wind turbines and solar panels for electricity generation and storage. In the United States, renewable energy consumption witnessed a notable increase from 12.1 quads in 2021 to 13.2 quads in 2022, as reported by the Energy Information Administration in June 2023. The escalating demand for renewable energy contributes significantly to the growth of the superconductors market.

The high costs associated with superconducting products pose a potential hindrance to the market's growth. Superconducting magnets, constructed from superconducting wire coils, require cooling to lower temperatures during operation. While these magnets are highly effective in producing strong magnetic fields due to the absence of electrical resistance in the superconducting state, their operation can be expensive due to energy loss as heat in the windings. The cost of superconducting magnets ranges from $75 to $575 per kilogram, depending on the manufacturer. Consequently, the substantial costs associated with superconductors represent a limiting factor for the market's growth.

Major companies in the superconductors market are introducing advanced technologies such as Qian Shi to cater to customer needs. Qian Shi, a superconducting quantum computer developed by Baidu Inc., boasts a 36-qubit superconducting quantum chip design with couplers. Launched in September 2022, Qian Shi integrates hardware, software, and applications, providing a robust quantum computing service to the public with high-fidelity 10 quantum bits (qubits) of power. This quantum computer is employed for tasks such as designing new materials for innovative lithium batteries and simulating protein folding, showcasing the ongoing technological advancements in the superconductors market.

Major companies operating in the superconductors market are innovating products with technology, such as the cryogen reclamation system, to provide reliable services to customers. The cryogen reclamation system is designed to reduce the frequency and cost of cryogen refills. For instance, in April 2023, JEOL Ltd., a Japan-based manufacturer of scientific instruments, launched the Cryogen Reclamation System. Cryogen reclamation systems reduce the evaporation of liquid helium and liquid nitrogen from the superconducting magnet in nuclear magnetic resonance (NMR). It is a lightweight and space-saving system.

Major companies operating in the superconductors market include American Superconductor, Bruker Corporation., Furukawa Electric Co. Ltd., Southwire Company LLC., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superconductor Technologies Inc., Cryomagnetics Inc., Deutsche Nanoschicht GmbH, Japan Superconductor Technology Inc., Supercon Inc., SuperOx, Ceraco Ceramic Coating GmbH, Hyper Tech Research Inc., LS Cable & System Ltd., Scientific Magnetics, Theva Dünnschichttechnik GmbH., Toshiba Corporation, Evico Gmbh, Advanced Magnet Lab Inc., Alstom SA, American Magnetics Inc., ASG Superconductors Spa, Cryoelectra Gmbh, Cryoton Ltd., Eriez Manufacturing Co., Siemens AG, ABB Group, SuperPower Inc., Nexans S.A., Oxford Instruments PLC, Hypres Inc., General Electric Company, Mitsubishi Electric Corporation., Trivitron Healthcare, Magnatech LLC., Neocera LLC., Agilent Technologies, Northrop Grumman Corporation, SC Solutions Inc., Tokyo Denkai Co. Ltd.

Europe was the largest region in the superconductors market share in 2023. The regions covered in the global superconductors market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the superconductors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The superconductors market consists of sales of low-temperature superconductors and high-temperature superconductors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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