According to the new research report titled "Superconductors Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 8,564.61 million by 2028, registering a CAGR of 8.4% from 2022 to 2028.
Superconductors, materials that have zero electrical resistance, are commonly used in various applications such as medical equipment and quantum computers, but they require extremely low temperatures. This phenomenon is caused by Cooper pairs, which are pairs of electrons that are closely linked together. Researchers from Aalto University and Oak Ridge National Laboratories in the US have developed a new technique that can detect the occurrence of Cooper pairs with atomic precision, rather than indirectly measuring them macroscopically in bulk. By studying the electrical current between an atomically sharp metallic tip and a superconductor, the researchers were able to measure the quantity of Andreev's reflection returning to the superconductor. This was accomplished while maintaining imaging resolution equivalent to that of individual atoms, making it possible to detect the occurrence of Cooper pairs with high precision.
The new technique developed by researchers at Aalto University and Oak Ridge National Laboratories in the US provides an important new approach for studying the internal quantum structure of unconventional superconductors, which are also known as unusual superconductors. Understanding these structures is crucial for addressing key issues in quantum materials, and unconventional superconductors have the potential to be a fundamental building block for quantum computers and may even enable superconductivity at room temperature. However, the internal structures of Cooper pairs in unconventional superconductors are complex and difficult to comprehend. The development of this new quantum material could create new opportunities for the superconductors market in the future.
The global market for superconductors is driven by demand from various industries, including defense, medical, electronics, energy providers, and telecommunications. These industries require superconductors for a range of applications, such as power transmission cables, current leads, fault current limiters, transformers, generators, motors, and energy storage. This increasing demand for high-performance superconductors is expected to have a positive impact on the growth of the global market.
Over the forecast period, the Asia Pacific region is projected to experience the highest compound annual growth rate, followed by Europe and North America. This growth can be attributed to the increased investment in modernizing and developing medical infrastructure by countries like China, India, and Malaysia. As a result, there is a positive impact on the demand for superconductors from medical device manufacturers in the region. Furthermore, China and India are responsible for more than 60% of the military expenditure in the area, which is utilized to acquire advanced weapons for their respective defense forces. China, for instance, is actively investing in the development of advanced rail guns, which is anticipated to increase the demand for superconductors throughout the country.
The market share of superconductors is divided into different categories based on their type, application, and geographic location. Low temperature superconductors (LTS) and high temperature superconductors (HTS) are the two types of superconductors that are segmented. The superconductors are further segmented based on their application in medical, electronics, military & defense, and other fields. The market size of superconductors is primarily divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America according to their geographic location.
Key Findings of Study:
The analysis of the worldwide superconductors market is divided into five key regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2021, North America held the highest share of the superconductors market, trailed by Asia-Pacific and Europe. The largest share of the superconductors market in 2021 was held by North America, with Europe and APAC following suit. Nevertheless, APAC is projected to exhibit the highest compound annual growth rate (CAGR) in the global superconductors market between 2022 and 2028.
The medical and defense industries in North America have seen significant growth, with increased investment in medical infrastructure and procurement of medical equipment leading to a rise in demand for magnetic resonance imaging (MRI) equipment and subsequently impacting demand for superconductors in medical device manufacturing. Similarly, the increase in military expenditure in the US and Canada has led to a higher demand for power railguns and coil guns, with defense manufacturers adopting superconductors to improve weapon resistance and efficiency. While North America currently holds the largest share in the superconductors market, with Europe following closely behind, the Asia Pacific (APAC) region is expected to grow at the highest rate over the next six years, contributing to the overall growth of the global superconductors market.
The medical and defense industries in North America have been steadily expanding, with a significant increase in investment in medical infrastructure and equipment procurement. As a result, the growing demand for magnetic resonance imaging (MRI) equipment in the region is expected to have a direct impact on the demand for superconductors among medical device manufacturers. Additionally, countries like the US and Canada have seen a rise in military spending in recent years, which has influenced the demand for power railguns and coil guns. Manufacturers in the defense industry are increasingly turning to superconductors to improve the efficiency and resistance of their weapons. Therefore, the increasing demand for power railguns and coil guns in the region is likely to contribute to the growth of the North American superconductors market.
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