superconductors Market

The Superconductors Market is projected to reach US$ 8,564.61 million by 2028; it is expected to grow at a CAGR of 8.4% from 2022 to 2028.

Superconducting technologies are advanced systems utilized in various fields, such as laboratories, electronics, defense, hospitals, and many others. These technologies are recognized for their ability to produce high magnetic fields efficiently, which would otherwise be costly to achieve with traditional materials. The market size of superconductors is segmented based on their type, applications, and geography. The types of superconductors include low-temperature superconductors and high-temperature superconductors. The applications of superconductors are segmented into medical, electronics, defense and military, and other areas. Geographically, the superconductors market size is primarily classified into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America.

A quantum computer's processing power relies on superconducting qubits that function at extremely low temperatures. However, as the number of qubits needed for processing tasks increases, so does the number of control cables required, which can cause excessive heat and compromise the quantum processor's low temperature. To overcome this issue, a potential solution is to use a classical processor located nearby to control the quantum processor. One promising technology for this purpose is single flux quantum (SFQ), which employs superconducting technology instead of semiconductors to follow classical computer logic. Although SFQ has been successful in a few classical computers, its low-temperature requirements have limited its widespread use.

While the low-temperature requirements of single flux quantum (SFQ) technology have limited its widespread use in classical computers, this disadvantage can become a significant advantage when used with superconducting quantum computers. Furthermore, traditional central processing units (CPUs) and graphics processing units (GPUs) that utilize silicon chips have a considerable drawback in their high-power consumption due to energy dissipation. However, replacing silicon chips with superconducting SFQ chips in GPUs could significantly enhance performance while reducing power consumption. As a result, the demand for superconducting chips to scale up quantum computers and supercomputers is driving the growth of the superconductors market.

In 2021, North America held the largest market share in the global superconductors market, while the Asia Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. Within the Asia Pacific region, countries such as Australia, China, India, Japan, South Korea, and the rest of Asia Pacific are segmented based on their superconductors market. The region's high usage of low-temperature superconductors in medical imaging applications such as Nuclear Magnetic Resonance (NMR) and Magnetic Resonance Imaging (MRI) has contributed to Asia Pacific's position as the largest market for superconductor materials. The region's large population and increasing health awareness have also fueled the growth of the low-temperature superconductors market in this region. Asia Pacific is projected to experience rapid growth in the superconductors market due to factors such as the expansion of MRI technology and investments in energy storage and transmission technology. For example, in October 2021, SuperQ Technologies India Pvt Ltd, a subsidiary of Qpi Technology, signed a Memorandum of Understanding (MoU) with the Cryogenic Engineering Department of IIT-Kharagpur to accelerate their research in the field of Superconductors. These discoveries in superconducting-based products will create opportunities for growth across various domains such as healthcare, power generation, energy storage and distribution, high-energy physics, and quantum computing. Such discoveries in superconducting-based products will boost the market share of the superconductors industry.

COVID-19 Impact on Superconductors Market
The global superconductors market experienced a negative impact from the COVID-19 pandemic due to significant supply chain disruptions and various countries' implementation of international trade restrictions. In 2020, numerous industries witnessed a decline due to the pandemic, which also affected the global manufacturing sectors. The global lockdowns, implemented to minimize the spread of the virus, significantly disrupted supply chain activities and reduced the production of goods and services. Consequently, the superconductors market players experienced a slowdown in production. Additionally, the closure of international borders, non-operational distribution channels, and various government regulations to ensure public health and safety led to restrictions on foreign trades.

The COVID-19 pandemic severely impacted North America, with countries in the region witnessing a drop in national GDPs, international trade, and economic activities. The electronic industry in North America was disrupted during the first half of 2020, leading to a massive decline in the revenue of key players operating in the superconductors market. The outbreak of COVID-19 resulted in a decrease in component manufacturers and disruptions in the supply chains across the region. Furthermore, the US, being the largest producer and consumer of superconductor products, faced strict government regulations in the mid of 2020 to ensure COVID-19 safety measures, leading to significant disruptions in the manufacturing and supply chain of superconductors. As a result, superconductor manufacturing companies encountered revenue losses and slow growth. However, from late Q4 of 2020, as the economy started to recover, the demand for superconductors showcased growth in adoption rate from various end-users in the superconductors market.

A few players in the global superconductors market profiled in the market study include Bruker Corporation; Furukawa Electric Co. Ltd.; American Superconductor Corporation; Sumitomo Electric Industries, Ltd.; and Hitachi Ltd. The superconductors market players are highly fragmented, with several players localized in a specific region to cater to the domestic demand.

The superconductors market analysis is based on both primary and secondary research methods. The secondary research includes collecting information from internal and external sources to obtain qualitative and quantitative data about the market. The research also provides an overview and forecast of the superconductors market size for all segments. On the other hand, primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, and national sales managers. External consultants, such as valuation experts, research analysts, and key opinion leaders, were also interviewed to validate the data and gain more analytical insights into the topic. These participants' involvement has helped obtain accurate and reliable information about the growth of the superconductors market.