GVR Report cover Superconducting Materials Market Size, Share & Trends Report

Superconducting Materials Market Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

Global increase in applications in end-use industries such as energy, defense, transportation, medical and science & research is expected to drive superconducting materials market growth over the next seven years. Growing energy demand across globe required for day to day activities is expected to positively influence market demand. Superconducting materials are used by energy companies in order to enhance power grid performance. One major company that makes use of superconductor technology is American Superconductor. It provides large-scale (1MW and over) electrical equipment for wind power industry. The company received a production order of worth million dollars from Inox Wind Limited in June 2014 for developing wind energy electrical control systems (ECS). It was to be used in wind turbines and expanded to India. Demand for these materials is slated to be driven by technological breakthroughs and innovations in field of superconductivity for various applications such as transmission and transformation. Increasing magnetic resonance imaging (MRI) demand in medical industry owing to increasing number of health related problems is projected to complement superconducting materials market growth over the forecast period. Increasing automotive demand owing to rising per capita disposable income particularly in Asia Pacific has resulted in an increasing demand for electric motors. The increase in motors demand is slated to propel market growth. The demand is projected to surge as magnets in various end-user applications such as high speed trains and cryogenics & bio magnetism. These are used in quantum computers and information processing.

These are classified into organic materials, ceramics and metals which lose their resistance owing to electrical current flow below a specific temperature known as critical temperature. Based on their critical temperature, these are further classified as low temperature semiconductors (LTS) and high temperature semiconductors (HTS). LTS dominated the world demand for superconducting materials in 2013 owing to their wide use in MRI and nuclear magnetic resonance (NMR) applications, fusion and high physics research. NMR technology demand is expected to increase owing to rising prevalence of obesity in patients. However, HTS are expected to gain market share and emerge as the leading segment over the forecast period owing to extensive research and development. Although mechanics behind high temperature superconductivity is poorly understood, significant progress has been made in regard to iron based materials. For instance, researchers in the Department of Energy's Oak Ridge National Laboratory expanded their frontier of knowledge about superconductivity and magnetism in iron-based superconductors. Price volatility among certain raw materials such as yttrium owing to limited availability and supply constraints is projected to impede superconducting materials market growth and pose challenges to industry participants over the forecast period. These materials work only under the critical temperature which is slated to hamper market growth. Technological advancements and innovations coupled with extensive R&D activities are expected to open new avenues and create lucrative opportunities for industry participants over the forecast period.

Asia Pacific dominated the regional market. This region is expected to continue its dominance over superconducting materials market over the forecast period owing to expanding population coupled with rising health awareness among consumers. Asia Pacific is projected to witness significant market growth owing to extensive use of high temperature semiconductors in order to achieve energy efficiency in electronics market. Increasing demand from medical sector in applications such as MRI and NMR in the region is projected to positively impact market growth over the forecast period. North America is slated to observe considerable market growth over the forecast period. HTS are widely used as filters in aircraft electronics in countries such as U.S. North America is the foremost region for innovation of any technology and any kind of research activities wing to the technological knowhow in the region. Rising demand for automobiles is also expected to drive market growth in North America.

Major players operating in superconducting materials market include Superconductor Technologies, Inc., American Superconductor, Evico GmbH. Other major industry participants operating in the market include Hitachi Ltd., Metal Oxide Technologies, Inc., Siemens AG, BrukerEnergy &Supercon Technologies, Inc., Southwire Co., SuperPower, Inc., Sumitomo Electric Industries Ltd. and Hyper Tech Research, Inc.

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