SELBYVILLE, Delaware, Sept. 19, 2022 (GLOBE NEWSWIRE) — According to the report published by Global Market Insights Inc., the global Superconducting Materials Market is expected to be valued at approximately $18 billion by 2030. The report provides a detailed analysis of key winning strategies, competitive scenario, fluctuating market trends, market size and estimates, drivers and opportunities, and key investment pockets.
Superconducting materials have diverse applications because of their high-speed operating capacity, low power dissipation, and high sensitivity. These factors have increased the use of superconducting devices in electric motors and magnetic products. These materials allow electric current to flow smoothly at low temperatures, which has also promoted product acceptance in healthcare, automotive, research and development, and electronics, among others. In addition, several countries like China, India and others have increased the production of electronic products and power grid components, which is expected to drive the growth of superconducting materials market in the coming years.
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Notable advantages of superconducting materials, namely low dissipation, distortion and quantum precision, have made them ideal for use in electronic products. The growing electronics industry in Asia Pacific and North America would boost product acceptance. Driven by these factors, the electronics end-use segment is primed to advance at a growth rate of over 9.5% CAGR during the forecast period.
On the other hand, the R&D end-user segment is expected to gain considerable traction through the consistent improvement of technologies utilizing superconducting materials during the evaluation period. Superconducting products are helping modern scientific research institutions to develop a wide range of novel technologies, from nuclear fusion to advanced computers faster than silicon technology, which is likely to further fuel segmental demand.
Key Reasons for the Growth of Superconducting Materials Market:
- Increasing penetration of research and development activities.
- Increasing product application in the electronics sector.
- Increasing demand for low-temperature superconducting materials.
- Widespread use in the automotive industry in Europe.
Forecasts for 2030 show that the “low temperature” segment will retain its dominance:
Based on the product, the share of the low-temperature superconducting materials industry is expected to grow at approximately 8.5% CAGR over the estimated period. The wide application of low-temperature materials, such as in medical imaging equipment and electrical power transmission, along with an increasing awareness of the benefits of these materials in the market, is poised to support segmental expansion.
Europe remains top in terms of sales:
In regional context, the European superconducting materials market is likely to show more than 8.6% CAGR during the period. Technological advances and the increasing use of electric vehicles have had a positive impact on the electronics industry in the region. It is speculated that the prominent introduction of superconducting materials in electronic devices will boost the regional market prospects.
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Impact of COVID-19 Pandemic on Superconducting Materials Market:
The COVID-19 outbreak caused the industry’s revenue growth to slow down, mainly due to disruptions in the global supply chain and a drastic impact on the automotive sector. The decline in electronic device manufacturing due to lockdowns also had a negative impact on the market growth. However, easing of lockdown restrictions and the emergence of novel technologies have positively driven product innovation and development.
Leading Market Players:
Large companies analyzed worldwide Industry for superconducting materials Report include American Superconductor, Superpower Inc., Evico, Can Superconductor, Brucker, Nexans, Superconductor Materials Inc., Advanced Magnetic Lab Limited, Hitachi and others.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and consulting firm offering syndicated and custom research reports along with growth advisory services. Our business intelligence and industry research reports provide clients with penetrating insights and actionable market data specifically designed and presented to support strategic decision-making. Developed using a proprietary research methodology, these comprehensive reports are available for key industries such as chemical, advanced materials, technology, renewable energy and biotechnology.