Superconductors Market surging with CAGR of 8.4 % during 2022–2028

Posted by Prabha Mahajan on September 28th, 2022

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 are materials with zero electrical resistance, commonly requiring extremely low temperatures. They are applied in various domains, from medical applications to a central role in quantum computers. Superconductivity is caused by especially linked pairs of electrons known as Cooper pairs. So far, the occurrence of Cooper pairs has been measured indirectly macroscopically in bulk, but a new technique developed by researchers at Aalto University and Oak Ridge National Laboratories in the US can detect their occurrence with atomic precision. They studied the electrical current flowing between an atomically sharp metallic tip and a superconductor and how the current changed depending on how far apart the tip and superconductor were from one another. They could do so while preserving imaging resolution on par with that of individual atoms, enabling them to measure the quantity of Andreev's reflection returning to the superconductor.

Further, this strategy creates a crucial new methodology for comprehending the internal quantum structure of unusual superconductors, also known as unconventional superconductors. It may enable us to address several important issues in quantum materials. The development of superconductivity at room temperature may be made possible by unconventional superconductors, which are also a potential fundamental building block for quantum computers. In unusual superconductors, cooper pairs feature unique internal structures that have proven difficult to comprehend. As a result, the new quantum material is likely to create new opportunities for the superconductors market over the forecast period.

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Key Findings of Study:

The global superconductors market analysis is segmented into five major regions— North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2021, North America led the largest superconductors market share, followed by Asia Pacific and Europe. The North America superconductors market accounted for the largest share in 2021, followed by Europe and APAC. However, APAC is expected to grow at the highest CAGR over the forecast period 2022-2028 in the global superconductors market.

Bruker Corporation; Furukawa Electric Co. Ltd.; American Superconductor Corporation; Sumitomo Electric Industries, Ltd.; and Hitachi Ltd. are the prominent market participants in the superconductors market. The listing of key players is derived by considering multiple factors such as overall revenue, current superconductors product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the superconductors ecosystems which were studies analyzed during the course of this market research study, such as Hyper Tech Research, Inc.; Japan Superconductor Technology, Inc.; Superconductor Technologies Inc.; and Toshiba Corporation.

Most of the market initiatives were observed in North America and APAC region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:

In 2021  Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) of Japan announced completing the first of four toroidal field coils for the International Thermonuclear Experimental Reactor (ITER) project. Nine of ITER's 18 toroidal field coils, plus one spare, are being manufactured in Europe, with the remaining nine being manufactured in Japan. They will create the magnetic cage to contain the plasma of the ITER fusion reactor using massive superconducting magnets.

In 2022  Cryomagnetics have designed and produced the six 5 Tesla recondensing magnets that comprise the Differential Pumping Section (DPS), as well as the "Pinch" and "Detector" magnets for this groundbreaking experiment.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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