Superconducting Materials Market, By Product Type (Low-temperature Superconducting Materials and High-temperature Superconducting Materials), By End-Use Industry (Medical, Electronics, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Feb 2025

Code : CMI2872

Pages :130

Formats :

Excel and PDF

Industry : Advanced Materials

Market Challenge - High operating cost at low voltage (power distribution)

The high operating costs associated with low voltage power distribution is one of the major factors restraining the growth of the superconducting materials market. Superconducting materials need to be cooled to very low temperatures, near absolute zero, to exhibit superconducting properties. This requires large amounts of energy to power refrigeration units that can achieve such low temperatures. Maintaining these extremely low operating temperatures on a continuous basis consumes huge amounts of electricity.

For instance, the refrigeration systems used to cool superconducting materials down to their operating temperatures of below -200°C need to constantly pump out heat from within. This cooling process places a heavy demand on energy sources. Studies by the International Energy Agency (IEA) in 2020 found that the electricity required for such vigorous cooling accounted for over 30% of total operating costs in some early prototype applications of superconductivity. With electricity costs rising year-on-year, the operating expenses involved in maintaining endlessly low temperatures has proven prohibitively expensive for many potential commercial uses of superconductivity.

Market Opportunity - Emerging applications in healthcare sector

The superconducting materials market is poised to see major growth opportunities arising from emerging applications in the healthcare industry. Devices like Magnetic Resonance Imaging (MRI) machines, which use superconducting magnets to generate strong magnetic fields, are seeing increasing demand globally driven by rise in non-communicable diseases and aging populations. These devices could enable minimally invasive surgery with greater control and precision. With no friction involved, superconducting tools may allow surgeons to navigate narrow blood vessels and perform complex procedures much more effectively than previously possible. This has potential to reduce surgery times, lower risks of complications, and speed recovery for patients. Trials show superconducting catheters can reach sites conventional devices cannot. For instance, in September 2023, according to the World Health Organization (WHO), minimally invasive procedures reduce trauma and hospital stays, leading to better clinical outcomes and economic benefits for health systems.