Superconducting Materials Market Witness High Growth Owing to Rising Demand in Medical Applications and Growing Infrastructure Investments
Superconducting materials market is estimated to be valued at USD 2.20 Bn in 2024, exhibiting a CAGR of 9.3% over the forecast period (2024-2031). The market is witnessing high growth driven by increasing applications of superconducting materials in medical imaging equipment and rising government investments in transportation infrastructure development. Furthermore, advancements in material technologies are expanding applications in new domains.
Market Dynamics:
Rising demand from medical imaging equipment: Superconducting materials such as Yttrium Barium Copper Oxide (YBCO) allows the manufacturing of high efficiency and high-throughput Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scanners. YBCO is capable of achieving higher field strength compared to conventional MRI magnets. This increases imaging quality and resolution. Growing healthcare expenditures worldwide are driving more installations of medical imaging equipment boosting the demand for superconducting materials.
Growing investments in rail infrastructure: Many developing nations are undertaking large public transport projects which involve investments in high-speed rail network. Superconducting magnets enable the construction of energy efficient and high-speed trains with better traction power. For example, China has major high-speed rail projects connecting major cities and regions. This is positively impacting demand from the rail sector.
Superconducting Materials Market Drivers, Restraints and Opportunities:
Growing Demand from Various End-use Industries is Driving the Superconducting Materials Market Growth
The rising applications of superconducting materials in different industries such as medical, energy, transportation, and others are a major market driver. Superconducting materials find widespread usage in MRI machines, Nuclear Magnetic Resonance (NMR) machines, and other medical equipment due to their ability to generate strong magnetic fields. They help produce better quality medical images. In the energy sector, superconducting materials are used in generators, transformers and cables to transmit electricity with minimal losses. They are enabling more efficient power grids. Transportation is another growing end-use industry, with superconducting materials being adopted in high-speed trains and Maglev trains for their low friction and high-powered capabilities. Various industrial sectors are also utilizing superconducting properties to boost productivity. The commercialization of superconducting materials in diverse industries will continue pushing market growth.
Increasing Demand for Electric Vehicles is Supporting Market Development
With the push for more sustainable mobility solutions, electric vehicles are experiencing rising demand globally. Superconducting materials play a big role in improving EV dynamics. They enable higher efficiency motors that extend driving range. Superconducting wires are being implemented in EV charging infrastructure to reduce power losses during charging. Some automakers are working on developing fully superconducting vehicles that can recharge instantaneously and achieve unprecedented acceleration.
High Material and Manufacturing Costs Act as Significant Restraints
One of the main challenges restricting wider adoption of superconducting materials is their relatively high production costs compared to normal conducting materials. The costs are largely attributed to the complex manufacturing processes needed, use of scarce and expensive raw materials, and strict cooling requirements. Producing defect-free films or wires made of superconducting compounds require capital-intensive fabrication in cleanroom environments and low temperatures. The low critical temperatures of most type I and type II superconductors necessitate the use of expensive cryogenic systems. These issues make superconducting technologies less competitive for cost-sensitive, high-volume applications. Continuous R&D is needed to develop affordable methods.
Lack of Standardization Hampers Large-Scale Commercialization
Currently, there is a lack of widely accepted standards related to testing, quality control, and performance evaluation of superconducting materials. Different manufacturers follow diverse testing protocols, making it difficult to compare products and ensure reliability. The absence of industry-wide certification processes introduces uncertainty for potential customers. It challenges large-scale commercial and industrial adoption. Standardization is needed around key aspects like critical parameters, electromagnet properties, geometry and dimensions, quench protection, cooling interface etc. International cooperation will be required to develop standardized testing and characterization methods. This could help address reliability concerns and expand the user base.
Advancing Electronics Miniaturization Provides New Avenues
The miniaturization trends in electronics and computing have increased demand for materials that can generate strong, localized magnetic fields. Superconducting materials are well-suited for applications like miniaturized MRI, data storage, quantum computing, and others due to their ability to create high magnetic fields in small form factors. Researchers are exploring using superconductivity for developing next-gen memory technologies with extremely high storage densities. Several startups are working on commercializing superconducting-based memory and accelerator devices. Advancements in nanotechnology and materials engineering are enabling new miniaturized designs utilizing superconducting properties. This emerging electronics vertical presents significant growth potential.
Biomedical Sector Presents Untapped Prospects
The biomedical field holds many promising application areas for superconducting materials that are yet to be fully explored. Technologies like miniature Magnetic resonance imaging MRI and NMR machines, high-field scanners, real-time medical monitoring devices, and advanced surgical tools can benefit immensely. Superconducting implants, biosensors, and neuron stimulation devices are other developing concepts. As life sciences research progresses, innovations utilizing superconductivity could transform disease diagnosis and treatment. The demand for customized, point-of-care diagnostic tools also provides opportunities. However, further biocompatibility testing and clinical trials will be prerequisite before widespread medical use. With continued R&D support, the biomedical vertical can emerge as a major future revenue generator.
In conclusion, the superconducting materials market is driven by diverse end-use demand and opportunities in industries like healthcare, energy, and transportation. However, high costs and standardization issues present challenges. Advancements in production technologies and focused R&D can help address restraints while emerging applications in electronics and biotech can open new markets.
Link: https://www.coherentmarketinsights.com/market-insight/superconducting-materials-market-2872
Key Developments:
In December 2022, Philips established a research partnership with MagCorp, a U.S.-based provider of magnet solutions, to investigate superconducting magnets for MR scanners that operate without the need for cooling to ultra-low temperatures (-452 °F or -269 °C) with liquid helium. Philips is a multinational corporation founded in 1891. Initially focused on manufacturing light bulbs, the company has evolved significantly over the years, now primarily concentrating on health technology.
In April 2022, Mr. Mazhar Ali, an associate professor at TU Delft, and his research team discovered a form of one-way superconductivity that operates without magnetic fields. This breakthrough suggests that superconductors could enable electronics to function hundreds of times faster while eliminating energy loss.
In September 2021, Superconductor Technologies Inc. merged with Allied Integral United, Inc. after the merger, the operations of the combined company mainly focused on AIU's business, which included further development of its virtual in-home care service, Clearday at Home, and its membership-based daily care program, Clearday Club. Superconductor Technologies Inc. has pioneered the development of superconducting materials and manufacturing processes, developing numerous patents.
In May 2021, Allied Integral United Inc. entered into a revised merger agreement with Superconductor Technologies, also known as STI. Allied Integral United, Inc. is the 10 percent owner of Superconductor Technologies Inc. Other key executives at Superconductor Technologies Inc include VP
Key Players:
Superconductor Technologies, Inc., American Superconductor, Evico GmbH, 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.
