Superconductors Market Size, Share & Industry Growth by 2028
The superconductors market is projected to reach US$ 8,564.61 million by 2028; it is expected to grow at a CAGR of 8.4% from 2022 to 2028.
Superconducting technologies are esoteric systems used in laboratories, electronics, defense, hospitals, and many other places. The capacity of superconductivity to efficiently produce high magnetic fields that are otherwise exceedingly expensive to obtain with traditional materials has long been recognized by large science endeavors. The superconductors market size is segmented based on type, applications, and geography. Based on type, the superconductors market is categorized into low temperature superconductors and high temperature superconductors). By application, the superconductors market is segmented into medical, electronics, defense & military, and others. Based on geography, the superconductors market size is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
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.
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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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COVID-19 Impact on Superconductors Market
The COVID-19 pandemic negatively hampered the global superconductors market growth due to considerable disruption in the supply chain activities and several countries sealing off their international trade in the wake of the pandemic. Due to the pandemic, various industries were declining in 2020. The lockdowns impacted the global manufacturing sectors. The worldwide lockdown to minimize the transmission of the virus has significantly disrupted the supply chain activities and reduced the production of commodities, goods, and services. As a result, the superconductors market players witnessed a slowdown in production. Further, there were restrictions on foreign trades due to the closure of international borders, non-operational distribution channels, and various government norms to take precautionary measures for public health and safety.
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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.
North America has constantly grown medical and defense industries. The region has experienced a significant increase in medical infrastructure investment and the procurement of medical equipment across these infrastructures. Thus, the rising demand for magnetic resonance imaging (MRI) equipment across the region is expected to impact the demand for superconductors among medical device manufacturers directly. Moreover, countries such as the US and Canada have experienced a rise in military expenditure over the last five years, influencing the demand for power railguns and coil guns. Defense manufacturers are highly adopting superconductors to increase the resistance and efficiency of weapons. Thus, the rise in demand for power railguns and coil guns across the region is further expected to contribute to the North America superconductors market growth. 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 share.
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