PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388773
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388773
Superconductor materials are metals with the unique ability to conduct electricity without any resistance. While most metallic elements exhibit some level of resistance at room temperature, their resistance decreases significantly at low temperatures, which is referred to as the critical temperature. Once the critical temperature is reached, these metals exhibit the remarkable property of zero resistance. Consequently, these materials are commonly referred to as superconductors. The utilization of superconducting materials holds immense potential in revolutionizing electric power and high-field magnet technology. This technology enables efficient electric power generation, loss-less transmission, compact electrical equipment, high-speed maglev transportation, and ultra-strong magnetic fields for advanced applications like MRI and NMR systems.
Superconducting motors offer superior electrical stability during transients compared to conventional motors, recognizing their operation at small load angles and higher peak torque capability. According to the U.S. Department of Energy, the manufacturing sector in the country consumes 70% of its energy through motors, with over 55% of the total electric energy generated being utilized by them. Motors with a power rating exceeding 1000 horsepower consume more than 25% of the total electric energy generated. The adoption of electrical propulsion in modern cruise ships and other commercial vessels and warships as their primary source of motive power further drives the demand for electric motors. Additionally, demand for scientific research applications such as particle accelerators and nuclear magnetic resonance (NMR) spectroscopy may provide growth opportunities for the market. However, regulatory and safety concerns, particularly in the medical and transportation sectors, pose challenges to the market's growth.
The Global Superconducting Material Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into two categories based on product type: Low Temperature and High Temperature. The rising demand for advanced and energy-efficient technologies, especially in scientific and industrial sectors, has led to the dominance of Low Temperature in the market.
The market is divided into four categories based on application: Medical, Electronics, Defense and Military and Others. The medical segment is expected to continue its market dominance, primarily driven by the growing need for state-of-the-art medical equipment and enhanced diagnostic and treatment technologies.
Geographically, this market is widespread in the regions of Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Superconducting Material Market is expected to be dominated by North America, primarily due to the increasing investments in medical machinery and equipment. The utilization of superconducting materials has the potential to enhance the performance of various medical equipment, such as MRI machines, particle accelerators, and high-resolution spectroscopy instruments. This can result in generating stronger and more stable magnetic fields, leading to improved image quality, faster scans, and more precise diagnoses. It is noteworthy that North America currently holds 39% of the total medical technology market, and the average American is projected to spend approximately USD on each necessary medical device by 2023, according to Medical Device Industry Statistics. Europe is the second largest region for the growth of this market.
Several key players and technology providers are vying for a share of the growing market for superconducting materials. Many companies in this industry collaborate with research institutions and industry partners to advance superconducting technologies. These partnerships are crucial for both research and product development. Ongoing efforts in research and development are focused on enhancing the performance and cost-effectiveness of superconducting materials. The drive for competitiveness lies in the innovation of materials, manufacturing processes, and application-specific solutions. For instance, a recent breakthrough by physicists has uncovered a new switch for superconductivity, potentially revolutionizing unconventional superconducting materials. MIT physicists have made a significant discovery regarding the nematic transition of a specific class of superconductors, which defies previous assumptions. This breakthrough was achieved through the study of iron selenide (FeSe), a two-dimensional material known for being the highest-temperature iron-based superconductor.
From December 2021, Sumitomo Electric Industries, Ltd. will offer the cutting-edge 61%IACS Conductivity technology. Thermal Resistant Aluminum Alloy Circuit High Corrosion Resistant Aluminum-Clad Steel Reinforced has been installed in the Japanese gearbox network. The were able to maintain the conductor's heat resistance while increasing its conductivity by using improved manufacturing procedures.
The scope of this report covers the market by its major segments, which include as follows: