Superconductors Market Revenue to Cross US$ 8,564.61 million by 2028: The Insight Partners

According to our latest market study on "Superconductors Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application," the superconductors market is expected to grow from US$ 5,286.26 million in 2022 to US$ 8,564.61 million by 2028; it is estimated to grow at a CAGR of 8.4% from 2022 to 2028.

Superconducting processors may become an important component of the next generation of supercomputers. For starters, they could assist in overcoming the major issue of scaling up quantum computers. Second, they might significantly improve the performance of classic supercomputers while drastically reducing their power usage. A multidisciplinary research initiative will address one of the primary obstacles of this approach, data transport to and from low temperatures required for superconductivity.

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Market Insights -Superconductors Market
The global superconductors market based on geography is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The North American region accounted for the highest share in the global superconductors market growth in 2021, whereas the Asia Pacific superconductors market share is expected to grow with the highest CAGR during the forecast period.

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.

Asia Pacific is expected to grow at the highest CAGR over the forecast period, followed by Europe and North America. Countries such as China, India, and Malaysia have increased spending on developing and modernizing their medical infrastructure. This positively impacts the demand for superconductors across the region from the medical device manufacturers. Additionally, China and India contribute more than 60% of the region's military expenditure. This rise in military spending is used in procuring advanced weapons for their defense forces. For instance, China has been actively investing in developing advanced rail guns, which is expected to propel the demand for superconductors across the country.

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The superconductors market size is segmented based on type, application, and geography. Based on type, the superconductors market analysis is segmented into low temperature superconductors (LTS) and high temperature superconductors (HTS). Based on application, the superconductors market is segmented into medical, electronics, military & defense, and others. On the basis of geography, the superconductors market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

 Bruker Corporation; Furukawa Electric Co. Ltd.; American Superconductor Corporation; Sumitomo Electric Industries, Ltd.; and Hitachi Ltd. are a few key superconductors market players. In addition, several other important superconductors market players were studied and analyzed during this study to get a holistic view of the global superconductors market and its ecosystem.

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Contact Us: If you have any queries about this report or if you would like further information, please contact us: Contact Person: Sameer Joshi E-mail: sales@theinsightpartners.com Phone: +1-646-491-9876

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.

This release was published on openPR.