Superconductors Market Worth $17.4 Billion by 2032, Growing at a CAGR of 10%

Allied Market Research published a report on Superconductors Market by Type (Low Temperature, High Temperature), By Application (Medical, Electronics, Defense And Military, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032.

The superconductors market was valued at $6.8 billion in 2022, and is estimated to reach $17.4 billion by 2032, growing at a CAGR of 10% from 2023 to 2032.

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The superconductor market is witnessing steady growth, fueled by its unique ability to conduct electric current with zero resistance below a critical temperature. Applications in particle physics, fusion electricity, healthcare, energy, and transportation are driving the demand for superconducting materials. Advancements in superconducting materials and maglev technologies present a significant market opportunity for more efficient and sustainable transportation solutions.

The superconductor market is poised for substantial growth. The surge in demand for superconducting materials in the medical industry is anticipated to be a key driver of the superconductors industry growth during the forecast period. The continuous need for superconductors in MRI technology highlights a promising market for these materials. These factors collectively contribute to the overall expansion of the global superconductors market.

Based on application, the medical segment emerged as the market leader in the global superconductors market in 2022, holding the highest market share of two-fifths of the revenue. This segment is projected to maintain its leadership status throughout the forecast period.

Report Summary:
https://www.alliedmarketresearch.com/superconductors-market-A74562

Competitive Analysis:

The company profile section of the superconductors market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.

Some of the major key players of the global superconductors market include,

• Bruker Corporation
• Furukawa Electric Co. Ltd.
• American Superconductor Corporation
• Sumitomo Electric Industries, Ltd.
• Hitachi Ltd.
• Cryomagnetics Inc.
• Japan Superconductor Technology Inc.
• LS Cable & System Ltd.
• Hyper Tech Research, Inc.
• Fujikura Ltd.

Country-wise, the U.S. holds a significant superconductors market share due to its strong research and development capabilities, advanced technological infrastructure, and a diverse range of applications in industries such as healthcare, energy, and transportation, which have driven the demand for superconducting materials and technologies in the country.

Additionally, the presence of leading companies and academic institutions actively engaged in superconductivity research and commercialization further contributes to the U.S.'s prominence in the market.

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Key Findings of the Study

• In 2022, by type, the low temperature segment was the highest revenue contributor to the market, with $4,281.45 million in 2022, and is estimated to reach $10,674.0 million by 2032, with a CAGR of 9.66%.

• According to the superconductors market analysis by application, the medical segment was the highest revenue contributor to the market, with $2,679.6 million in 2022, and is estimated to reach $7,001.01 million by 2032, with a CAGR of 10.17%.

• By region, North America was the highest revenue contributor, accounting for $2,194.16 million in 2022, and is estimated to reach $5,743.37 million by 2032, with a CAGR of 10.19%.

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