Dublin, March 22, 2021 (GLOBE NEWSWIRE) -- The "Superconductors Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global superconductors market is expected to grow from $4.85 billion in 2020 to $5.37 billion in 2021 at a compound annual growth rate (CAGR) of 10.48%.
Major players in the superconductors market are American Superconductor, Bruker, Furukawa Electric Co. Ltd., Southwire Company LLC., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superconductor Technologies Inc., Cryomagnetics Inc., Deutsche Nanoschicht GmbH, and Japan Superconductor Technology Inc.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.78 billion in 2025 at a CAGR of 13.08%.
Europe was the largest region in the superconductors market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high costs associated with superconducting products are expected to hamper the growth of the superconductors market in the forecast period. Superconducting magnets are electromagnets, constructed from superconducting wire coils, and are required to be cooled while using to lower temperatures.
They can produce strong magnetic fields since the cable covering the magnet has no electrical resistance when the magnet is in its superconducting state. Although superconducting magnets are fantastic, they can be costly to operate due to the energy lost as heat in the windings. The cost of the semiconductor magnet ranges from $75 to $575 per kilogram depending on the manufacturer. Therefore, high-cost restraints the growth of the superconductors market.
Major companies working in the superconductor industry are focused on developing advanced technology solutions for superconductors. For instance, in June 2020, Festo, a German-based industrial control and automation company introduced a lab automation superconductor device that transfers materials without touching. The company stated that its SupraModule design that allows wireless control of operations with an autonomous energy generation on a magnetic, floating carrier.
The growing demand for MRI machines is expected to drive the growth of the superconductors market in the coming years. Magnetic resonance imaging, or MRI, employs strong superconducting magnets to generate large and even magnetic fields within the patient's body. Magnetic Resonance Imaging (MRI) devices are an example of technology used to improve the precision of the diagnosis of health issues.
According to the Health System Tracker, in 2020, the USA has 40.4 MRI machines per million people, considerably more than most comparably rich countries excluding Japan (55.2). Therefore, the growing demand for MRI machines drives the growth of the superconductors market.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Key Topics Covered:
1. Executive Summary
2. Superconductors Market Characteristics
3. Superconductors Market Trends and Strategies
4. Impact of COVID-19 on Superconductors
5. Superconductors Market Size and Growth
5.1. Global Superconductors Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Superconductors Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Superconductors Market Segmentation
6.1. Global Superconductors Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Superconductors Market, Segmentation by Material, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Yttrium Barium Copper Oxide
Bismuth Strontium Calcium Copper Oxide
6.3. Global Superconductors Market, Segmentation by Product, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Energy Storage Devices
6.4. Global Superconductors Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Research and Development
7. Superconductors Market Regional and Country Analysis
7.1. Global Superconductors Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Superconductors Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Furukawa Electric Co. Ltd.
Southwire Company LLC.
Sumitomo Electric Industries Ltd.
Superconductor Technologies Inc.
Deutsche Nanoschicht GmbH
Japan Superconductor Technology Inc.
Ceraco Ceramic Coating GmbH
Hyper Tech Research Inc.
LS Cable & System Ltd.
Theva Dunnschichttechnik GmbH.
Advanced Magnet Lab Inc.
American Magnetics Inc.
ASG Superconductors Spa
Eriez Manufacturing Co.
For more information about this report visit https://www.researchandmarkets.com/r/7b3lqd
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