Global Superconductors Market is accounted for $1.8 billion in 2015
The global market for superconductor technologies is accounted for $1.8 billion in 2015 and is expected to reach $5.8 billion by 2022 growing at a compound annual growth rate (CAGR) of 12.8%. Superconducting materials exhibit the property of superconductivity. These materials can be classified into ceramics, organic materials, and metals. The demand pull for superconductors is escalating due to their raise in applications for commercial, health care, and industrial sectors. Superconductors are also broadly used in technologically advanced studies and in magnetic resonance imaging.
The global superconductors market is classified by products, applications and by regions. By product type, the market augmentation is led by low temperature superconductors (LTS). Furthermore, the widespread research involved in the development of high temperature superconductors (HTS) will also boost up the demand for superconductors in the power industry. The magnetic resonance imaging sector holds the leading share by consumer applications, and the electronic devices sector is anticipated to experience the fastest growth due to the rising applications of superconductors in this segment. Asia-Pacific is the primary regional market for this industry and is predictable to dominate in the future with the expected positive economic outlook in up-and-coming markets such as India, China, and Japan.
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The Global Superconductors Market comprises of large numbers of established players and there are many emerging players looking to enter this market. Some big companies in this industry are ABB Ltd, Diboride Conductors Ltd, Eriez Manufacturing Company, Fuji Electric Company, Innova Superconductor Technologies, Hypres Inc, D-wave systems INC and Cryoton Ltd.
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