Report : North America Superconductor Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Low-Temperature Superconductors and High-Temperature Superconductors) and Application (Medical, Electronics, Defense & Military, and Others)
At 7.7% CAGR, the North America Superconductor Market is speculated to be worth US$ 3,225.83 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America superconductor market was valued at US$ 2,066.50 million in 2022 and is expected to reach US$ 3,225.83 million by 2028, registering an annual growth rate of 7.7% from 2022 to 2028. Boosting implementation of safety and environmental management system and superconducting chips to scale-up quantum computers and boost supercomputers.
Superconducting technologies are esoteric systems that are used in laboratories, electronics, defense, hospitals, and many other places. The capacity of superconductivity to efficiently produce high magnetic fields that are otherwise exceedingly expensive to obtain with traditional materials has long been recognized by large science endeavors. High-field magnets for magnetic resonance imaging, laboratory magnetometers for characterizing minerals and materials, filters for mobile communications, and magnetoencephalography for studying the human brain are the most successful applications outside large science. Additionally, there are several special safety considerations to keep in mind when utilizing superconducting magnetic equipment, such as nuclear magnetic resonance (NMR), magnetic resonance imaging (MRI), and other equipment. EH&S's Radiation Safety team is responsible for determining specific risks for each facility housing, such as magnetic sources, identifying hazardous areas, reviewing safety precautions, and providing training when needed. Supervisors and lead investigators are in charge of making sure that all employees are properly trained to carry out the responsibilities that have been delegated to them and that all protective control measures are maintained. This increase in the implementation of safety and environmental management systems is driving the superconductors market.
On the contrary, limited standard testing facilities.
Based on type, the North America superconductor market is segmented into low temperature superconductors and high temperature superconductors. The low temperature superconductors segment held 65.8% market share in 2022, amassing US$ 1359.54 million. It is projected to garner US$ 1853.22 million by 2028 to expand at 5.3% CAGR during 2022–2028.
Based on application, the North America superconductor market is segmented into medical, electronics, defense and military, and others. The medical segment held 48.6% market share in 2022, amassing US$ 1004.67 million. It is projected to garner US$ 1660.33 million by 2028 to expand at 8.7% CAGR during 2022–2028.
Based on country, the North America superconductor market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 75.1% market share in 2022. It was assessed at US$ 1,551.64 million in 2022 and is likely to hit US$ 2,479.69 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the North America superconductor market are American Superconductor; Bruker; FURUKAWA ELECTRIC CO., LTD.; Hitachi, Ltd.; Hyper Tech Research, Inc.; Sumitomo Electric Industries, Ltd.; FUJI ELECTRIC CO., LTD.; Toshiba Corporation; and Cryomagnetics among others.
- In February 2022, Cryomagnetics have designed and produced the six 5 Tesla recondensing magnets that comprise the Differential Pumping Section (DPS), as well as the "Pinch" and "Detector" magnets for this groundbreaking experiment.
- In February 2016, Sumitomo Electric Industries, Ltd. has created the "DI-BSCCO Type HT-NX" extra-high-strength superconductor by significantly boosting the company's high-strength bismuth tensile strength high-temperature superconductor from 250-270 MPa 1 to over 400 MPa.
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