Superconducting Electric Motor Market to Expand at 5.88% CAGR till 2031| Growth Market Reports

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Jun 12, 2023, 10:30 ET

PUNE, India, June 12, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Superconducting Electric Motor Segments - by Type (Disc Type and Fold-In Type), Application (Automobile, Information & Communication, Electronics, Energy And Environment, Industrial Materials, Marine, And Others), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was USD 235.45 million in 2022 and is expected to surpass USD 393.75 million expanding at a CAGR of 5.88% by the end of 2031. Rising applications of superconducting materials in various electrical machines are propelling the market.

Recent Developments

In April 2023, one of the major market players, American Superconductor announced that it has entered into a delivery contract worth approximately USD 8 million with Textron Systems for a pre-production High-Temperature Superconductor (HTS) Magnetic Influence Mine Countermeasure Payload System for U.S. Navy.

Key Market Players Profiled in the Report

Iveco GmbH
American Superconductor
Kawasaki Heavy Industries, Ltd.
TOSHIBA CORPORATION
Oswald Elektromotoren GmbH
Siemens

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments, including type, application, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

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Segment Highlight

On the basis of region, the global superconducting electric motor market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is expected to dominate throughout the assessment period. The rapidly expanding industrialization in the region is one of the major factors supporting the growth.

Several industries, for increasing efficiency and quality of production are replacing conventional motors with superconducting electric motors. The key industries include automotive, aerospace, information & communications, Electronics, and Marine, among others. This is expected to support the integration of advanced machines in different industrial applications.

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Key Takeaways from the Study:

Superconducting electric motors are AC synchronous machines that utilize high temperature (HTS) winding replacing conventional copper coils. The HTS wires are capable of carrying higher currents that copper wire, owing to which it generates more powerful magnetic fields within a given volume space.
Superconducting electric motors are manufactured by using different superconducting materials including copper, yttrium, ceramic, barium, and oxygen.
The superconducting motors are compact in size but produce higher power output. With advances in coil design, these motors can match equal power output to equally rated conventional motors, within one-third of the size and volume.
The manufacturing cost for superconducting motors is lower than conventional motors owing to their smaller size and compact nature. In addition, superconducting motors can reduce power losses caused by conventional motors.
The rising usage of superconducting motors in modern electrical machines is one of the major driving factors of the market. This can increase the energy efficiency and minimize power loss.
Growing demand for electric vehicles (EVs) is another key driver of the superconducting electric motor market. The superconducting motors used in EVs help the product to be highly energy efficient and reduce CO2 emissions as well, among many other benefits.
The expanding applications of superconducting electric motors in the marine industry for the manufacture of commercial vessels and warships are expected to create considerable growth opportunities for the market players.
On the basis of type, the superconducting electric motor market is divided into Disc Type and Fold-In Type. The Disc Type segment is expected to hold the key share of the market during the assessment period as it reduces the dimensions of devices, increases compactness, and improves machine performance as compared to conventional motors.
In terms of application, the market is segmented into automobile, information & communication, electronics, energy and environment, industrial materials, marine, and others. The electronics segment is projected to expand at the fastest growth rate during the forecast period as HTS are commonly utilized in DC applications such as slow-cycling magnets or winding of DC electric motors.

Read 183 Pages Research Report with Detailed TOC on "Global Superconducting Electric Motor Segments - by Type (Disc Type and Fold-In Type), Application (Automobile, Information & Communication, Electronics, Energy and Environment, Industrial Materials, Marine, And Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"

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Key Segments Covered

Type

Disc Type
Fold-In Type

Application

Automobile
Information & Communication
Electronics
Energy And Environment
Industrial Materials
Marine
Others

Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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