Press release
At17% CAGR, Superconducting Materials Market to cross $2bn by 2024 | American Superconductor, Superconductor Technologies Inc, Siemens AG., Hitachi Limited, Hyper Tech Research Inc and Evico GMBH.
Superconducting Materials Market
Low temperature accounted for the largest share of the business in 2016. The product is majorly used in manufacturing MRI, NMR and other equipment, particularly due to its brilliant characteristics for resistance free conductivity, ability to produce images for internal body parts and minimal energy loss. However, the segment will exhibit moderate CAGR during the projected timespan as it is already established and mainly due to volatility in raw material prices.
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High temperature will exhibit exponential gains from 2017 to 2024. The growth will be chiefly attributed to develop strong magnetic field for evolving technologies including high speed trains, wind turbine, etc. the globe.
R&D industry for the product will experience growth close to 17% CAGR by 2024. It has broad applications in several end-user industries such as medical, transportation electronics, energy generation, telecommunication, etc. due to its flexible transformation characteristics to conduct electricity. Furthermore, ongoing strenuous research to diagnose claustrophobic patients using MRI will boost the business growth by 2024.
Sturdy growth indicators in the medical industry will be the major growth prospect for the global superconducting materials industry in the coming years. Substantial government investment towards medical machinery & equipment including MRI to enhance operational efficiency will lift superconducting materials market share in the coming years.
The industry will follow similar growth dynamics with electronics sector, as the product is essentially used in several electronic items to provide smooth conductivity. For instance, low temperature superconducting material (LTS) owing to its excellent transformation properties helps in providing high critical current densities, which makes it preferred in the electronic products.
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Sturdy growth in R&D across various sectors including transportation, medical, telecommunication, electronics, etc. will boost demand for the product in the coming years. This trend will in turn stimulate the superconducting materials market size by 2024, as it is essentially used in electronic items, medical equipment, telecommunication, etc. Rare earth elements including yttrium are used as primary feedstock for manufacturing the product which in turn lead to volatile prices due to inadequate availability of feedstock.
Thus, wavering raw material price dynamics is likely to hamper superconducting materials market size in the coming years. However, prevailing demand to create robust magnetic field for its application in fast trains, transformers, motors, wind turbines, etc. shall create plentiful industry growth prospects in the near future.
In 2016, Asia Pacific superconducting materials market share constituted for a major chunk of the industry share. Substantial business size along with decent growth rate by 2024 will be primarily due to emerging economies primarily in China and India due to noteworthy investment in medical, R&D and electronics industry resulting in budding product use in the region.
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Superconducting materials market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in kilo tons and revenue in USD from 2013 to 2024, for the following segments:
Superconducting Materials Market By Product
• Low temperature superconducting materials (LTS)
• High temperature superconducting materials (HTS)
Superconducting Materials Market By End-User
• Medical
• Research & Development
• Electronics
• Others
Key industry share contributors of superconducting materials are American Superconductor, Superconductor Technologies Inc, Siemens AG., Hitachi Limited, Hyper Tech Research Inc and Evico GMBH.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology
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Global Market Insights, Inc.
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