Superconducting Materials Market Growth, Forecast by 2024 | Top Key Players - SuperPower Inc., Western Superconducting Technologies Co. Ltd., Super Conductor Materials, Inc

Globally, superconducting materials market size is forecast to surpass USD 2 billion in value by 2024.

Driven by positive application outlook in medical and electronics sector, super conducting materials market is expected to showcase remarkable traction through 2024. Superconducting materials offer unique properties and find applications across magnets for Magnetic Resonance Imaging, high & low field magnets for Nuclear Magnetic Resonance, accelerators for high-energy physics, industrial magnets for magnetic materials separation and can be used as large scale magnet demonstrators for plasma fusion reactors.

Increasing investments towards enhancing equipment proficiency across various industries is poised to fuel the demand for highly conducting materials and components. Asia Pacific superconducting materials industry holds major growth prospects, as it contributed a remarkable share of revenue in 2016, registering at over USD 250 million.

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Growing demand for medical diagnostic equipment

The rising prevalence of diseases and associated need for early diagnosis equipment may bolster the demand for superconducting materials. These materials are utilized in various medical equipment as they enable higher resolution imaging and precision as compared to other materials.

The superconducting materials consumption is expected to observe highest gains in the medical industry on account of increasing product use in manufacturing of machineries used in diagnosis of diseases including NMR, magnetoencephalography and MRI.

In 2016, medical applications accounted for nearly USD 640 million of the total revenues for the industry, and is projected to witness significant growth through 2024. Rapid development of the healthcare sector across the globe will alter superconducting materials industry trends significantly.

Key Point of TOC:

Chapter 7. Company Profiles

7.1. Hyper Tech Research Inc.
7.1.1. Business Overview
7.1.2. Financial Data
7.1.3. Product Landscape
7.1.4. SWOT Analysis
7.1.5. Strategic Outlook

7.2. Siemens AG
7.2.1. Business Overview
7.2.2. Financial Data
7.2.3. Product Landscape
7.2.4. SWOT Analysis
7.2.5. Strategic Outlook

7.3. Superconductor Technologies Inc.
7.3.1. Business Overview
Continue...

Higher product demand from electronics industry

Superconducting materials find extensive application in electronic products and equipment including fans, elevators, pumps, machineries, refrigerator, televisions and air conditioner. The wide range of application is due to the resistance free conductivity offered by the product.

Rapid urbanization rate and increasing consumer expenditure towards electronic gadgets and devices may boost product penetration.

Rising need for superconducting magnets will offer lucrative growth scope for superconducting material providers. Extensive utilization as a bio magnetism material for high speed trains and cryogenics applications, due to robust magnetic field offered by the product, is likely to stimulate industry expansion to a great extent.

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Presence of established sector in North America

North America superconducting materials market share is projected to register a CAGR of more than 16% over the analysis period owing to established medical equipment businesses across the region. Growth in spending on efficient diagnoses machinery for healthcare facilities will fuel product demand. Moreover, expanding regional electronics sector witnessing frequent technological upgradations in equipment may also favor the material adoption.

Some rare-earth metals like yttrium are the key feedstock for superconducting material production, widely utilized across various industries. Volatile pricing of the raw materials due to their limited availability may hamper market forecast in the coming years.

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