Press release
Superconductors Market Overview 2024-2033 - Share, Size, Insights, Forecast
Superconductors Market
As per the report, the superconductors market size has grown rapidly in recent years. It will grow from $7.44 billion in 2023 to $8.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The superconductors market size is expected to see rapid growth in the next few years. It will grow to $12.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
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Rising Demand For Mri Machines Boosts Superconductors Market
The growing demand for MRI machines is expected to drive the growth of the superconductors market in the coming years. Magnetic resonance imaging, or MRI, employs strong superconducting magnets to generate large and even magnetic fields within the patient's body. Magnetic Resonance Imaging (MRI) devices are an example of technology used to improve the precision of the diagnosis of health issues. According to the Health System Tracker, in 2020, the USA has 40.4 MRI machines per million people, considerably more than most comparably rich countries excluding Japan (55.2). Therefore, the growing demand for MRI machines drives the growth of the superconductors market.
Cost Challenges Impede Superconductors Market Growth
The high costs associated with superconducting products are expected to hamper the growth of the superconductors market in the forecast period. Superconducting magnets are electromagnets, constructed from superconducting wire coils, and are required to be cooled while used to lower temperatures. They can produce strong magnetic fields since the cable covering the magnet has no electrical resistance when the magnet is in its superconducting state. Although superconducting magnets are fantastic, they can be costly to operate due to the energy lost as heat in the windings. The cost of the semiconductor magnet ranges from $75 to $575 per kilogram depending on the manufacturer. Therefore, high-cost restrain the growth of the superconductors market.
The superconductors market covered in this report is segmented -
1) By Type: Type-I Superconductor, Type-II Superconductor
2) By Material: Stainless Steel, Yttrium Barium Copper Oxide, Bismuth Strontium Calcium Copper Oxide, Other Materials
3) By Product: Magnets, Cables, Transformers, Energy Storage Devices
4) By Application: Energy, Electronics, Medical, Research And Development, Industrial, Other Applications
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Major companies operating in the superconductors market include American Superconductor, Bruker Corporation., Furukawa Electric Co. Ltd., Southwire Company LLC., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superconductor Technologies Inc., Cryomagnetics Inc., Deutsche Nanoschicht GmbH, Japan Superconductor Technology Inc., Supercon Inc., SuperOx, Ceraco Ceramic Coating GmbH, Hyper Tech Research Inc., LS Cable & System Ltd., Scientific Magnetics, Theva Dünnschichttechnik GmbH., Toshiba Corporation, Evico Gmbh, Advanced Magnet Lab Inc., Alstom SA, American Magnetics Inc., ASG Superconductors Spa, Cryoelectra Gmbh, Cryoton Ltd., Eriez Manufacturing Co., Siemens AG, ABB Group, SuperPower Inc., Nexans S.A., Oxford Instruments plc, Hypres Inc., General Electric Company, Mitsubishi Electric Corporation., Trivitron Healthcare, Magnatech LLC., Neocera LLC., Agilent Technologies, Northrop Grumman Corporation, SC Solutions Inc., Tokyo Denkai Co. Ltd.
Contents of the report:
1. Executive Summary
2. Superconductors Market Report Structure
3. Superconductors Market Trends And Strategies
4. Superconductors Market - Macro Economic Scenario
5. Superconductors Market Size And Growth
…..
27. Superconductors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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