Press release
Rising Demand For MRI Machines Boosts Superconductors Market: Strategic Insights Driving Superconductors Market Momentum in 2025
Superconductors Market Growth
How Large Will the Superconductors Market Size By 2025?
In recent times, the superconductors market has experienced rapid expansion. Anticipated to rise from $8.12 billion in 2024 to $8.94 billion in 2025, the market's compound annual growth rate is projected at 10.1%. Factors such as research and development, energy efficiency, medical imaging, particle accelerators, and superconducting magnets have contributed to the growth observed in the historical period.
How Big Is the Superconductors Market Size Expected to Grow by 2029?
The size of the superconductors market is projected to witness swift expansion in the upcoming years. The market is expected to reach $14.1 billion by 2029, with a compound annual growth rate (CAGR) of 12.1%. Factors contributing to this growth during the forecast period include the integration of renewable energy, advancements in quantum computing, high-speed transportation, smart grids, and the semiconductor industry. Other trends that are expected to emerge in the forecast period include the use of high-temperature superconductors (hts), cryogen-free superconducting systems, superconducting fault current limiters, a surge in space exploration, and increased demand for smart devices.
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Which Key Market Drivers Powering Superconductors Market Expansion and Growth?
The increasing need for MRI machines is set to bolster the progress of the superconductors market in the future years. Superconducting magnets, an essential component of Magnetic Resonance Imaging or MRI, are used to produce substantial and uniform magnetic fields within the patient's body. MRI devices provide an instance of technology that enhances the accuracy of health issue diagnostics. For example, as reported by NHS England, a UK governing body for the National Health Service, there was a considerable increase in MRI imaging activities from 327,790 in January 2022 to 521,430 in January 2023. Consequently, the escalating requirement for MRI machines propels the growth of the superconductors market.
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Which Fast-Growing Trends Are Poised to Disrupt the Superconductors Market?
The superconductors market growth is likely to be hindered by the significant costs tied to the superconducting products during the forecasted timeline. Superconducting magnets, created from coiled superconducting wires, have to be cooled to low temperatures during operation. These magnets can create intense magnetic fields due to the lack of electrical resistance in the cable housing the magnet, when it's in a superconducting state. While impressive, superconducting magnets are expensive to maintain because of the energy that gets dissipated as heat in the coils. The price of these semiconductor magnets can vary from $75 to $575 per kilogram, dependent on the maker. Henceforth, this elevated pricing creates restraint in the growth of the superconductors market.
What Are the Emerging Segments in 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
Subsegments:
1) By Type-I Superconductor: Elemental Superconductors, Low-Temperature Superconductors
2) By Type-II Superconductor: High-Temperature Superconductors, Iron-Based Superconductors, MgB2 Superconductors
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Who Are the Global Leaders in the Superconductors Market?
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., Magnatech LLC., Neocera LLC., Agilent Technologies, Northrop Grumman Corporation, SC Solutions Inc., Tokyo Denkai Co. Ltd.
Which are the Top Profitable Regional Markets for the Superconductors Industry?
Europe was the largest region in the superconductors market share in 2024. The regions covered in the superconductors market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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