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Superconducting Materials Market Detailed methodology, scope, assumptions and data sources between 2017 - 2024
The digitization trend conquering the world has indeed created a lucrative roadmap for global Superconducting Materials Market. The growing demand from end-use industries for technologically advanced equipment to enhance the operational efficiency will significantly fuel the superconducting materials market share.The broad application scope of superconducting materials has initiated a plethora of research activities in the industry, driven by which the superconducting materials industry size from research and development sector is anticipated to register a CAGR of 17% over 2017-2024.
Swelling demand for these materials in the transportation, telecommunication, medical, and the electronics sectors has also been commendable over the years. For instance, in the telecommunication sector, these materials have gained profound significance and have replaced the conventional filters, owing to the former’s efficacy in picking up signals and improving the antenna range.
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A subsequent rise in research and development projects in Asia Pacific has prominently fueled the regional superconducting materials market demand. The rapidly developing transportation, electronics, and telecommunication sectors in the region have positively swayed the regional R&D trends.
The soaring medical industry is another promising driver impacting the growth of regional market.
Increasing health awareness and development of the healthcare facilities in APAC have led the regional medical industry to substantially contribute to the expansion of the superconducting materials market size. In 2016, Asia Pacific led the global industry landscape by generating USD 250 million in terms of revenue.
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Medical industry is one of the leading application segments of the superconducting materials market, which generated revenue worth USD 640 million in 2016. Superconducting products are highly used in manufacturing of machineries which are used in MRI, Magnetoencephalography, and NMR (nuclear magnetic resonance) processes.
Low temperature superconducting materials are prominently used for manufacturing of these machines which indeed depicts a significant demand in the medical industry. Furthermore, the increasing government investments for the development of medical and healthcare sectors have further contributed toward superconducting materials industry growth. As per the estimates, this application is projected to witness highest gains over the period of 2017-2024.
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Asia Pacific led the overall superconducting materials market size and was valued at over USD 250 million in 2016. This is attributed to growing medical industry which is employed in manufacturing superconducting materials based machineries used for diagnosing diseases.
North America market is forecast to attain CAGR of over 16% during the forecast period owing to well established medical sector with excellent diagnosing machinery & equipment. In addition, mounting electronics industry owing to technological advancements in the region will drive superconducting materials size during the forecast period.
Key superconducting materials market share contributors are Siemens AG, American Superconductor, Evico GMBH, Hyper Tech Research Inc., Superconductor Technologies Inc and Hitachi Ltd. Major product manufacturers are in the long-term procurement contract with the end-user industries such as medical, electronics, R&D, transportation, energy generation etc. as the industry requires varying product characteristics for manufacturing machinery, equipment, electronic items, etc. This helps the company in attaining better market presence across the industry ecosystem.
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