Superconducting Materials Market Expected To Surpass USD 2 Billion By 2024

Superconducting Materials Market will record a valuation of over USD 2 billion by the end of 2024, with a phenomenal CAGR of 17% over 2017-2024, As per a recent market speculation by Global Market Insights, Inc.

With the globe treading on the path of digitization, superconducting materials market demand is sure to upscale in the coming years. The growing demand for technologically advanced equipment across myriad utility sectors to enhance the operational efficiency has significantly impacted the overall market share in recent times. The business space is highly characterized by extensive research activities which have resulted in an enhancement in the product portfolio. In fact, the overall superconducting materials industry from R&D sector is forecast to witness a massive y-o-y growth of 17% over 2017-2024.

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Recently an international team of researchers of Max Planck Institute, Germany have invented a new mechanism where superconductors are claimed to work at a much higher temperature than usual without losing their properties. Arguably, this promising development has expanded the application scope of superconducting materials market ranging from MRI scanning to fusion trains and even maglev train.

Speaking along the similar lines, Shanghai Maglev train, one of the most effective modes of speedy transport, is undoubtedly a breakthrough in superconducting materials industry. Superconductors have had always enabled high performance across magnetic levitation systems such as magnetic bearing and maglev trains. The superconducting maglev has been an internationally acclaimed groundbreaking technology. Unlike conventional levitation system that works on adhesion between wheel and rail, Maglev is a contact less transport that relies on a magnetic force created by superconducting materials, which enables it to run at an ultra-high speed.

Recently, Japan railway maglev train (Yamanashi MLX01) had hit world record with a traveling speed of 603km/hrs. Superconductors have always exhibited high performance across magnetic-levitation systems, which undoubtedly has led to an expansion of superconducting materials market.

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Another profound sector which has been actively contributing to the industry proliferation is the medical space. Bearing testimony to the aforementioned proclamation is the yesteryear superconducting materials industry share from medical applications which was recorded at USD 640 million.

As per experts, medical applications of the overall industry can be majorly segmented into two major categories- the primary is based on superconducting materials such as particle accelerators, MRI etc. whereas the secondary mainly concentrates on biomagnetism detection which includes MCG (magnetocardiography) and SQUID-based MEG(magnetoencephalography).

Driven by the technological interventions in the medical fraternity along with increased product demand for manufacturing advanced machinery, superconducting materials market from medical applications is expected to witness the highest growth over 2017-2024.

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The broad application landscape of superconducting materials industry has led to the participation of several companies in the overall revenue battle. Some of the leading companies involved in the industry include Siemens AG, Evico GMBH, American Superconductor, Hyper Tech Research Inc., Hitachi Ltd. and Superconductor Technologies Inc. In order to establish a strong foothold in this business landscape, market participants are inking long term agreements with end-use sectors to address specific manufacturing demands.

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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This release was published on openPR.