Superconducting Magnets Market Analysis
Superconducting Magnets Market - Size, Share, Trends, and Forecast 2019 - 2027
Superconducting magnets are produced with superconducting wire coils. Superconducting magnets are able to carry currents without loss of energy, owing to their superconductivity. Due to this, it allows the user to produce tremendously high magnetic fields without providing high power supplies. These properties offer economic striking analytic and economic advantages over electromagnets. Moreover, the high magnetic fields produced by superconducting magnets require comparatively lower cost than electromagnets. Superconducting magnets find application in various industries such as nuclear magnetic resonance (NMR), medical devices and equipment, particle accelerators, fusion reactors, mass spectrometers, and separation process.
Global superconducting magnets market size is projected to increase significantly over the forecast period (2019-2027). Growing use of superconducting magnets in the healthcare industry is expected to drive the market growth during the forecast period. Superconducting magnets are crucial part of magnetic resonance imaging (MRI), an electronic equipment used for clinical diagnosis of the body. Moreover, superconducting magnets are used in molecular biology for development of novel drugs, which is expected to increase the demand for superconducting magnets and thereby boost the market growth. Furthermore, nuclear magnetic resonance (NMR) is another major application for superconducting magnetics, which is used for stabilization of nuclear waste. NMR with superconducting magnets can be used for treatment of chronic disease such as cancer of various vital organs. Increasing demand for such treatment and nuclear waste management is expected to drive growth of the market during the forecast period. Moreover, growing use of superconducting magnets in manufacturing industry is expected to propel the market growth in the near future. Superconducting magnets are used manufacturing industry to remove magnetic impurities. This helps to augment the whitening of paper or ceramic products.
However, lack of ample knowledge regarding this technology in emerging economies is expected to restrain growth of global superconducting magnets market during the forecast period.
Market Regional Analysis
Asia Pacific is projected to account for the largest market share in the global market, owing to increasing demand for medical equipment from emerging economies such as India and China. Moreover, Japan and China have accounted for the largest demand for superconducting magnets in the region. Furthermore, North America is expected to witness significant growth in global superconducting magnets market during the forecast period, owing to rising demand for medical equipment from developed countries such as the U.S.
Key players operating in the global superconducting magnets market are American Magnetics Inc., Agilent Technologies Inc., Sumitomo Electric Industries Ltd., Superconductors SpA, Siemens AG, and General Electric Co.