Global Superconducting Magnets Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Superconducting Magnets Market Overview:

“The global Superconducting Magnets Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers insightful and detailed information regarding the various key players operating in the superconducting magnets market, their financials, supply chain trends, products and related technological innovations, key developments, apart from current and future strategies, acquisitions & mergers, and market footprint.

The global superconducting magnets market report has been segmented on the basis of application, and region.

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various reliable sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts, with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make more accurate and informed forecasts about the market scenario in future.

Superconducting magnet, is an electromagnet made up of coils of superconducting wire. In superconducting state, the wire has no electrical resistance.

Therefore, it can conduct much larger electric currents and create intense magnetic field than ordinary wire. They can produce greater magnetic fields and can be cheaper to operate since negligible energy dissipation is required, which can propel growth of the target market.

Growing demand for superconducting magnets, especially in medical sector and scientific equipment is a major factor driving growth of the global superconducting magnets market. In addition, constant adoption in transportation sector is another major factor expected to boost growth of the market over the forecast period.

Superconducting magnets has wide application area such as semiconductors, electrical, manufacturing and other industries, thereby increasing growth of the target market.

However, lack of knowledge regarding the technology and products in emerging economies, is a major factor restraining growth of the global superconducting magnets market.

Major trends of the target market are the growing significance of superconducting magnetic energy storage (SMES) systems and partnerships between interventional magnetic resonance imaging (MRI) scan guided systems and pharmaceutical companies, which is expected to support growth of the global market.

The market in Asia Pacific, currently accounts for maximum share in the global superconducting magnets market in revenue terms, owing to high adoption in medical sector and manufacturing industries in the region.

The market in North America is expected to register highest CAGR over the forecast period, owing to increasing adoption in semiconductor industries, and research and development activities. The market in Europe is projected to register fastest growth over the forecast period, owing to development in medical sector. The superconducting magnets market in Latin America and Middle East & Africa are expected to register significant growth over the forecast period.

Global superconducting magnets market segmentation:

Segmentation by application:

• Medical equipment
• Mass spectrometers
• Transportation
• Others (fusion reactors and particle accelerators)

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa