LONDON–(BUSINESS WIRE)–The global superconductor market is expected to post an incremental growth of USD 4.37 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Superconductors find many applications in medical devices due to their ability to generate high magnetic fields. They are widely used in MRI systems, magnetoencephalography (MEG), magnetic source imaging (MSI), and nuclear magnetic resonance imaging (NMRI). These devices use HTS cables and superconducting magnets to create high magnetic fields. Many MRI device manufacturers are focusing on enhancing the performance of their systems in terms of performance and speed. During the forecast period, the number of MRI installations is bound to increase, which will boost the demand for semiconductor devices and drive the growth of the global superconductor market.
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As per Technavio, the emergence of SMES systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Superconductor Market: Emergence of SMES Systems
Superconducting magnetic energy storage (SMES) systems store energy in a magnetic field inside of a superconducting coil. It has high-energy conversion efficiency and can quickly recharge and discharge without degrading the magnet. Many vendors are providing financial support to SMES research protects. Several universities and laboratories are also focusing on the development of energy storage devices based on this technology. With growing global demand for energy, the market will witness an increase in the adoption of SMES systems during the forecast period.
“Increasing interest in quantum computing and growing demand for power electronics will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Superconductor Market: Segmentation Analysis
This market report segments the global superconductor market by product (magnets, cables, transformers, and energy storage devices) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to increasing investments in the development of high-voltage power grids in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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