Global Superconducting Magnets Market is valued approximately at USD XX million in 2019 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2020-2027.
Superconducting magnets are magnets made of superconducting wire coils that provide promising and attractive analytical and economic advantages over electromagnets. These magnets can carry large amounts of magnetic currents without major energy losses due to their superconductivity and they also allow users to produce extremely high magnetic fields without kilowatts or megawatts of power supply needed for electromagnets and also provide higher magnetic fields and lower operating costs compared to electromagnets and permanent magnets. The global market for superconducting magnets is expected to see a gradual increase over the next few years. The growing demand from the market for medical devices is one of the key factors likely to stimulate market growth in the coming years. In addition, the increasing number of applications in the healthcare sector, such as magnetic resonance imaging, is expected to provide promising opportunities for market players operating in the global market for superconducting magnets in the near future.
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These magnets have also been extensively used in nuclear research. These magnets when coupled with nuclear magnetic resonance (NMR) are extremely beneficial for the treatment of cancer in certain vital organs. This aspect is estimated to further enhance the growth of the global market over the forecast period.
Nuclear industry has also seen rapid growth in the recent past and is expected to grow further over forecast period (2020-2027). These magnets are used to stabilize nuclear waste. This trend is expected to further boost the market growth of global superconducting magnets over the forecast period. Superconducting magnets also finds various applications in the pharmaceutical and television manufacturing industry. These magnets are used to sustain resonant frequencies that produce highly low, very high (VHF) and ultra-high (UHF) frequencies in television sets. This is expected to benefit the global market. Various manufacturers of superconducting magnets are adopting the strategy of product launch along with funding to increase the customer base and to extend the geographical outreach.
For instance, in in April 2019, Advanced Magnet Lab, Inc. (AML),one of the major player in the development of magnetic applications, has launched “Perfect Field Magnets” (PFMs) for applications requiring highly consistent magnetic fields such as quantum computing, manufacturing, medical, research and more. Moreover, in September 2018, The National Science Foundation (NSF) has awarded USD 4.2 million to the National High Magnetic Field Laboratory to launch a research and development effort for the next generation of high-field superconducting magnets.
The regional analysis of global Superconducting Magnets market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. In addition, North America is expected to grow significantly throughout the forecast period (2020-2027). The favorable growth of the semiconductor industry in this area and the increasing demand for superconductor magnets from a variety of industries are expected to lead to the development of the North American market in the coming years. Moreover, the high contribution from the United States is estimated to accelerate the growth of the market in the coming years.
Major market player included in this report are:
Agilent Technologies Inc.
Sumitomo Electric Industries Ltd.
American Magnetics Inc.
General Electric Co.
Janis Research Company
Magnetica and Columbus Superconductors
ClickSoftware Technologies Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
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Target Audience of the Global Superconducting Magnets Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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