The superconducting materials market will be driven in the forecast period particularly due to the increasing government investments towards enhancing equipment proficiency. The global MRI equipment industry is expected to observe gains more than 10% CAGR over the forecast period. Significant rise in the demand of magnetic resonance imaging (MRI) will propel the market growth by 2024.
By 2024, superconducting materials business will be substantially driven by the demand from the electronics industry. It involves a range of applications including elevators, fans, pumps, AC, machineries, refrigerator, televisions, etc. on account of the resistance free conductivity offered by the product. Also, growing consumer expenditure towards electronic devices, will drive superconducting materials market by 2024.
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Moreover, efforts on global level for sustainable environment attainment will encourage the demand for electronic vehicles in the forecast period. Such varying market trends for reduction of emissions to will foster the product market growth.
Some rare-earth metals like yttrium have been used as foremost feedstock in superconducting materials industry. The market is thus likely to witness certain growth restraints such as volatile pricing of the raw materials owing to their limited availability in the forecast timespan.
Yet, cumulative demand of superconducting magnets will create plenty of growth prospects for the product market by 2024. This will be observed mainly in bio magnetism high speed trains and cryogenics applications, due to the product characteristics to develop robust magnetic field.
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In 2016, the low temperature product segment had generated revenue over USD 400 million. The extensive applications in nuclear magnetic resonance (NMR) and MRI will drive the product demand in the coming years. Compared to their high temperature counterparts, low temperature superconducting materials have stable operational capabilities and are cost efficient. They will thus have higher preferences in the forecast period.
Superconducting materials market is probable to observe highest gains in the medical industry during the forecast period. In 2016, medical sector had been valued over USD 640 million and will have significant growth by 2024. The growth is on account of increasing product use in manufacturing machineries used in diagnosing and curing diseases including MRI, NMR, Magnetoencephalography (MEG) etc.
Global superconducting materials market share for R&D sector is projected to grow at over 17% CAGR during the forecast period. The segment growth will be mainly due to broad scope of R&D across various end-user industries including telecommunication, electronics, medical, transportation, etc. for developing new product and services.
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Asia Pacific bears brighter growth prospects in the forecast timespan and also held the largest market share in 2016, which was more than USD 250 million. The growth is attributed to the rising medical industry due to the improving regional infrastructure, increasing health consciousness among the populace and enhancing R&D sector across end-use industries like electronics, telecommunication, energy generation, transportation, etc.
North America is predicted to have more than 16% CAGR by 2024 on account of recognized medical sector equipped with efficient diagnosing machinery, coupled with the escalating regional electronics industry with foremost technological upgradations.
Key market players are Superconductor Technologies Inc., AML Superconductivity and Magnetics, Western Superconducting Technologies Co., Ltd., Siemens AG, Sumitomo Electric Industries, Ltd., Evico GMBH, Japan Superconductor Technology, Inc., CAN Superconductors, SuperPower Inc., American Superconductor, Hitachi Ltd., Hyper Tech Research Inc. and Nexans.
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