The global superconductor market has been forecast to increase at a compound annual growth rate (CAGR) of 12.6% over the next five years, rising from a valuation of $1.8 billion in 2012, to be worth a market value of $3.3 billion by 2017.
Growth within the superconductor industry is set to be driven by the increasing role in diverse end-use applications areas such as industrial, commercial and healthcare. Furthermore, superconductors are also finding extensive usage in magnetic resonance imaging in the field of scientific research and other technological advanced studies.
Superconductivity is a unique and powerful tool in scientific research that has led to important strides in health care such as magnetic resonance imaging (MRI). Other superconducting technologies on the cusp of commercialisation will increase the efficiency with which electricity is produced and used, which will indirectly benefit the environment.
The Asian region, driven by high performing markets such as China, India and Korea among others, is set to demonstrate the overall fastest CAGR within the superconductor market of more than 5% through 2017.
Magnets are expected to have a value of nearly $1.8 billion in 2012 and $2.3 billion in 2017, a CAGR of 5.2%, while electrical equipment should total $26.9 million in 2012 and $920.1 million by 2017, a CAGR of 102.7%.
In the future, superconducting technologies may be used to predict earthquakes, map the magnetic fields produced by the brain, and produce ultrahigh-performance computers. Additionally, the market for superconducting magnetic storage systems is expected to witness robust growth, particularly from developing markets such as Asia-Pacific.
For more information on the global superconductor market, see the latest research: Global Superconductor Market
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