Industry Forecast

Superconducting Materials Market by Application, Product Growth over 2017-2024

Press Release   •   Aug 08, 2017 05:15 EDT

The global Superconducting Materials Market share report provides numbers for applications and regional segments of the industry covering historical as well as forecast data for decision makers.

Global Superconducting Materials Market size was more than USD 650 million in 2016 and will witness 17% growth over the projected timespan Surge in demand for magnetic resonance imaging (MRI) due to government spending for improving equipment efficiency will enhance superconducting materials market size by 2024.

MRI equipment utilize superconducting materials and are employed in the diagnosis of several healthcare related problems including cardiovascular liver and musculoskeletal issues by producing images of structures of internal body parts.

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Reasons to Buy This Report:

1. Superconducting Materials Market size & share forecast by product & application 2017-2024

2. Growth drivers, pitfalls & industry challenges

3. Key Superconducting Materials Market growth opportunities & emerging business models

4. Competitive benchmarking with market share analysis and company profiles

The differentiating factor of Superconducting Materials Market report by Global Market Insights, Inc. when compared with other, similar syndicated research studies includes a 360-degree synopsis of trends for a period of more than 10 years including historic information as well as future outlook.

Electronics industry manufactures a wide range of electronic items including fans, elevators, pumps, machineries, AC, televisions, refrigerator, etc. which utilize the product for resistance free conductivity and henceforth, will stimulate the superconducting materials market size by 2024.

Strong growth indicators in the global electronic industry on account of increasing consumer spending towards electronic gadgets, which will drive superconducting materials market size by 2024. Furthermore, prevailing electronics industry is attributed to increasing electronic vehicles in the industry due to changing market trends to reduce emissions to attain sustainable environment will complement growth.

Low temperature superconducting materials market share constitutes a major chunk of the overall industry share in 2016. It was valued at over USD 400 million in the same year. The segment is forecast to exhibit promising gains owing to widespread applications in MRI and nuclear magnetic resonance (NMR) in medical industry.

It is cost efficient and has stable operational abilities compared to high temperature superconducting materials which is quite expensive to be utilized across wide ranging end-users.

Global superconducting materials market size for medical industry was valued more than USD 640 million in 2016. It shall witness highest gains during the forecast period due to increasing product use in manufacturing machineries used in diagnosing and curing diseases including MRI, NMR, Magnetoencephalography (MEG) etc.

Government has been encouraging increasing investment in medical and healthcare sector to improve the efficiency of machineries used in diagnosis of fatal diseases which will subsequently contribute size by 2024.

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Asia Pacific led the overall superconducting materials market size and was valued at over USD 250 million in 2016. This is attributed to growing medical industry which is employed in manufacturing superconducting materials based machineries used for diagnosing diseases. Medical industry is witnessing significant gains due to increasing health awareness and improving infrastructure in the region.

North America market is forecast to attain CAGR of over 16% during the forecast period owing to well established medical sector with excellent diagnosing machinery & equipment. In addition, mounting electronics industry owing to technological advancements in the region will drive superconducting materials size during the forecast period.

Key superconducting materials market share contributors are Siemens AG, American Superconductor, Evico GMBH, Hyper Tech Research Inc., Superconductor Technologies Inc and Hitachi Ltd. Major product manufacturers are in the long-term procurement contract with the end-user industries such as medical, electronics, R&D, transportation, energy generation etc. as the industry requires varying product characteristics for manufacturing machinery, equipment, electronic items, etc. This helps the company in attaining better market presence across the industry ecosystem.

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