The superconducting magnets market is expected to be worth US$ 3.3 billion in 2023. The market is anticipated to reach US$ 4.3 billion at a CAGR of 2.6% by 2033. Increased use of superconducting magnets in MRI machines, particle accelerators, and nuclear magnetic resonance systems has led to robust expansion in the superconducting magnets market.
The creation of high-performance superconducting magnets has attracted increased investment in research and development, which is contributing to the industry’s expansion. The market is likely to expand as a result of the increasing demand for these magnets due to their special qualities, such as their capacity to produce strong magnetic fields.
Superconducting magnets have not caught on for several reasons despite their usefulness. The high price of these magnets is the key problem confronting the business. This is mostly because of the high cost of niobium-titanium and niobium-tin as well as the intricate manufacturing procedure required to produce them.
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It is also challenging to run superconducting magnets in a practical context since their performance is so sensitive to temperature. These obstacles are stifling expansion in the market.
Increasing demand from end-use sectors including healthcare, research, and energy has created enough room for expansion in the superconducting magnets market. In addition, manufacturers have a great deal of room to expand due to factors such as:
- Rising demand in many developing nations.
- Increasing expenditures on research and development of high-performance superconducting magnets.
Future demand for superconducting magnets is anticipated to be driven by the proliferation of electric cars and the expanding market for renewable energy.
There have been several recent developments in the superconducting magnets sector. The need for high-temperature superconducting magnets is rising, which is a huge development. Because of their increased temperature tolerance, these magnets may be used in a wide range of applications.
Magnesium diboride and other novel materials are predicted to dramatically alter the market by lowering the price of superconducting magnets. Superconducting magnets are in high demand, and their popularity is projected to continue to rise in the future years.
Key Takeaways from the Superconducting Magnets Market:
- The United States is anticipated to continue its position as a prominent player in the superconducting magnets industry, with a predicted market size of US$ 776.3 million by 2033.
- By 2033, the demand for superconducting magnets in the United Kingdom is projected to reach a value of US$ 160.1 million, expanding at a CAGR of 2.3%.
- By 2033, the superconducting magnets market is likely to increase significantly in China, reaching a projected value of US$ 894.9 million.
- With a projected CAGR of 2.6% throughout the forecast period, Japan’s superconducting magnet market is expected to reach a market value of US$ 763.2 million by 2033.
- South Korea is anticipated to have consistent expansion in the superconducting magnets sector, with a predicted market value of US$ 183 million by 2033.
- With a market share of 57% in 2023, low-temperature superconducting magnets are likely to dominate the superconducting magnets industry.
- With a market share of 36% in 2023, medical devices & equipment are expected to be the popular application segment.
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How Players are Revolutionizing the Industry with their Developments?
The superconducting magnets industry is highly competitive, with several key players vying for dominance in the market. These key players are constantly innovating and investing in research and development to stay ahead of the competition.
Key players are focusing on expanding their product offerings, improving their distribution networks, and engaging in strategic partnerships and collaborations to maintain their position in the market. They are also investing considerably in developing new technologies and enhancing their existing ones to provide better performance and value to their customers. The industry also faces several challenges such as:
- High costs associated with research and development
- Stringent government regulations
- The limited availability of rare earth materials needed to produce superconducting magnets.