Government bodies are undertaking efforts to improve the operational efficiency of MRI equipment, which will spur Superconducting Materials Market growth. MRI equipment make use of superconducting materials to help display clear images of internal body parts. Global MRI equipment sector size is expected to record a CAGR of 10% over the coming timeframe, thereby favorably influencing superconducting materials market. Escalated product usage across the healthcare, electronics, medical, transportation, research & development, telecommunications, and power generation sectors, subject to the properties of high power conductivity & low energy losses will stimulate the market demand. According to Global Market Insights, Inc., “Superconducting materials industry revenue is expected to surpass USD 2 billion by 2024, registering a cumulative growth rate of 17% over the coming seven years.”
Considering the geographical trends, Asia Pacific superconducting materials market value, which was estimated at USD 250 million in 2016, is anticipated to witness a striking growth over the next few years. Rising use of the product across the research & development, electronics, and medical equipment sectors will drive the regional growth. India and China are projected to be the key regional growth drivers.
U.S. Superconducting Materials Market Size, By End-User, 2013 - 2024 (USD Million)
North America superconducting materials industry is predicted to register a growth of more than 16% during the period from 2017 to 2024, owing to extensive product utilization in MRI equipment used for detecting the issues related to liver, heart, and musculoskeletal disorders through image production of internal body structures.
Superconducting materials market size in the medical sector, estimated at USD 640 million in 2015, is projected to witness a significant expansion over the next few years. The growth can be credited to the mounting product utility in the medical devices such as MRI, MEG (Magnetoencephalography), and NMR (nuclear magnetic resonance) equipment, which are used for detecting various diseases. Electronic applications are expected to grow substantially over the years ahead and will contribute considerably towards superconducting materials market revenue. High product preference by the manufacturers of the electronic goods such as air conditioners, televisions, fans, refrigerators, pumps, and machines will push the revenue. Enhanced customer spending on highly advanced electronic gadgets along with the rising trend among automobile manufacturers to maintain green environment, contributing towards the popular use of electric vehicles, will further push superconducting materials industry development.
Telecommunications applications are expected to make notable contributions towards superconducting materials market size. The growing trend toward replacement of traditional filters with superconducting filters witnessed across the telecommunications sector will drive the revenue. Superconducting materials industry share in the research & development sector is anticipated to grow at a CAGR of 17% over 2017-2024, driven by an increase in the number of R&D activities carried out across various industries along with high investments made by reputed corporations to promote innovative products and gain a competitive edge.
Low temperature and high temperature superconducting materials are the major products of the industry. Low temperature superconducting materials market, which collected a revenue of USD 400 million in 2016, is expected to experience a huge surge over the years ahead, owing to its cost-effective nature and stable operational capability. It also possesses exceptional & flexible transformation characteristics which assist in resistance free electron conductivity and provide highly critical electric current densities, thereby increasing its demand across the electronics sector. High temperature superconducting materials industry is slated to observe a substantial expansion over the years to come. The growth can be attributed to its heavy demand across the commercial sector subject to its ability to produce a strong magnetic field for emerging technologies such as fast trains, wind turbines, bio magnetism, power transformers, cryogenics, and electric motors.
Market players will try to increase their ROI and global presence through joint ventures, strategic alliances, product benchmarking, and product differentiation. Super Conductor Materials Incorporation, Siemens AG, Western Superconducting Technologies Company Limited, Sumitomo Electric Industries Limited, Evico GMBH, Japan Superconductor Technology Incorporation, Hyper Tech Research Incorporation, SuperPower Incorporation, Hitachi Limited, AML Superconductivity and Magnetics, American Superconductor Company, Metal Oxide Technologies Incorporation, CAN SUPERCONDUCTORS, Superconductor Technologies Incorporation, and Nexans S.A. are the key participants of superconducting materials industry.