Growth in medical imaging device technology and subsequent increase in usage in electronics applications is the key factor to augment the demand for superconducting materials market over the forecast period.
Dallas, United States - April 22, 2021 /MarketersMedia/ —
The global superconducting materials market is projected to be valued at USD 2.47 billion by 2025, expanding at CAGR 15.4% over the forecast period. Increasing applications of superconducting materials in medical devices and growing usage in other applications is projected to augment the market growth over the forecast period.
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Superconducting materials have gained immense popularity with utility in end-user industries such as electronics and medical and other industries. Superconducting materials are used in two different forms including low-temperature superconducting materials and high-temperature superconducting materials. Increasing industrialization and rapid urbanization has led to increasing adoption of technology in improvising machinery and equipments specifically in the fields of medical devices and equipments which is expected to boost the growth of the superconducting materials market. Transportation, medical, power utilities and power generation, information technology, defense and commercial ventures are some other important applications of the superconducting materials which are considerably driving the growth of the market.
The most popular, effective and fastest mode of transportation known as the Maglev Trains heavily utilize superconducting magnets enabling the train to float on these magnets. The power utility sector observes a wide use of transformers that are made with the help of superconducting materials majorly owing to the range of temperature frequency that superconducting materials functionally offer as superconductors run on both high and low temperatures. Highly developed countries are indulged in initiating innovative strategies utilizing superconducting cables with an objective of replacing underground copper cables mainly in U.S. and Japan.
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In the military and defense sector, high temperature superconductor wires are extensively used by manufacturers for degaussing of fleet ships which is achieved by the product’s ability to significantly reduce the overall size and weight of the equipment along with reduction of energy requirement. Owing to the massive rise in online traffic, superconductor technologies find potential opportunities in expanding the internet communication activities globally and this scenario is expected to favourably drive the growth of the superconducting materials market. The low temperature superconducting materials hold large market share contributions influencing scientific research and development. The evolutionary technologies introduced to the market developing next-gen superconductors enabling higher transition temperatures are expected to open new range of applications.
Over the span of next few years, the most prominent market share contributor is observed to be Asia Pacific mainly due to the focused applications of superconducting materials across various products applied in the medical sector such as nuclear magnetic resonance spectroscopy and magnetic resonance imaging. This region is currently witnessing significant developments in medical infrastructure owing to the emerging economic status and government initiatives. Besides, the superconducting materials market is observed to be well established in North America with U.S. dominating the contributions typically in the fields of military and defense equipments.
In terms of market competition, the global superconducting materials market is highly competitive. Key players in the global market include Superconductor Technologies Inc., Hyper Tech Research Inc., Sumitomo Electric Industries, Ltd., American Superconductor, Evico GMBH, Siemens AG, Hitachi Ltd., and Metal Oxide Technologies Inc.
Key segments of the global superconducting materials market
Type Overview, 2015-2025 (Kilo Tons) (USD Million)
Low temperature superconducting materials (LTS)
High temperature superconducting materials (HTS)
End-use Overview, 2015-2025 (Kilo Tons) (USD Million)
Medical
Electronics
Research & Development
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
North America
US
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Table Of Contents:
Chapter 1. Introduction
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Market Outlook
Chapter 5. Global Superconducting Materials Market Overview, By Raw Material
Chapter 6. Global Superconducting Materials Market Overview, By End-use
Chapter 7. Global Superconducting Materials Market Overview, By Region
Chapter 8. Company Profiles
Chapter 9. Competitive Landscape
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