Superconducting Materials Market size was more than USD 650 million in 2016 and will witness 17% growth over the projected timespan.
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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. These practices are gradually improving with growing medical and healthcare sector to help in developing the equipment, which will subsequently boost superconducting materials size over the projected timespan. There has been increasing research to diagnose bariatric and claustrophobic patients using MRI. For instance, the global MRI equipment business size is likely to experience gains close to 10% CAGR over the forecast period.
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.
|Market Size in 2016:||650 Million (USD)|
|Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||17%|
|2024 Value Projection:||2 Billion (USD)|
|Historical Data for:||2013 to 2016|
|No. of Pages:||122|
|Tables, Charts & Figures:||150|
|Segments covered:||Product, End-user and Region|
|Pitfalls & Challenges:|
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Several rare-earth metals such as yttrium are dominant feedstock used in superconducting materials market share. Limited availability along with volatile pricing of raw materials is expected to hamper market size by 2024. However, increasing demand for superconducting magnets having the tendency to develop strong magnetic field finds widespread end-user in high speed trains, cryogenics, and bio magnetism which will create ample of opportunities for superconducting materials market size by 2024.
Superconducting Materials Market, By Product
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.
High temperature superconducting materials is used when the critical temperature is more than 77 K (Kelvin). Commercial end-user of high temperature product is limited due to high manufacturing cost of its components (brittle ceramics) and inability for easy transformation into wires or other useful shapes. Henceforth, they are used where they have intrinsic advantage such as in manufacturing scientific magnets in which size and electrical consumption is critical.
Superconducting Materials Market, By End-user
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.
Global superconducting materials market share for R&D sector is projected to grow at over 17% CAGR during the forecast period. The segment growth will be mainly due to broad scope of R&D across various end-user industries including telecommunication, electronics, medical, transportation, etc. for developing new product and services. Key players of the aforementioned industries are heavily investing in the R&D to encourage innovation in product and services to attain competitive advantage across the globe. For instance, telecommunication sector is engaged in replacing conventional filters with the superconducting filters which are more efficient in picking up signals and thereby improving antenna range. Such developments in R&D sector will help boost size by 2024.
Superconducting Materials Market, By Region
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. Furthermore, the region has witnessed prominent growth in R&D sector across various end-user industries including telecommunication, electronics, transportation, energy generation, etc. which will subsequently stimulate the regional market size over the projected timeframe.
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. This will lead to increasing product use in technologically advanced electronic products, resulting in higher gains in the superconducting materials business size by 2024.
Competitive Market Share
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.
The industry is forward integrated as the major players including Hengyang Hengfei Cable, Changsha Asian Light Economic Trade and Guangzhou Jiechuang Trading are engaged in manufacturing and supplying product across the globe. Furthermore, the product manufacturers are investing in R&D to develop technologically advanced and flexible products to be used in wide ranging machineries which will eventually help in attaining promising future growth opportunities.
Superconducting Materials Industry Background
Superconducting materials has application across various end-user industries including medical, electronics, R&D, transportation, energy generation, etc., as it conducts electricity without any resistance which results in reducing energy losses. Thus, growing aforementioned industries across the globe will positively influence the superconducting materials market size during the forecast period.
In addition, pressing need for developing technologically advanced equipment to improve operational efficiency will subsequently lead to escalating superconducting materials market size by 2024. Low temperature product led the overall industry in 2016 on account of mounting medical industry due to rising health awareness and growing infrastructure primarily in Asia Pacific which will subsequently boost market size by 2024.