A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Superconducting Magnets – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 18; Released: May 2021
Executive Engagements: 4962
Companies: 31– Players covered include Agilent Technologies Inc; American Magnetics Inc; ASG Superconductors spa; Bruker Corporation; General Electric Co; Janis Research Company; Oxford Instruments plc; Siemens Healthineers; SuperPower Inc. and Others.
Coverage: All major geographies and key segments
Segments: Application (Medical Devices & Equipment, Mass Spectrometers, Transportation, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Latin America; Rest of World.
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Global Superconducting Magnets Market to Reach $3.6 Billion by 2026
Superconducting magnets are electromagnets made using superconducting wire coils that display excellent magnetic characteristics at cryogenic temperatures. Growth in the global market is driven by increasing applications across a diverse spectrum of industrial segments. The market growth is bolstered by ongoing R&D activities intended to push end-uses and expand product portfolios. Superconducting magnets hold several merits over electromagnets, and generate a magnetic field of up to 21.14T, which is considerably higher than the magnetic field associated permanent magnets. These advantages make superconducting magnets a perfect option for a broad range of applications, especially in the medical industry. The increasing adoption of MRIs in the healthcare industry for clinical diagnosis is anticipated to create new growth opportunities. In addition, these magnets are also incorporated into scientific equipment like NMR spectrometers, fusion reactors, mass spectrometers and particle accelerators.
Amid the COVID-19 crisis, the global market for Superconducting Magnets estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$3.6 Billion by 2026, growing at a CAGR of 2.4% over the analysis period. Medical Devices & Equipment, one of the segments analyzed in the report, is projected to record a 2.7% CAGR and reach US$1.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mass Spectrometers segment is readjusted to a revised 2.4% CAGR for the next 7-year period. Superconducting magnets are commonly used in position emission tomography (PET) and MRI scanners designed for functional and morphological imaging, respectively. These categories are witnessing continuous inflow of new products with advanced features like superior quality and sensitivity along with reduced noise. Superconducting magnets are also used in advanced mass spectrometers such as the Fourier transform mass spectrometer (FTMS). The use of superconducting magnets in mass spectrometers is attributed to their ability to offer strong magnetic field, extended field stability and desirable homogenous volume.
The U.S. Market is Estimated at $625.7 Million in 2021, While China is Forecast to Reach $833.9 Million by 2026
The Superconducting Magnets market in the U.S. is estimated at US$625.7 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$833.9 Million by the year 2026 trailing a CAGR of 3.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.7% and 1.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR. North America is expected to post a significant growth due to notable expansion of the semiconductors market coupled with rising adoption of superconducting magnets across various industries. The regional market is likely to gain from increasing demand for medical equipment, mass spectrometers and nuclear magnetic resonance technology. The notable expansion of the market in Asia-Pacific can be credited to strong demand for medical devices and equipment coupled with gains for maglev trains and major contribution from the manufacturing industry.
By Application, Transportation Segment to Reach $579.6 Million by 2026
In the transportation industry, the superconducting magnet technology has the potential to transform the electrified transportation of various types, such as high speed trains to ship propulsion systems. MAGLEV trains, i.e. magnetically levitated trains floating above the track on a cushion generated through superconducting magnet represent one promising application area. In the global Transportation segment, USA, Canada, Japan, China and Europe will drive the 2.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$391.6 Million in the year 2020 will reach a projected size of US$454.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$108.1 Million by the year 2026.
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., is a renowned market research publisher the world’s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.