Superconducting Materials Market growth outlook with industry review and forecast 2019-2024

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Superconducting Materials Market Growth Outlook
with Industry Review and Forecast 2019-2024
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Global Market Scenario of Superconducting
Materials Industry

• Superconducting materials market is probable to
  observe highest gains in the medical industry
  during the forecast period. In 2016, medical
  sector had been valued over USD 640 million and
  will have significant growth by 2024.
• The growth is on account of increasing product
  use in manufacturing machineries used in
  diagnosing and curing diseases including MRI,
  NMR, Magnetoencephalography (MEG) etc.
• Global superconducting materials market share for
  RD sector is projected to grow at over 17 CAGR
  during the forecast period. The segment growth
  will be mainly due to broad scope of RD across
  various end-user industries including
  telecommunication, electronics, medical,
  transportation, etc. for developing new product
  and services.
• In 2016, the low temperature product segment had
  generated revenue over USD 400 million. The
  extensive applications in nuclear magnetic
  resonance (NMR) and MRI will drive the product
  demand in the coming years.
• Compared to their high temperature counterparts,
  low temperature superconducting materials have
  stable operational capabilities and are cost
  efficient. They will thus have higher preferences
  in the forecast period.

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• The superconducting materials market will be
  driven in the forecast period particularly due to
  the increasing government investments towards
  enhancing equipment proficiency.
• The global MRI equipment industry is expected to
  observe gains more than 10 CAGR over the
  forecast period. Significant rise in the demand
  of magnetic resonance imaging (MRI) will propel
  the market growth by 2024.
• By 2024, superconducting materials business will
  be substantially driven by the demand from the
  electronics industry. It involves a range of
  applications including elevators, fans, pumps,
  AC, machineries, refrigerator, televisions, etc.
  on account of the resistance free conductivity
  offered by the product.
• Also, growing consumer expenditure towards
  electronic devices, will drive superconducting
  materials market by 2024.
• Moreover, efforts on global level for sustainable
  environment attainment will encourage the demand
  for electronic vehicles in the forecast period.
  Such varying market trends for reduction of
  emissions to will foster the product market
  growth.

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360 Industry Analysis

• Asia Pacific bears brighter growth prospects in
  the forecast timespan and also held the largest
  market share in 2016, which was more than USD 250
  million.
• The growth is attributed to the rising medical
  industry due to the improving regional
  infrastructure, increasing health consciousness
  among the populace and enhancing RD sector
  across end-use industries like electronics,
  telecommunication, energy generation,
  transportation, etc.
• North America is predicted to have more than 16
  CAGR by 2024 on account of recognized medical
  sector equipped with efficient diagnosing
  machinery, coupled with the escalating regional
  electronics industry with foremost technological
  upgradations.
•  

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• Competitive Analysis
• Key market players are Superconductor
  Technologies Inc., AML Superconductivity and
  Magnetics, Western Superconducting Technologies
  Co., Ltd., Siemens AG, Sumitomo Electric
  Industries, Ltd., Evico GMBH, Japan
  Superconductor Technology, Inc., CAN
  Superconductors, SuperPower Inc., American
  Superconductor, Hitachi Ltd., Hyper Tech Research
  Inc. and Nexans.

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