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Selbyville, Delaware, United States, October 24 2020 (Wiredrelease) Global Market Insights, Inc –:Superconducting materials market is likely to be driven by an expansive application scope in electronics, research & development and medical sector. These materials exhibit superior attributes and are fit for usage of several electronic and medical devices.
For instance, superconducting magnets are way more efficient in generating electricity than traditional copper wire generators. While a typical generator is around 50% efficient, a superconducting generator even half the size of a copper wire generator is 99% efficient. The U.S. Department of Energy is promoting utilization of superconductors as energy efficient devices.
North America superconducting materials market is set to grow at 16% CAGR through 2024 due to the presence of advanced medical sector equipped with efficient diagnosing machinery along with increasing government spending on technological upgradations. It is estimated that global superconducting materials market size will cross the USD 2 billion mark by 2024.
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Consistent growth of healthcare sector
Superconducting material demand is driven by product usage in manufacturing machineries for MRI, Magnetoencephalography and NMR for diagnosing and curing diseases. The medical industry is likely to contribute significantly towards the superconducting materials market share, for which the medical sector brought in USD 640 million in 2016.
In the U.S. alone, more than USD 200 billion of revenue was generated from healthcare in 2019. Rise in number of new medical facilities, ambulatory healthcare services and adoption of advanced diagnosis and treatment machinery is fueling the expansion of healthcare sector, which in turn will favor superconducting materials business over the coming years.
Rising demand for MRI machines
Aside from several industrial uses, the most common application for superconducting materials industry is in the MRI machine, widely utilized across hospitals. The global MRI equipment industry is estimated to garner profits at 10% over the coming years. Mounting demand for MRI for diagnostic medical imaging applications will foster superconductor demand.
As compared to high temperature counterparts, LT superconducting materials offer stable operational capabilities and are more cost efficient. This is leading to the increased preference for the product. The low temperature superconducting materials segment accounted for a revenue generation of USD 400 million in 2016. Extensive applications in MRI and NMR (nuclear magnetic resonance) will drive the product demand over the coming years.
Increasing consumption of consumer electronics
Superconducting materials consumption is substantially driven by surging demand from the electronics industry. Superconductors find applications in development of various electronic items including fans, elevators, pumps, machineries, AC, televisions, refrigerator and others due to product’s resistance free conductivity.
As per the International Data Corp, global consumer electronics spending reached USD 1.68 trillion in 2019 and the market estimated to cross USD 2.06 trillion in terms of valuation by 2023. Increasing consumer expenditure on electronic devices on accounted of rise in per capita income and enhanced lifestyles will favor superconducting materials industry expansion.
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Superconductivity has the potential to revolutionize transportation, physics and electrical transmission. For instance, European Organization for Nuclear Research announced in 2019 regarding its plans for FCC (Future Circular Collider) to replace the Large Hadron Collider, which is likely to be 100 kms long, will be powered by magnets that harness power through superconductivity. Other critical applications could emerge in the next few years and expand superconducting materials industry forecast.
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