The superconducting magnets market size is projected to be worth US$ 3.3 billion in 2023. By 2033, the market is anticipated to reach US$ 4.3 billion at a CAGR of 2.6%. Superconducting magnet adoption has changed the game in several sectors, including healthcare, energy, and transportation.
One of the key factors propelling the market for superconducting magnets is the rising need for high-field superconducting magnets for MRI scanners, particle accelerators, and magnetic levitation (Maglev) trains. Other factors include the growing amount of money that important firms are investing in research and development to increase performance and lessen the cost of producing superconducting magnets.
The demand for superconducting magnets is expanding as a result of the increased need for renewable energy sources including wind and hydroelectric power production.
The market for superconducting magnets still confronts several difficulties, despite the industry's optimistic development forecasts. The complicated production process and the high cost of raw materials like rare earth metals result in key issues like the high manufacturing cost of superconducting magnets.
For businesses functioning in the sector, a significant barrier is the shortage of trained personnel and knowledge in producing and manipulating superconducting magnets. Another significant challenge is the intense competition for market share that exists in the industry, making it difficult for new competitors to establish themselves.
Opportunities in the Superconducting Magnets Industry:
Latest Trends in the Superconducting Magnets Market:
| Attributes | Details |
|---|---|
| Superconducting Magnets Market Size (2023) | US$ 3.3 billion |
| Superconducting Magnets Market Projected Size (2033) | US$ 4.3 billion |
| Value CAGR (2023 to 2033) | 2.6% |
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The demand for superconducting magnets expanded at a CAGR of 4.3% from 2018 to 2022, reaching US$ 3.3 billion in 2023. Due to the rising need for magnetic resonance imaging (MRI) in the healthcare sector, the superconducting magnets industry has seen notable expansion over the years.
The expansion of the aerospace and military industries, which employ superconducting magnets in a variety of applications has also helped the business. The demand for superconducting magnets in wind turbines and generators has also increased as a result of the spotlight being placed on renewable energy sources.
From 2023 to 2033, the global superconducting magnets industry is anticipated to expand at a CAGR of 2.6%. The market size is anticipated to reach US$ 4.3 billion during the projected period. The key drivers of development are anticipated to be the rising demand for MRI equipment and the expansion of the aerospace and military sectors.
Superconducting magnet utilization in energy storage systems and high-speed trains is also anticipated to contribute to the industry's continued development. The business is also anticipated to confront difficulties including a lack of rare earth resources and high production prices.
Manufacturers are anticipated to concentrate on creating alternate materials and investigating novel methods for the creation of superconducting magnets to overcome these difficulties. In addition, it is anticipated that increasing expenditure on research and development could spur industrial innovation and technical growth.
Principal Consultant
| Country | The United States |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 776.3 million |
| CAGR % 2023 to End of Forecast (2033) | 2.6% |
The United States is anticipated to continue its position as a prominent player in the superconducting magnets business, with a predicted market size of US$ 776.3 million by 2033. One of the main drivers fueling development in the area is the increasing need for superconducting magnets in medical and research applications.
The creation of cutting-edge technology and beneficial government programs are also accelerating industry expansion. The industry is expanding as a result of the rising use of hybrid electric cars and renewable energy technology.
| Country | The United Kingdom |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 160.1 million |
| CAGR % 2023 to End of Forecast (2033) | 2.3% |
The United Kingdom market for superconducting magnets is anticipated to reach a market size of US$ 160.1 million by 2033, with a CAGR of 2.3% during the forecast period. The growth of the market is due to the factors such as
The United Kingdom government's efforts to promote research and development activities and investments in renewable energy technologies are also contributing to the market's growth.
| Country | China |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 894.9 million |
| CAGR % 2023 to End of Forecast (2033) | 2.4% |
With a projected market size of US$ 894.9 million by 2033, China is expected to witness significant growth in the superconducting magnets industry. The increasing demand for superconducting magnets in various applications such as medical devices, transportation, and energy generation is driving the market growth. The government's efforts to promote clean energy and technological advancements are further fueling the growth of the market. In addition, the increasing adoption of electric vehicles in the country is also contributing to the expansion of the market.
| Country | Japan |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 763.2 million |
| CAGR % 2023 to End of Forecast (2033) | 2.6% |
The demand for superconducting magnets in Japan is estimated to attain a market size of US$ 763.2 million by 2033, with a CAGR of 2.6% during the projected period. The expansion of the industry is credited to the increasing demand for superconductive magnets in diverse medical uses, like MRI and NMR devices. The development of innovative technologies and favorable government initiatives to promote the adoption of renewable energy sources are also contributing to the market's growth.
| Country | South Korea |
|---|---|
| Market Size (US$ million) by End of Forecast Period (2033) | US$ 183 million |
| CAGR % 2023 to End of Forecast (2033) | 2.3% |
With a projected market size of US$ 183 million by 2033, South Korea is expected to witness steady growth in the superconducting magnets industry. Factors driving the market growth in South Korea are:
The development of innovative technologies and favorable government initiatives to promote the adoption of renewable energy sources are also contributing to the expansion of the market.
Low-temperature superconducting magnets are the industry's dominant sector, accounting for 57% of the market in 2023. This section is predicted to expand at a compound annual growth rate of 2.4% between 2023 and 2033. The primary factor propelling the expansion of this category is the increasing need for elevated magnetic forces in diverse uses like particle distributer, nuclear magnetic resonance, and magnetic separation. The rising funds allocated toward research and innovation to improve the effectiveness and productivity of these magnets are also aiding the expansion of this category.
In terms of applications, medical devices & equipment is the dominating segment, holding a market share of 36% in 2023. This segment is anticipated to expand at a CAGR of 2.2% during the forecast period. The increasing adoption of superconducting magnets in medical imaging equipment such as MRI machines and proton therapy systems is driving the growth of this segment. The rising prevalence of chronic diseases and the increasing demand for early disease detection are also contributing to the growth of this segment.
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The superconducting magnets industry is highly competitive, with key players constantly innovating to maintain their position in the market. These players are focused on developing high-quality, reliable, and cost-effective products to meet the growing demand for superconducting magnets. Strategic collaborations and partnerships with research institutions and universities are also being pursued to develop new products and applications.
The superconducting magnets industry offers significant investment opportunities for new entrants despite the challenges. The increasing demand for superconducting magnets in various applications, including medical, scientific, and industrial, provides a favorable market landscape. New entrants can focus on developing innovative products and establishing strategic partnerships to expand their market presence.
Key Players in the Superconducting Magnets Industry
Strategies for Manufacturers/Service Providers to Scale Businesses in the Superconducting Magnets Industry
Key Developments in the Superconducting Magnets Market:
The market exhibited a 4.3% CAGR from 2018 to 2022.
The market is forecast to register a CAGR of 2.6% through 2033.
Development of high-temperature superconductors with better performance and lower costs.
The United Kingdom market is anticipated to record a CAGR of 2.3% from 2023 to 2033.
North America dominates the superconducting magnets market.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Type, 2023 to 2033
5.3.1. Low-temperature superconducting magnets
5.3.2. High-temperature superconducting magnets
5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Medical Devices & Equipment
6.3.2. Mass Spectrometers
6.3.3. Transportation
6.3.4. Others
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Type
8.2.3. By Application
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Type
8.3.3. By Application
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Type
9.2.3. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Type
9.3.3. By Application
9.4. Key Takeaways
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Type
10.2.3. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Type
10.3.3. By Application
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. Singapore
11.2.1.5. Thailand
11.2.1.6. Indonesia
11.2.1.7. Australia
11.2.1.8. New Zealand
11.2.1.9. Rest of Asia Pacific
11.2.2. By Type
11.2.3. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Type
11.3.3. By Application
11.4. Key Takeaways
12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of MEA
12.2.2. By Type
12.2.3. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Type
12.3.3. By Application
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. USA
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2022
13.1.2.1. By Type
13.1.2.2. By Application
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2022
13.2.2.1. By Type
13.2.2.2. By Application
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2022
13.3.2.1. By Type
13.3.2.2. By Application
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2022
13.4.2.1. By Type
13.4.2.2. By Application
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2022
13.5.2.1. By Type
13.5.2.2. By Application
13.6. UK
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2022
13.6.2.1. By Type
13.6.2.2. By Application
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2022
13.7.2.1. By Type
13.7.2.2. By Application
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2022
13.8.2.1. By Type
13.8.2.2. By Application
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2022
13.9.2.1. By Type
13.9.2.2. By Application
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2022
13.10.2.1. By Type
13.10.2.2. By Application
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2022
13.11.2.1. By Type
13.11.2.2. By Application
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2022
13.12.2.1. By Type
13.12.2.2. By Application
13.13. Singapore
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2022
13.13.2.1. By Type
13.13.2.2. By Application
13.14. Thailand
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2022
13.14.2.1. By Type
13.14.2.2. By Application
13.15. Indonesia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2022
13.15.2.1. By Type
13.15.2.2. By Application
13.16. Australia
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2022
13.16.2.1. By Type
13.16.2.2. By Application
13.17. New Zealand
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2022
13.17.2.1. By Type
13.17.2.2. By Application
13.18. GCC Countries
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2022
13.18.2.1. By Type
13.18.2.2. By Application
13.19. South Africa
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2022
13.19.2.1. By Type
13.19.2.2. By Application
13.20. Israel
13.20.1. Pricing Analysis
13.20.2. Market Share Analysis, 2022
13.20.2.1. By Type
13.20.2.2. By Application
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Type
14.3.3. By Application
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Agilent Technologies, Inc.
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Bruker Corporation
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Fujikura Ltd
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. American Magnetics, Inc.
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. ASG Superconductors SpA
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Cryomagnetics, Inc.
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Elytt Energy
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Cryogenic Ltd
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Advanced Magnet Lab, Inc
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Bilfinger SE
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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Superconducting Magnets Market
