The superconducting magnets market size is projected to be worth USD 3.3 billion in 2023. By 2033, the market is anticipated to reach USD 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) | USD 3.3 billion |
| Superconducting Magnets Market Projected Size (2033) | USD 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 USD 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 USD 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 (USD million) by End of Forecast Period (2033) | USD 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 USD 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 (USD million) by End of Forecast Period (2033) | USD 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 USD 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 (USD million) by End of Forecast Period (2033) | USD 894.9 million |
| CAGR % 2023 to End of Forecast (2033) | 2.4% |
With a projected market size of USD 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 (USD million) by End of Forecast Period (2033) | USD 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 USD 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 (USD million) by End of Forecast Period (2033) | USD 183 million |
| CAGR % 2023 to End of Forecast (2033) | 2.3% |
With a projected market size of USD 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 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Low-temperature superconducting magnets 5.2. High-temperature superconducting magnets 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Medical Devices & Equipment 6.2. Mass Spectrometers 6.3. Transportation 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Agilent Technologies, Inc. 15.2. Bruker Corporation 15.3. Fujikura Ltd 15.4. American Magnetics, Inc. 15.5. ASG Superconductors SpA 15.6. Cryomagnetics, Inc. 15.7. Elytt Energy 15.8. Cryogenic Ltd 15.9. Advanced Magnet Lab, Inc. 15.10. Bilfinger SE 16. Assumptions & Acronyms Used 17. Research Methodology
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Superconducting Magnets Market
