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.
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| 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
