Thriving Medical Industry to Boost Superconducting Materials Market
June 10, 2016 | Transparency Market ResearchEstimated reading time: 2 minutes
Transparency Market Research (TMR) has announced the addition of a new market study on the global superconducting materials market. The report is titled “Superconducting Materials (Low Temperature (LTS) and High Temperature (HTS)) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.” According to the report, the global superconducting materials market, which was valued at US$427.5 mn in 2013, is expected to reach US$1.30 bn by 2020, expanding at a healthy 17.2% CAGR between 2014 and 2020.
Superconductors are materials that conduct electricity without any resistance. In other words, these materials possess the ability to carry electricity indefinitely without any loss of energy. The use of superconducting materials in magnetic resonance imaging machines (MRI) has hugely benefited the medical industry. Other applications of superconductors across various industries such as electronics, military, power utilities, and transportation, have also remarkably boosted the market for superconductors. The global superconducting materials market is primarily driven by the growth of the medical industry. The rising demand for highly efficient electric motors is also expected to boost the use of superconducting materials such as wires and magnets.
A factor that may hamper the growth of the market is the volatile price of raw materials such as yttrium. The supply constraints associated with raw materials are expected to restrict the growth of the market. However, the rising demand for superconducting materials in magnets from several end-user applications such as high-speed trains, biomagnetism, and cryogenics is expected to bring new opportunities for market growth.
The global superconducting materials market is segmented on the basis of product, region, and application. On the basis of product, the market is segmented into low temperature superconducting materials (LTS) and high temperature superconducting materials (HTS). Of these, the low temperature superconducting materials segment dominated, representing a share of 80% in the global superconducting materials market in 2013. However, the trend is projected to shift and the high temperature superconducting materials will lead in the future owing to the technological applications of HTS.
On the basis of application, the market for superconducting materials is segmented into medical, electronics, research and development, and others. The medical application segment was the largest segment for superconducting materials in 2013, accounting for 75% of the global market. The segment is also expected to be the fastest-growing segment during the period from 2014 to 2020.
By region, the global superconducting materials market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific was not only the largest regional market in 2013, but is also expected to be the fastest-growing segment, expanding at an 18% CAGR between 2014 and 2020. The growth of the superconducting materials market in Asia Pacific is due to the high application of superconducting materials in medical imaging applications such as MRI and NMR. The market in North America is also expected to witness a significant rise in the future owing to particle research, transportation, and energy generation segments which will boost the demand for HTS materials.
Some of the key market players profiled in the report include: American Superconductor (AMSC), Superconductor Technologies, Inc. (STI), Hyper Tech Research, Inc., Hitachi, Ltd., evico GmbH, Metal Oxide Technologies, Inc., and Siemens AG.
Suggested Items
IDC Forecasts Slower Growth for Global Telecommunications Services Market: Could AI Help Telcos to Maintain Healthy Margins?
05/08/2024 | IDCWorldwide spending on Telecom Services and Pay TV Services reached $1,509 billion in 2023, an increase of 2.1% over 2022, according to the International Data Corporation (IDC) Worldwide Semiannual Telecom Services Tracker.
Simbe Partners with Plexus to Scale Manufacturing and Meet Global Retail Demand
05/08/2024 | Globe NewswireSimbe, the leading provider of Store Intelligence™ solutions that increase retailer performance through unprecedented visibility and insights, today announced a partnership with Plexus Corp. to bring its best-in-class retail robotics-as-a-service to market quickly and at global scale.
IDTechEx Discusses Low-Loss Materials: The Enabler of Future Connected Vehicles?
05/06/2024 | IDTechExFuture connected vehicles will offer future drivers a safer, smoother, and more convenient driving experience. Not only will drivers get access to more navigation and entertainment options, but they will also gain access to safety technologies that will potentially reduce accidents, improve congestion, and reduce emissions globally by allowing vehicle safety systems to communicate with each other and with city traffic infrastructure.
HBM Prices to Increase by 5–10% in 2025, Accounting for Over 30% of Total DRAM Value
05/06/2024 | TrendForceAvril Wu, TrendForce Senior Research Vice President, reports that the HBM market is poised for robust growth, driven by significant pricing premiums and increased capacity needs for AI chips.
Tablet Shipments Show Signs of Recovery in Q1 2024
05/06/2024 | IDCAfter more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24), totaling 30.8 million units, according to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.