As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Superconducting Magnets Market stands at US$ 3.3 billion in 2023 and is predicted to expand at a CAGR of 3.5% from 2023 to 2033.
A superconducting magnet is used to produce nuclear magnetic resonance (NMR) equipment and operate MRI machines. Expanding medical & power industries are anticipated to increase the demand for global superconducting magnets in emerging nations. Recycling nuclear waste is another significant end-use field for superconducting magnets. Superconducting magnets are employed to stabilize nuclear waste. They are also used in the paper manufacturing business to remove magnetic contamination from wood pulp.
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The Asia Pacific region is dominating the global superconducting magnets market due to rapid industrialization and modernization. The North American market is growing steadily due to high demand for medical equipment and devices such as MRIs, nuclear magnetic resonance technologies, and mass spectrometers. Rising medical tourism in Europe is driving the sales of superconducting magnets due to the growing demand for advanced medical technologies.
Key Takeaways from Market Study
- The global superconducting magnets market is projected to reach a valuation of US$ 4.6 billion by 2033.
- The market for superconducting magnets in Japan is predicted to expand at a CAGR of 3% over the forecast period.
- Sales of superconducting magnets in Germany are expected to increase at a CAGR of 3% from 2023 to 2033.
- Demand for superconducting magnets for the production of medical devices and equipment is predicted to rise at a CAGR of 4% over the next 10 years.
Competitive Landscape
According to Fact.MR, a market research and competitive intelligence provider, Siemens AG, Nexans, and American Superconductors are some of the leading companies in the superconducting magnets market.
Key players in the superconducting magnets market are increasing their profits by growing their production capabilities and global presence. They are also investing heavily in the development of alloys that can perform as superconducting materials below the threshold temperature.
Key Companies Profiled
- Agilent Technologies, Inc.
- Bruker Corporation
- Fujikura Ltd.
- American Magnetics, Inc.
- ASG Superconductors SpA
- Cryomagnetics, Inc.
- Elytt Energy
- Cryogenic Ltd.
- Advanced Magnet Lab, Inc.
- Bilfinger SE
- Bruker Energy & Supercon Technologies (BEST)
- CRYO Industries of America, Inc.
- Custom Coils
- Commonwealth Fusion
- CAEN ELS
Winning Strategy
Leading producers of superconducting magnets are focusing on advancing the capabilities of magnets due to their widespread use. Mergers, acquisitions, partnerships, and regional expansion are some of the marketing tactics being adopted by key market players.
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Key Segments of Superconducting Magnets Industry Research
- By Material:
- Low-temperature Superconducting Materials (LTS)
- High-temperature Superconducting Materials (HTS)
- By Application:
- Medical Devices & Equipment
- Mass Spectrometers
- Transportation
- By Region:a
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Key Questions Covered in the Superconducting Magnets Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will sales in the global Superconducting Magnets Market grow until 2033?
- Which are the factors hampering the Superconducting Magnets market?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Superconducting Magnets Market during the forecast period?
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