Superconducting Magnets

Superconducting Magnets

Global Superconducting Magnets Market to Reach US$4.7 Billion by 2030

The global market for Superconducting Magnets estimated at US$3.8 Billion in the year 2023, is expected to reach US$4.7 Billion by 2030, growing at a CAGR of 3.0% over the analysis period 2023-2030. Medical Devices & Equipment Application, one of the segments analyzed in the report, is expected to record a 3.4% CAGR and reach US$2.3 Billion by the end of the analysis period. Growth in the Mass Spectrometers Application segment is estimated at 3.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$635.3 Million While China is Forecast to Grow at 3.7% CAGR

The Superconducting Magnets market in the U.S. is estimated at US$635.3 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$999.9 Million by the year 2030 trailing a CAGR of 3.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.3% and 2.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.

Global Superconducting Magnets Market - Key Trends & Drivers Summarized

Superconducting magnets are powerful electromagnets made from superconducting wire, which can carry much larger currents without energy losses compared to conventional wire. These magnets are used in a variety of high-tech applications, including magnetic resonance imaging (MRI) machines in the medical field, particle accelerators in scientific research, and magnetic confinement systems for nuclear fusion. Superconducting magnets operate at extremely low temperatures, typically achieved using liquid helium or liquid nitrogen, which allow the superconducting materials to exhibit zero electrical resistance and expel magnetic fields, leading to highly efficient and strong magnetic fields.

The development and application of superconducting magnets have revolutionized many fields by providing unparalleled magnetic strength and stability. In medical diagnostics, MRI machines utilizing superconducting magnets offer high-resolution imaging capabilities, which are essential for accurate diagnosis and treatment planning. In scientific research, superconducting magnets are critical components of particle accelerators, such as those used in the Large Hadron Collider, enabling scientists to explore fundamental particles and forces at unprecedented energy levels. The potential for superconducting magnets in energy applications, particularly in the development of sustainable nuclear fusion reactors, represents a promising avenue for future energy solutions.

The growth in the superconducting magnets market is driven by several factors. The increasing demand for advanced medical imaging technologies, such as MRI, is a significant driver, as these machines rely on superconducting magnets for high performance. Technological advancements in superconducting materials and cooling techniques are enhancing the efficiency and reducing the operational costs of superconducting magnets, making them more accessible for various applications. The expansion of research activities in particle physics and the development of new particle accelerators are also boosting demand for superconducting magnets. Additionally, the pursuit of sustainable energy solutions, particularly through nuclear fusion, is driving investments in superconducting magnet technology. The growing interest in quantum computing and the need for high-field magnets in experimental setups are further contributing to the market`s growth.

Select Competitors (Total 52 Featured) -

• 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

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