Global Superconducting Materials Market to be Driven by Rising Demand from Healthcare Industry; Market to Expand at 17.2% CAGR 2014-2020
The global superconducting materials market and its crucial elements are examined in a recent market intelligence study published by Transparency Market Research. The report states that the market will expand at an excellent 17.2% CAGR between 2014 and 2020. At this pace, the market, which had a valuation of US$0.4 bn in 2013, is expected to rise to US$1.3 bn by 2020.The report is titled “Superconducting Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”.
Superconducting materials, which comprise a variety of ceramics, metals, heavily doped semiconductors, or organic materials that conduct electricity with no resistance, are not available for widespread commercial use due to their extensive cooling requirements. Their use is, however, common in a few specialized applications such as magnetic levitation trains, magnetic resonance imaging (MRI), and electronic generators. Electronic generators built with the use of superconductive wires have demonstrated up to 99% efficiency rates in experiments but such generators have yet not been commercially built. This is an area with immense growth opportunities for market vendors.
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The rising prevalence of a number of cancers across the globe and the resulting rise in the demand for MRI tests is expected to be a key factor driving the global superconducting materials market.The report segments the global superconducting materials market on the basis of three criteria: product type, application, and geography.
Based on the critical temperature of superconducting materials, they are segmented into low temperature superconducting materials and high temperature superconducting materials. Of these, the segment of low temperature superconducting materials held the largest share in the global market in 2013. However, extensive research and development activities across several industries are expected to lead to robust growth of the segment of high temperature superconductors over the report’s forecast period.
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On the basis of application, the global superconducting materials market has been segmented into medical, research and development, electronics, and other applications such as energy generation and transportation. Of these, the use of superconducting materials in the medical industry, especially for MRIs, is the largest. Over the report’s forecast period as well, the medical field is expected to retain its dominant position in the global superconducting materials market.
On the basis of geography, the market has been segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). Of these, Asia Pacific accounted for the largest share in the global market in 2013 and is also expected to remain the dominant regional market over the report’s forecast period. The market for superconducting materials is expected to expand at an astounding 18% CAGR in Asia Pacific over the report’s forecast period. Rising healthcare awareness and improving infrastructure of the healthcare industry in this region are expected to be the key driving factors for the superconducting materials market.
Some of the key companies operating in the global superconducting materials market are Hyper Tech Research Inc., Siemens AG, Superconductor Technologies Inc., Metal Oxide Technologies Inc., American Superconductor, Evico GMBH, and Hitachi Ltd.
The report segments the global superconducting materials market as follows:
Superconducting Materials Market - Product Segment Analysis
- Low temperature superconducting materials (LTS)
- High temperature superconducting materials (HTS)
Superconducting Materials Market - Application Analysis
- Medical
- Research and development
- Electronics
- Others (Including transportation, energy generation, etc.)
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