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Increasing Demand For MRI Machines Boosts The Superconductors Market Growth

May 5, 2022 Off By Multinationals - Social Gov

Superconductors Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

The Business Research Company’s Superconductors Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON , UK, April 28, 2022 / — The growing demand for MRI machines is expected to drive the superconductors market growth in the coming years. Magnetic resonance imaging, or MRI, employs strong superconducting magnets to generate large and even magnetic fields within the patient’s body. Magnetic Resonance Imaging (MRI) devices are an example of technology used to improve the precision of the diagnosis of health issues. According to the Health System Tracker, in 2020, the USA has 40.4 MRI machines per million people, considerably more than most comparably rich countries excluding Japan (55.2). Therefore, the growing demand for MRI machines drives the growth of the superconductors market.

Superconductors market trends include major companies focused on developing advanced technology solutions for superconductors. For instance, in June 2020, Festo, a German-based industrial control and automation company introduced a lab automation superconductor device that transfers materials without touching. The company stated that its SupraModule design that allows wireless control of operations with an autonomous energy generation on a magnetic, floating carrier.

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The global superconductors market size is expected to grow from $5.37 billion in 2021 to $6.54 billion in 2022 at a compound annual growth rate (CAGR) of 21.8%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The superconductor market share is expected to reach $9.54 billion in 2026 at a CAGR of 9.9%.

Major players covered in the global superconductors industry are American Superconductor, Bruker, Furukawa Electric Co. Ltd., Southwire Company LLC., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superconductor Technologies Inc., Cryomagnetics Inc., Deutsche Nanoschicht GmbH, and Japan Superconductor Technology Inc.

Europe was the largest region in the superconductors market in 2021. The regions covered in the superconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

TBRC’s global superconductors market analysis report is segmented By Type into Type-I Superconductor, Type-II Superconductor, By Material into Stainless Steel, Yttrium Barium Copper Oxide, Bismuth Strontium Calcium Copper Oxide, Others, By Product into Magnets, Cables, Transformers, Energy Storage Devices, By Application into Energy, Electronics, Medical, Research and Development, Industrial, Others.

Superconductors Global Market Report 2022 – By Type (Type-I Superconductor, Type-II Superconductor), By Material (Stainless Steel, Yttrium Barium Copper Oxide, Bismuth Strontium Calcium Copper Oxide, Other Materials), By Product (Magnets, Cables, Transformers, Energy Storage Devices), By Application (Energy, Electronics, Medical, Research And Development, Industrial, Others Applications) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a superconductors market overview, forecast superconductors market size and growth for the whole market, superconductors market segments, geographies, superconductors market trends, superconductors market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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