Superconducting Magnet Market size is estimated to be USD 1.23 Billion in 2024 and is expected to reach USD 2.56 Billion by 2033 at a CAGR of 8.7% from 2026 to 2033.
The global superconducting magnet market has exhibited steady growth, with the market size reaching approximately USD 3.3 billion in 2023, reflecting a compound annual growth rate (CAGR) of 4.3% from 2018 to 2022. Projections indicate a continued expansion at a CAGR of 2.6%, aiming for a market size of USD 4.3 billion by 2033. This growth is primarily driven by the increasing demand for magnetic resonance imaging (MRI) systems in the healthcare sector, as well as advancements in the aerospace and military industries. Additionally, the emphasis on renewable energy sources has led to a heightened demand for superconducting magnets in wind turbines and generators. However, challenges such as the scarcity of rare earth materials and high production costs may impede market growth.
Regionally, the United States held a significant portion of the market, valued at USD 617.3 million in 2020. Chinas market is projected to reach USD 865.4 million by 2027, growing at a CAGR of 3.1% from 2020 to 2027. Other notable markets include Japan and Canada, with anticipated growth rates of 1.7% and 1.9%, respectively, during the same period. In Europe, Germany is expected to experience a CAGR of approximately 2.1%. The United Kingdoms market is forecasted to attain USD 160.1 million by 2033, with a CAGR of 2.3% from 2023 to 2033. These regional variations highlight the diverse growth trajectories influenced by factors such as technological advancements, healthcare infrastructure, and investments in research and development.
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Siemens
General Electric
Sumitomo Electric Industries
Agilent Technologies
Janis Research
Superconductors
Cryo Magnetics
American Magnetics
Oxford Instruments
Magnetica
Cryomagnetics
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Superconducting Magnet Market
Low-Temperature Superconducting (LTS) Magnets
High-Temperature Superconducting (HTS) Magnets
Medical Imaging (MRI Systems)
Particle Accelerators
Magnetic Levitation (Maglev) Trains
Magnetic Fusion Devices
Research and Development
Energy Storage Systems
Healthcare
Energy and Power
Automotive
Aerospace and Defense
Research Institutions
Niobium-Titanium (NbTi)
Niobium-Tin (Nb3Sn)
Rare-Earth Barium Copper Oxide (REBCO)
Small-Scale Magnets
Large-Scale Magnets
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Superconducting Magnet Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Superconducting Magnet Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Superconducting Magnet Market, By Type
6. Global Superconducting Magnet Market, By Application
7. Global Superconducting Magnet Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Superconducting Magnet Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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