Superconducting Magnets Market is forecast to reach $1.6 billion by 2025, after growing at a CAGR of 5.6% during 2020-2025. With rise in the consumption medical equipment and MRIs demand, the Superconducting Magnets Market is witnessing an increase in demand. Growing public concerns specially regarding heart will further enhance the overall market demand for superconducting magnets during the forecast period.
Superconducting Magnets Market Segment Analysis – By Application
MRI Machines sector has been the primary market for superconducting magnets. Magnetic Resonance Imaging (MRI) is a non-invasive imaging technology that produces three dimensional detailed anatomical images. It is often used for disease detection, diagnosis, and treatment monitoring. It is based on sophisticated technology that excites and detects the change in the direction of the rotational axis of protons found in the water that makes up living tissues. MRIs employ powerful magnets which produce a strong magnetic field that forces protons in the body to align with that field. When a radiofrequency current is then pulsed through the patient, the protons are stimulated, and spin out of equilibrium, straining against the pull of the magnetic field.
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Superconducting Magnets Market Segment Analysis – Geography
APAC dominated the Superconducting Magnets Market with a share of more than xx%, followed by North America and Europe, owing to high adoption in medical sector and manufacturing industries in the region. The health sector is another field where neodymium magnets are incorporated in medical devices for example in magnetic resonance imaging devices to diagnose and treat chronic pain syndrome, arthritis, wound healing, insomnia, headache, and several other diseases due to their ability to generate a static magnetic field. An increase in their usage has been observed over the last decade. These magnets are thought to have a curing effect and are therefore sometimes called “magic magnets”.
Superconducting Magnets Market Drivers
Increasing R&D towards Energy sector
Superconducting Magnetic Energy Storage (SMES) is a novel technology that stores electricity from the grid within the magnetic field of a coil comprised of superconducting wire with near-zero loss of energy. SMES is a grid-enabling device that stores and discharges large quantities of power almost instantaneously. The system is capable of releasing high levels of power within a fraction of a cycle to replace a sudden loss or dip in line power, these kinds of technologies are increasing day by day around the world. Owing to the growing energy sector the superconducting magnets demand in the market will grow.
Implementation of Stringent Environment Regulations
Governments globally are focusing towards health care by launching schemes and regulations. Few of the schemes are such as Awaz Health Insurance Scheme, Aam Aadmi Bima Yojana, Karunya Health Scheme and many more. In Awaz health scheme, this is a health insurance cover for migrant workers and is initiated by the Government of Kerala. It also offers insurance for death by accident for labourers. The scheme was launched in the year 2017 and targeted 5 lakh inter-state migrant labourers working in Kerala. The health insurance coverage offered under Awaz Health Insurance is Rs.15000, while the cover for death is Rs.2 lakh. These kinds of policies will increase the demand for medical equipment which will increase the demand for superconducting magnets.
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Superconducting Magnets Market Challenges
Impact of COVID-19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including manufacturing sector have slower down the demand of goods’ production and exports of Superconducting magnets market.
Coolant replenished periodically
Superconducting magnets are cooled with liquid helium. A disadvantage of this magnet technology is that the coolant must be replenished periodically. A characteristic of most superconducting magnets is that they are in the form of cylindrical or solenoid coils with the strong field in the internal bore. A potential problem is that the relatively small diameter and the long bore produce claustrophobia in some patients. Superconducting magnetic design is evolving to more open patient environments to reduce this concern.
Superconducting Magnets Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Superconducting Magnets Market. In 2019, the market of fuel additives has been consolidated by the top five players accounting for xx% of the share. Major players in the Superconducting Magnets Market are Siemens AG, General Electric Co, Sumitomo Electric Industries Ltd, Agilent Technologies Inc, Janis Research Company, among others.
In January 2020, Siemens India has acquired Delhi-based electrical and electronic equipment maker C&S Electric for cash consideration of Rs 2,100 crore in its biggest acquisition in the country till date outside the group.
Asia-Pacific dominates the Superconducting Magnets Market owing to increasing demand from applications such as MRI machines, mass spectrometers and others.
The growing popularity for medical equipment and MRIs demand, is likely to aid in the market growth of superconducting magnets market.
COVID-19 pandemic will create hurdles for the Superconducting Magnets Market.
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