Global superconducting magnets market is predicted to witness brisk growth over the next seven years owing to increase in demand from the various end-use industries. Magnets created from super conducting wire coils are known as superconducting magnets. The ability of these magnets to provide extremely high magnetic fields with low operational costs is touted to bolster the global market. Medical industry has observed rapid growth over the past few years and is projected to grow furthermore over the forecast period.
Superconducting magnets are used in MRI machine’s operation. This trend is slated to boost the global market. Nuclear research field has also used these magnets extensively. They are used for the nuclear magnetic resonance (NMR) equipment production. These magnets when coupled with nuclear magnetic resonance (NMR) are extremely beneficial for treating cancer in certain vital organs. This aspect is estimated to further enhance the global market growth over the forecast period. Nuclear industry has also observed rapid growth in the recent past and is expected to grow furthermore over the next seven years. These magnets are used for stabilizing the nuclear waste. This tendency is anticipated to further boost the global superconducting magnets market growth over the forecast period. Television industry is also estimated to bolster the global market growth. These magnets are used for maintaining resonance frequencies which create extremely specific very high frequencies (VHF) and ultra high frequencies (UHF) in television sets. This is expected to be beneficial for the global market. Superconducting magnets long with molecular biology have led to major developments in the pharmaceutical sector.
These magnets help in certain drug discovery processes. This trend is slated to favor the global superconducting magnets market growth. Paper production industry has witnessed brisk growth over the last few years and is anticipated to additionally grow in the near future. These magnets are used for removing weak magnetic contamination from the wood pulp. This is expected to augment the global superconducting magnets market growth over the next seven years. Ceramics sector is an important superconducting magnets end-use industry. These magnets are used for enhancing the ceramic whiteness. Superconducting magnets are used for magnetic levitation on the train tracks. Maglev trains industry is predicted have a high growth rate owing to government initiatives encouraging public transport in several regions over the next seven years. This trend is touted to bolster the global market. Magnetic levitation is also used for product displays. This is another factor that is touted to bolster the global market growth. Moderate to sluggish growth in superconducting magnets production is expected to hinder the global market growth over the forecast period. Higher cooling costs for these magnets are estimated to hamper the global market growth. Low technological knowhow owing to nascent nature of the industry is expected to hamper the global market. Superconducting magnets have various laboratory uses and applications that provide ample scope for market development in the near future. This is anticipated to boost the global market growth. R&D initiatives to develop novel applications and cost-effective usage promise ample opportunities for market participants.
Asia Pacific has dominated the global market on account of high maglev trains demand over the last few years. Countries such as China and Japan have dominated the regional market. Other countries which include India, Taiwan and Korea have demonstrated high growth potential over the past due to increase in demand for medical equipment. North America is expected to observe brisk growth over the next seven years owing to high demand for mass spectrometers, medical equipment and nuclear magnetic resonance technology. Europe has also experienced high demand growth over the past few years and is anticipated to witness further growth. Countries such as Germany, Russia, Italy and UK have dominated the regional market.
Prominent global semiconducting magnets industry participants include Agilent Technologies Inc., Sumitomo Electric Industries Ltd., American Magnetics Inc., Siemens AG, General Electric Co. and Superconductors SpA. Other industry participants include Cryomagnetics Inc., Oxford Instruments, Janis Research Company, Magnetica and Columbus Superconductors. Owing to few major industry participants the global market is said to be moderately consolidated.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.