Albany, NY -- (SBWIRE) -- 10/12/2018 -- Superconductors are materials that conduct electricity without any resistance. These possess the ability to carry electricity indefinitely without any loss of energy. Superconducting materials exhibit several physical properties such as critical magnetic field, heat capacity, critical temperature, and critical current density. These properties may vary depending upon the type of the superconducting material. However, properties such as resistivity remain independent of the material. Introduction of magnetic resonance imaging (MRI) machines that entail superconducting materials has transformed the medical industry. Other applications in various industries such as transportation, military, electronics, and power utilities have also benefited significantly from the usage of superconducting materials. Based on their critical temperature, superconducting materials are divided into high temperature superconductors (HTS) and low temperature superconductors (LTS).
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Demand for superconducting materials is anticipated to rise significantly during the forecast period due to growth of the medical industry. Superconductors have wide scope of application in MRI technology owing to technological advancements in the medical industry. This trend in technology is likely to continue further beyond the forecast period and hence the market is bright for superconducting materials. Additionally, increasing demand for highly efficient electric motors is expected to be one of the major factors driving demand for superconducting materials such as wires and magnets during the forecast period. However, the volatility in the prices of certain raw materials such as yttrium, due to various supply constraints associated with these raw materials, is likely to hamper market growth in the coming years. The rising demand for superconducting materials in magnets in several end-user applications, such as high-speed trains, cryogenics and biomagnetism, is expected to provide new opportunities for market growth.
Low temperature superconducting materials was the largest product segment in the global superconducting materials market, accounting for over 80% share in 2013. However, high temperature superconducting materials are expected to drive the market in the near future due to extensive research and development. Innovation in high temperature superconducting materials is likely to be the major area of focus in the near future. Furthermore, technological applications of high temperature superconducting materials in niche application areas are projected to increase the market share of high temperature superconducting materials in the near future.
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The medical industry was the largest demand segment for superconducting materials, accounting for about 75% of revenue share in 2013. Medical applications of superconducting materials is projected to be the fastest growing application segment of superconducting materials during the forecast period. Rising demand for MRI and NMR spectroscopy from the growing medical field is expected to be the major factor driving the growth of the medical applications market. Research & development, electronics and others are estimated to expand at a steady rate during the forecast period. Growth in research and development activities in the fields of particle physics and life sciences has also been driving the market for superconducting materials over the past decade.
Asia Pacific was the largest regional market for these materials due to high application of low temperature superconductors in medical imaging applications such as NMR and MRI. Large population coupled with increasing health awareness in the region has led to the growth of the low temperature superconductor market in Asia Pacific. Particle research, energy generation, transportation and other application segments are expected to boost the high temperature superconducting materials (HTS) market in North America during the forecast period. Asia Pacific is anticipated to grow at the fastest CAGR of over 18% between 2014 and 2020.