Global superconducting magnet market is presumed to have positive growth over the next seven years owing to growing demand from numerous end-use applications. This magnet is used for the working of MRI machines and for producing the nuclear magnetic resonance (NMR) apparatus. Growing medical industry in developing regions is expected to be beneficial for the overall market demand. Nuclear waste recycling is another important end-use industry. This magnet is used for nuclear waste stabilization. In paper production industry it is used for eliminating magnetic contamination from wood pulp. These growing trends varied across wide range of industries are predicted to drive the global superconducting magnet market. Uncertain technological awareness among industry participants on account of nascent stage of the industry is predicted to hinder the overall market growth.
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Asia Pacific superconducting magnet industry accounted for over 50% of the global revenue over the past. This is on account of constantly rising demand for this particular product in various industries including medical, nuclear waste and nuclear magnet resonance industry. China and Japan have ruled the entire regional market on account of surge in growth in paper production and medical industry. North America closely followed Asia Pacific regional market with respect to increasing demand in industries which include nuclear waste and nuclear magnet resonance industry. European market is predicted to witness moderate to high growth over the next seven years owing to growth in industries such as medical, nuclear waste and nuclear magnet resonance industry.
Countries including France, Germany, UK, Italy and Netherlands are anticipated to observe brisk progress over the forecast period. Middle East is estimated to witness brisk rise in demand owing to growth in demand for this magnet in medical and paper production industry. Also stringent regulations concerning environmental protection among consumers have led to rise in demand for these products in this region. Africa is predicted to witness rapid growth over the next seven years owing to increasing demand in medical, nuclear waste, nuclear magnet resonance and paper production market. Central & South America is estimated to observe brisk market growth over the next seven years. Increasing paper production activities in countries which include South Africa is predicted to positively influence the overall market over the forecast period.
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Major industry companies include Siemens AG,General Electric Co., Sumitomo Electric Industries Ltd., Agilent Technologies Inc., Janis Research Company,and Superconductors SpA. Other industry participants include Cryo Magnetics Inc., American Magnetics Inc.,Oxford Instruments, Magnetica and Columbus Superconductors.
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