According to a recent industry analysis by Fact.MR, a market research and competitive intelligence provider, the global superconducting magnets market is valued at US$ 3.3 billion in 2023 and is projected to grow at a CAGR of 3.5% fr om 2023 to 2033.

Superconducting magnets are essential in the production of nuclear magnetic resonance (NMR) equipment and the operation of MRI machines. The growing medical and power industries are expected to drive increased demand for superconducting magnets, particularly in emerging economies. Additionally, recycling nuclear waste is a significant application, as superconducting magnets help stabilize nuclear waste. They are also utilized in the paper manufacturing industry to remove magnetic contamination from wood pulp.

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The Asia Pacific region leads the global superconducting magnets market driven by rapid industrialization and modernization. In North America, the market is experiencing steady growth due to strong demand for medical equipment and devices, including MRIs, nuclear magnetic resonance (NMR) technologies, and mass spectrometers. Meanwhile, Europe's rising medical tourism is boosting the demand for superconducting magnets, fueled by the increasing need for advanced medical technologies.

Key Takeaways from Market Study

• The global superconducting magnets market is expected to reach a valuation of US$ 4.6 billion by 2033.
• The market for superconducting magnets in Japan is forecasted to grow at a CAGR of 3% during the forecast period.
• In Germany, sales of superconducting magnets are projected to rise at a CAGR of 3% from 2023 to 2033.
• Demand for superconducting magnets in the production of medical devices and equipment is anticipated to increase at a CAGR of 4% over the next decade.

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Competitive Landscape

According to Fact.MR, a market research and competitive intelligence provider, Siemens AG, Nexans, and American Superconductors are prominent players in the superconducting magnets market.

Key players in the market are boosting their profits by expanding production capabilities and strengthening their global presence. Additionally, they are making significant investments in developing alloys that can function as superconducting materials at temperatures below the critical threshold.

Key Companies Profiled

• Agilent Technologies, Inc.
• Bruker Corporation
• Fujikura Ltd.
• American Magnetics, Inc.
• ASG Superconductors SpA
• Cryomagnetics, Inc.
• Elytt Energy
• Cryogenic Ltd.
• Advanced Magnet Lab, Inc.
• Bilfinger SE
• Bruker Energy & Supercon Technologies (BEST)
• CRYO Industries of America, Inc.
• Custom Coils
• Commonwealth Fusion
• CAEN ELS

Winning Strategy

Leading producers of superconducting magnets are concentrating on enhancing the capabilities of their products due to their extensive applications. Key market players are adopting strategies such as mergers, acquisitions, partnerships, and regional expansion to strengthen their market position.

Key Segments of Superconducting Magnets Industry Research

• By Material:
• Low-temperature Superconducting Materials (LTS)
• High-temperature Superconducting Materials (HTS)
• By Application:
• Medical Devices & Equipment
• Mass Spectrometers
• Transportation
• By Region:a
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

Read More: https://www.factmr.com/report/superconducting-magnets-market

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global superconducting magnets market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study divulges essential insights into the market based on material (low-temperature superconducting materials (LTS), high-temperature superconducting materials (HTS)) and application (medical devices & equipment, mass spectrometers, transportation), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).

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