Superconducting Magnets Market Report

The increase in population and acceleration of globalisation has resulted in a sharp rise in the demand for electricity. Nuclear fusion, oil, coal, natural gas and different renewable sources are currently the world's energy sources. Fusion energy has the potential to eventually overtake conventional energy due to its efficiency and low cost. The magnetic field is used to maintain the plasma contained and the pressure within it balanced. Several nations and high-tech companies have worked hard to boost their investments in superconductive research since the discovery of high-temperature superconductors (HTS) and HTS applications have risen rapidly. HTS electric motors, current limiters, cables and transformers are already being tested and experimental prototypes of HTS magnetic energy storage devices are being developed. A novel method superconducting magnetic energy storage (SMES), may store electricity from the grid in the magnetic field of a coil made of superconducting wires with nearly no energy loss. SMES, a grid-enabling technology, stores and releases large quantities of power almost immediately. These sorts of technology are getting increasingly popular all around the world. The device can recover a sudden loss or drop in line power by releasing high power levels in a fraction of a round. The expanding energy sector is driving higher demands for superconducting magnets.

Deficiency of the raw materials required to foster superconducting magnet manufacturing is a possibility. Superconducting therefore employs the use of materials prepared from rare earth elements. Because of scarcity of the earth resources the process of mining and raw material supply is challenging. Some commodities are also hard to extract due to some factors such as; trade wars, severing of relations in the supply chain, and the war between Russia and Ukraine. Superconducting magnets are cooled by a liquid helium. The disadvantage of this magnet technology is that the coolant, as a rule, has to be changed periodically. Expectation to global market growth is caused by increasing cooling expenses in such magnets. Pronounced shortage of RREs and certain kinds of superconducting materials might lead to possible barriers to the superconducting magnet market. This restricts the expansion of the market due to excessive charges in manufacturing associated with scarcities of raw materials and some other factors resulting from scarcities of capital instruments in monetary form, and certain historical events such as global wars.

New developments in the superconducting magnets industry are mainly fuelled by the introduction of new products and collaborations. Advanced high-temperature superconductors and compact magnet designs are being introduced to expand the use of medical imaging, particle accelerators, and quantum computing. At the same time, collaborations involving technology companies, research organizations, and industry leaders are boosting research and development capabilities, speeding up development timelines, and easing market access. For instance, in April 2023, JEOL Ltd. introduced its latest Cryogen Reclamation System to provide Nuclear Magnetic Resonance. JEOL Ltd., a manufacturer of NMR equipment, Japan Superconductor Technology, Inc., a producer of superconducting magnets, and Ulvac Cryogenics Inc., a developer of cryogenic technologies, collaborated to develop this product by fusing their respective cutting-edge technology. Additionally, ASG Superconductors (ASG) and Siemens Healthcare announced a partnership agreement in January 2023 to produce unrivalled reliability UHF MRI machines for revolutionary brain research.

The rapid advancement of medical technology, including hybrid imaging, novel radiopharmaceuticals for diagnosis, and the development of molecular imaging, has resulted in the United States dominating the North American market for superconducting magnets. Nuclear imaging is becoming more popular as cancer cases rise, as is the necessity for early detection. As per the Centres for Disease Control and Prevention (CDC), about 6.5 million individuals in the United States aged 40 and older have PAD. As a result, the rising prevalence of cardiovascular diseases is expected to fuel demand for diagnostic technologies such as nuclear imaging, bolstering revenue of superconducting magnets. Germany and the United Kingdom are two European countries that have developed excellent medical healthcare infrastructure. This factor is rapidly growing medical tourism in countries, boosting demand for modern medical technologies such as MRIs. As a result, all of these factors are driving demand of superconducting magnets.