Global Superconducting Magnets Market: SMES to Gain Prominence in the Market by 2021

Renewable energy

The global superconducting magnets market is currently valued at more than USD 3 billion and is expected to reach almost USD 4 billion by 2021, says Technavio.

Technavio has announced its latest market research report on the global superconducting magnets market, under its semiconductor equipment portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Siemens, Sumitomo Electric Industries, and Columbus Superconductors.

According to Sunil Kumar Singh, a lead analyst for semiconductor equipment research at Technavio, “Several notable features of an NMR spectrometer’s performance are controlled by the quality and size of the magnet found at the locus of the instrument. The signal-to-noise (S/N) ratio and resolution are also increased with the increase in strength of the magnetic field, leading to higher volumes of information content that enables the characterization and detection of more complex molecules and smaller amounts of material.”

NMR is a non-destructive tool for examining molecules. Magnet technology continues to evolve as powerful NMR systems with higher sensitivity and resolution enable more detailed experiments carried out on larger molecules. Developments in NMR during the forecast period will translate into the growth of the global superconducting magnets market.

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Partnerships between interventional MRI image guided systems and pharmacological companies

Partnership with pharmaceutical companies and clinical studies to check the efficacy of both MRI image guided system, and pharmacological products can improve the sales of products after the regulatory approval. For instance, MRI Interventions formed a partnership with Medicenna Therapeutics, in December 2016, and announced that its ClearPoint Neuro Navigation System would be used in a Phase 2 Trial for recurrent glioblastoma with Medicenna Therapeutics’ pharmacological cancer immunotherapy product, MDNA55.

Growing significance of SMES systems

A superconducting magnetic energy storage (SMES) system stores the energy in a magnetic field inside of a superconducting coil.  The market for SMES systems is expected to escalate due to the growing adoption of distributed utilities. Public and private organizations are also offering funding support to SMES research projects. Vendors in the market space are making investments in developing better SMES systems with higher power storage capacities to keep pace with the accelerating demand for large-scale energy storage applications.

This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.

A more detailed analysis is available in the Technavio report titled, ‘Global Superconducting Magnets Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.

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