WELLESLEY, Mass., Nov. 29, 2017 (GLOBE NEWSWIRE) -- Global demand for superconductivity technologies is expecting steady growth averaging 7.5% annually through 2022, when the market could be worth $8.8 billion, according to a report by BCC Research. While expansion of the massive superconductor magnet market will be a modest 3.2% annually through 2022, the market for superconductor electrical equipment is expected to grow from $66.8 million in 2017 to $1.5 billion in 2022—an 86.2% average annual increase. The market for superconductor electronics will grow similarly, from 2017’s $20.4 million to an estimated $196.8 million in 2022—a 57.4% average annual increase.
Science, research and technology development accounted for almost 73% of the superconductivity market in 2016, although this segment’s share will decrease to 58% by 2022, according to the report Superconductors: Global Markets to 2022. Electric utilities and transportation will see increasing shares of the market.
Leaders in the field include American Superconductor, Fuji Electric, Furukawa Electric, General Electric, Hitachi, Innova Superconductor, Maglev 2000, Northrop Grumman, Siemens and Toshiba.
Research Highlights
- Several new types of superconducting applications are expected to enter the market by 2022, including transformers, electric generators, electric magnets, and wires and cables. Superconducting power storage, now a negligible segment, is expected to grow significantly.
- End-use applications anticipating strong growth through 2022 include electric utilities (180.8% annually), computing (62.5% annually) and communications (95.3%).
- Globally, the market for magnetic resonance imaging (MRI) scanners is expected to reach $7.6 billion by 2022 thanks to 5.2% average annual growth.
“Superconductor technology will help reduce the size and weight of motors, generators, and supporting equipment,” said report author and BCC Research analyst Andrew McWilliams. “Superconductor motors and generators, even with their cooling systems, can be as much as 70% smaller and lighter than conventional models and still produce the same amount of power.”
Superconductors Could Transform Rail Transportation
Superconductors are expected to be used in transportation by 2022, the report states, and the segment’s value by then could reach $189.5 million. Among other applications, superconductors can be used in maglev trains, where electrodynamic suspension uses superconducting magnets to float cars about 2 inches above the track. Japan has been a leader in the development of this technology, and trains using an existing maglev track there have been clocked at speeds of up to 581 km/hour.
Editors/reporters requesting analyst interviews should contact steven.cumming@bccresearch.com.
About BCC Research
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