Report : Europe Superconductor Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Low-Temperature Superconductors and High-Temperature Superconductors) and Application (Medical, Electronics, Defense & Military, and Others)
At 8.4% CAGR, the Europe Superconductor Market is speculated to be worth US$ 1,784.92 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe superconductor market was valued at US$ 1,043.40 million in 2022 and is expected to reach US$ 1,784.92 million by 2028, registering an annual growth rate of 8.4% from 2022 to 2028. Increasing use of MRI technology and Growing implementation of safety and environmental management system.
MRI examinations are described as "safe" because the method is non-invasive and does not use ionizing radiation to produce the images. The MRI scan looks so benign compared to the majority of other diagnostic techniques used in hospitals and clinics that it could be regarded as harmless and safe. By setting operational limits of the scanner's hardware to such a wide safety margin that the risk of harm to a scanned patient was tiny enough to be easily controllable, any potentially dangerous side effects of MRI technology have been kept in check. The newest MRI scanners are pushing the operational characteristics of hardware in their quest for better image quality and faster imaging to the point where the safety margin is no longer large enough to permit scanning of any patient without the need for detailed inspection of safety issues for each patient, each exam, and each scanning sequence. The final section of this essay focuses on how modern technology affects preserving the security of patients who have been scanned. The hazards are actual, and they are more than most people realize for specific patients and scanning settings. The MRI market is expanding due to improvements in diagnostic methods, such as open MRI, visualization software, and superconducting magnets. Most of the recent improvements in MRI technology are related to the software. The development of MRI systems that are compatible with cardiac pacemakers is anticipated to boost the market's expansion in the cardiology sector. Furthermore, different paramagnetic contrast agents, including gadolinium-DTPA, are injected intravenously to provide clear, correct images more quickly. These advancements in MRI technology are fueling its usage in the medical industry, which is driving the superconductor's market substantially.
On the contrary, lower standard testing facilities.
Based on type, the Europe superconductor market is segmented into low temperature superconductors and high temperature superconductors. The low temperature superconductors segment held 65.8% market share in 2022, amassing US$ 675.57 million. It is projected to garner US$ 1,059.24 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on application, the Europe superconductor market is segmented into medical, electronics, defense and military, and others. The medical segment held 42.8% market share in 2022, amassing US$ 447.04 million. It is projected to garner US$ 832.18 million by 2028 to expand at 9.7% CAGR during 2022–2028.
Based on country, the Europe superconductor market has been segmented into Germany, France, Italy, the UK, Russia, and Rest of Europe. Our regional analysis states that Germany captured 29.1% market share in 2022. It was assessed at US$ 304.04 million in 2022 and is likely to hit US$ 511.38 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the Europe superconductor market are American Superconductor; Bruker; FURUKAWA ELECTRIC CO., LTD.; Hitachi, Ltd.; Sumitomo Electric Industries, Ltd.; FUJI ELECTRIC CO., LTD.; Toshiba Corporation; and Cryomagnetics among others.
- In February 2022, Allegheny Technologies Inc., Pittsburgh, and Bruker Energy & Supercon Technologies (BEST), a fully owned subsidiary of Bruker Corp., have announced a cooperative technological development agreement to enhance cutting-edge niobium-based superconductors. These include those used in medical magnetic resonance imaging and preclinical MRI magnets in the life-science instruments business.
- In March 2021, Hitachi has developed a 1.1-m-diameter magnesium diboride (MgB2) superconducting magnet that can rapidly generate a magnetic field space as required for magnetic resonance imaging (MRI) examinations and has demonstrated that MRI imaging of the head region can begin in 10 minutes from a zero-field state, compared to 1 to 2 hours using conventional equipment.
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