Wellesley, Mass, Jan. 25, 2017 (GLOBE NEWSWIRE) -- Superconductivity is a unique and powerful tool in scientific research that has led to important strides in healthcare like magnetic resonance imaging (MRI). BCC Research reveals in its new report that other superconducting technologies on the cusp of commercialization will increase the efficiency with which electricity is produced and used.
A superconductor is an element, intermetallic alloy or compound that loses all resistance to the flow of direct electrical current (DC) and nearly all resistance to the flow of alternating current (AC) when cooled below a critical temperature.
The global market for superconductivity technologies should reach $5.3 billion by 2021 from $3.4 billion in 2016, demonstrating a five-year compound annual growth rate (CAGR) of 9.4%. Superconducting magnets as a segment should reach $3.3 billion and $3.4 billion by 2016 and 2021, respectively, reflecting a five-year CAGR of 0.9%. Superconducting electrical equipment as a segment should total $1.7 billion by 2021, up from $63.3 million in 2016, at a CAGR of 92.5%.
Healthcare accounted for nearly 44% of the superconductivity market in 2015, while science, research and technology development healthcare accounted for virtually all of the remainder. BCC Research forecasts that healthcare’s share will decline to about 37% of the market in 2021, while science, research and technology’s share is expected to slip to just over 30%. Most of the drop in healthcare’s share is expected to be made up by electric utilities (24% of the market in 2021) and transport (3%).
Consumption of superconducting materials used to fabricate these applications is expected to grow from $590 million in 2015 to $613 million in 2016 and nearly to $1.5 billion in 2021. Low-temperature superconducting (LTS) materials such as the niobium alloys made up the bulk of the market from 2015 to 2016, but high-temperature superconductors (HTSs)—for example, magnesium diboride (MgB2), bismuth strontium calcium copper oxide (BSCCO), and yttrium barium copper oxide (YBCO)—should capture more than 55% of the market by 2021.
"Superconducting magnets, particularly those used in science, research, and technology development and healthcare applications dominate the market," says BCC Research analyst Andrew McWilliams. "However, superconducting electrical equipment such as transformers, generators, motors, fault current limiters (FCLs), power storage, current leads, cable) is expected to capture almost 35% of the market by 2021. Superconducting electronics are also projected to gain significant market share over the next five years."
Superconductors: Technologies and Global Markets (AVM066E) analyzes the key drivers and constraints that will shape the market for superconducting applications as the basis for projecting demand over the next five years. The report also estimates current and future consumption of superconducting materials and other key enabling technologies. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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