According to the research report titled ‘Global Superconducting Magnets Market Size study, By Applications (Medical Devices, Nuclear, Television, Paper, Ceramics, and Maglev Trains) and Regional Forecasts 2020-2027’, available with Market Study Report, global superconducting magnets market is expected to grow substantially over the period of 2027.
 

Widespread adoption of medical devices coupled with increasing product applications in healthcare sector are some of the key factors driving the growth of global superconducting magnets market. Notably, superconducting magnets are made using highly conductive wire coils that offer attractive economic as well as analytical advantages over electromagnets.
 

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Superconducting magnets are known to carry vast amounts of magnetic currents without any energy loss owing to their high conductivity. They also enable operates to develop high magnetic fields without the need of megawatts or kilowatts of power supply. The product also offers various benefits such as low operating costs and high magnetic fields, thereby stimulating global superconducting magnets industry outlook.
 

It is also worth mentioning that the nuclear industry has been witnessing significant expansion since the recent past. Superconducting magnets are widely adopted in the nuclear sector as they are used to stabilize nuclear waste, which in turn is facilitating the overall business scenario.
 

Apart from this, increasing applications of superconducting magnets in television manufacturing as well as in pharmaceutical business verticals are adding traction to the overall market size.
 

From the regional frame of reference, worldwide superconducting magnets market is split into Latin America, Europe, North America, Asia-Pacific, and rest of the world. North America currently accounts for the largest share and is anticipated to showcase similar expansion patterns in the ensuing years. Growing demand for superconductor magnets coupled with rapid expansion of semiconductor sector are positively impacting North America superconducting magnets industry outlook.
 

The competitive landscape of global superconducting magnets is defined by companies such as Sumitomo Electric Industries Ltd., ClickSoftware Technologies Ltd., Siemens AG, Janis Research Company LLC, Oxford Instruments plc, Cryomagnetics Inc., Superconductors S.p.A., General Electric Co., Magnetica and Columbus Superconductors, American Magnetics Inc., and Agilent Technologies Inc. among others.