Fundamental properties of superconductors, which include repelling external magnetic fields and providing zero resistance to the electrical current, make them not only scientifically fascinating materials to study, but also technologically necessary materials to develop.
Currently, superconducting magnets, particularly those used in science, research, technology development and healthcare applications, dominate the market by capturing more than 94% of the total market ($5.4 Billion). However, with recent development in superconducting electrical equipment (e.g., transformers, generators, motors, fault current limiters, power storage current leads and cable), by 2025 the superconducting magnets will only capture 77% of the total market while superconducting based electrical equipment market will grow at CAGR of 38.7% and is expected to capture 19.5% ($1.7 Million) of the total market by 2025.
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