Superconducting Magnetic Energy Storage System Market

Superconducting Magnetic Energy Storage System Market Size

[170+ Pages Research Report] Superconducting Magnetic Energy Storage System Market to surpass USD 155.5 Billion by 2032 from USD 53.5 Billion in the year 2021 at a CAGR of 10.2% throughout the forecast period 2022-32

Superconducting Magnetic Energy Storage (SMES) System stores electricity within the magnetic field of a coil from the grid that consists of a superconducting wire with near-zero loss of energy. Superconducting magnetic energy storage includes three parts: cryogenically cooled refrigerator, superconducting coil, and power conditioning system. Superconducting magnetic energy storage possesses high power, high-energy conversion efficiency and instant response time. The appearance of new technologies and transformation is expected to propel the market in the next few years.

Market Highlights

Superconducting Magnetic Energy Storage (SMES) Systems market is expected to project a notable CAGR of 10.2% in 2032.

The global market for Superconducting Magnetic Energy Storage (SMES) Systems estimated at USD 53.5 Billion in the year 2021, is projected to reach a size of USD 155.5 Billion by 2032, growing at a CAGR of 10.2% over the forecast period 2022-2032. The capability of superconducting magnetic energy storage system to discharge and recharge at a fast speed without degrading the magnetic response is the prime factor that is expected to uplift the market in the next few years.

Figure - Market Analysis of Superconducting Magnetic Energy Storage System Market

Superconducting Magnetic Energy Storage: Segment

Low temperature superconducting magnetic energy storage systems segment holds the largest market share

Superconducting Magnetic Energy Storage System market is classified based on the Type into Low Temperature Superconducting Magnetic Energy Storage Systems, High-Temperature Superconducting Magnetic Energy Storage Systems. Low temperature superconducting has become the presiding commercial superconductor as it can be manufactured economically in a ductile form with the prerequired nano-structure needed for high crucial current density generated by strong vortex pinning. The low temperature superconducting magnetic energy storage systems have command in the market and will continue to grow during the given forecast period owing to the operational safety when compared to high temperature superconducting magnetic energy storage systems.

Power system segment is to dominate the market growth

Superconducting Magnetic Energy Storage System market is classified based on the Application into Power System, Industrial Use, Research Institutions and Others. The increasing power demand and building of new grids to satisfy the demand are the factors which aid power system segment dominate in the superconducting magnetic energy storage systems market during the given forecast period. Investment in the utility sector increased the focus on integration of renewable resources, smart grids, and dispensed energy storage systems is the major reason of growth of power system application in the superconducting magnetic energy storage systems market.

Figure - Market Analysis of Global Superconducting Magnetic Energy Storage System Market

Market Dynamics                                                     

Growth Drivers

Increasing Demand for Power

The key market driver for the global superconducting magnetic energy storage systems market is the increasing demand for power across the globe due to the urbanization and increase in population. Factors which will aid in growth of the superconducting magnetic energy storage systems market are the enhanced performance characteristics as compared to other counterparts available and depleting of conventional energy sources. Investment in generating renewable energy has been increasing across the globe in order to attain the constant rising electricity consumption.

Invention of Smart Grids and Smart Houses

Increase in adoption of decentralized fragmentary renewable energy generation strengthen the necessity of balancing local production and energy consumption. This is estimated to drive the demand for superconducting magnetic energy storage, as this magnetic energy storage is used to supply grid stability in distribution systems. Advent of smart houses and smart grids, and electrification of the transport segment are also some of the key factors expected to propel the superconducting magnetic energy storage market during the forecast period

Restraint

Technical Barriers During Manufacturing

Several technical barriers arise during the manufacturing and operating procedures of these energy storage systems. Also, the requirement of high capital cost may oppose the growth of global superconducting magnetic energy storage systems market.

Recent Developments

• In March 2021, a group of scientists succeeded in creating a coil with superconducting wires and were able to transmit energy greater than 5 kilowatts contactless and with small losses.
• ASG Superconductors with Helmholtz-Zentrum Dresden-Rossendorf (HZDR) will construct the world’s first prototype that tracks shifting tumors with MRI in actual time for the duration of proton therapy

Superconducting Magnetic Energy Storage (SMES) Systems Key Players

• ABB Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• American Superconductor Corporation
• ASG Superconductors SpA
• Babcock Noell GmbH
• Fujikura Ltd
• Beijing Innopower Superconductor Cable Co. Ltd
• Bruker Energy & Supercon Technologies
• Hyper Tech Research Inc.
• Southwire Company LLC
• Luvata U.K. Ltd
• Nexans SA
• Sumitomo Electric Industries Ltd
• SuNam Co. Ltd.
• Superconductor Technologies Inc.
• Other Prominent Players

Superconducting Magnetic Energy Storage Market: Regions

Superconducting Magnetic Energy Storage Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe constitute the major share of global Superconducting Magnetic Energy Storage Market. The superconducting magnetic energy storage market in Asia Pacific is expected to expand at a rapid pace due to the increased focus on the integration of smart grids, distributed energy storage systems and renewable resources in the region.

Impact of Covid-19 on Superconducting Magnetic Energy Storage System Market

Governments of various countries have imposed restrictions on the movement of individuals, material and economic activities to prevent the spread of the pandemic. As a result, several industries had to stop their operations. Disruption in the operation of the industrial sector has adversely affected the demand for electricity, as this sector is one of the major consumers of electricity. This had a negative impact on market and reduced the demand for superconducting magnetic energy storage system market.

Superconducting Magnetic Energy Storage Systems is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Superconducting Magnetic Energy Storage Systems report also contains analysis on

Superconducting Magnetic Energy Storage Systems Segments:

• By Type 
  • Low Temperature Superconducting Magnetic Energy Storage Systems
  • High-Temperature Superconducting Magnetic Energy Storage Systems
• By Application 
  • Power System
  • Industrial Use
  • Research Institutions
  • Others
• Superconducting Magnetic Energy Storage Systems Market Dynamics
• Superconducting Magnetic Energy Storage Systems Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Superconducting Magnetic Energy Storage Systems Market Report Scope and Segmentation

Frequently Asked Questions (FAQ):