Superconducting Magnetic Energy Storage Global Market Report 2024

The superconducting magnetic energy storage market size has grown strongly in recent years. It will grow from $50.94 billion in 2023 to $55.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The expansion observed during the historical period can be attributed to several factors, including the increase in energy demand, the growth of the electronics industry, the development of smart grids and robust manufacturing capacities, increased investments in the utility sector, and the electrification of the transportation sector.

The superconducting magnetic energy storage market size is expected to see strong growth in the next few years. It will grow to $77.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to several factors, including rapid grid modernization initiatives, government policies encouraging the adoption of SMES systems, the increasing adoption of low-temperature SMES systems, continuously rising demand for electricity, the need for uninterrupted power supply, and the transition towards cleaner energy sources. Key trends expected in this period include advancements in cutting-edge technology, innovations in advanced energy storage solutions, cumulative investments in clean energy projects, heavy investment in research and development, and the introduction of new product launches.

The anticipated increase in energy consumption is poised to drive the expansion of the superconducting magnetic energy storage market in the foreseeable future. Energy consumption denotes the total amount of energy utilized by individuals, organizations, or nations across various activities such as heating, cooling, lighting, transportation, manufacturing, and others. The demand for superconducting magnetic energy storage (SMES) stems from the necessity for efficient, high-capacity energy storage solutions to tackle grid stability issues, manage fluctuating renewable energy sources, and cater to the escalating demands of electricity supply systems. SMES systems enhance energy consumption efficiency by delivering rapid, high-capacity energy storage and discharge with minimal energy loss. For example, data from the International Energy Outlook 2023 report by the US Energy Information Administration (EIA) in October 2023 indicates a projected increase in global electricity generation ranging from 30% to 76% by 2050 compared to 2022. Consequently, the surge in energy consumption is propelling the growth of the superconducting magnetic energy storage market.

The escalating focus on electrifying the transportation sector is anticipated to drive the expansion of the superconducting magnetic energy storage market. The electrification of the transportation sector entails the shift from conventional internal combustion engine vehicles to electric vehicles. The demand for superconducting magnetic energy storage (SMES) arises from its capability to provide swift, highly efficient energy storage and discharge. The electrification of the transportation sector incorporates the use of SMES to deliver efficient, rapid-response energy storage and distribution, thereby enhancing grid stability and supporting the increasing demand for electricity from electric vehicles by minimizing energy losses and enhancing overall system efficiency. For instance, according to information from GOV.UK in September 2023, the UK government extended the ban on petrol and diesel vehicles by five years, aiming for 80% of new cars and 70% of new vans to be zero emissions by 2030, ultimately reaching 100% by 2035. Hence, the growing emphasis on electrifying transportation is fueling the expansion of the superconducting magnetic energy storage market.

Key players within the superconducting magnetic energy storage market are concentrating on product innovation, such as hybrid solar power conditioning units (PCU), to gain a competitive advantage. A hybrid solar power conditioning unit (PCU) is an integrated system combining a solar charge controller, inverter, and grid charger to deliver uninterrupted power supply. This system plays a crucial role in bridging the gap between the AC grid and the DC world of the superconducting magnetic energy storage coil, ensuring efficient energy transfer, grid stability, and safeguarding the core component of the SMES unit. For instance, in June 2022, Smarten, an India-based power system technology company, introduced the Superb 3050, a new 2.4 kW hybrid solar PCU designed for off-grid applications. Equipped with advanced features such as maximum power point tracking (MPPT) and a 50-ampere charge controller, it is tailored for commercial spaces and capable of powering a 1-ton air conditioner. Additionally, the PCU incorporates advanced priority settings, enabling users to choose between solar power, batteries, or grid power.

Major companies operating in the superconducting magnetic energy storage market are Hitachi Ltd., Siemens AG, Mitsubishi Electric Corporation, Arrow Electronics Inc., Sumitomo Electric Industries Ltd., ABB Asea Brown Boveri Ltd., Chubu Electric Power Co. Inc., Toshiba Corporation, Southwire Company, Nexans S.A., Fujikura Ltd., Bruker Energy & Supercon Technologies, Luvata Oy, American Superconductor Corporation, Babcock Noell GmbH, SuperPower Inc., ASG Superconductors SpA, Hyper Tech Research Inc., Superconductor Technologies Inc., SuNam Co. Ltd., Columbus Superconductors SpA, Elegrow Technology, Hyper Tech Research Inc., General Cable Superconductors Ltd.

North America was the largest region in the superconducting magnetic energy storage market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the superconducting magnetic energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the superconducting magnetic energy storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Superconducting Magnetic Energy Storage (SMES) is a technology that stores energy within the magnetic field generated by the flow of direct current (DC) through a superconducting coil. Operating at extremely low temperatures, the coil exhibits zero electrical resistance, ensuring highly efficient energy storage and rapid discharge capabilities. SMES systems are renowned for their swift response times and find applications in scenarios requiring brief bursts of power, such as stabilizing power grids and supporting renewable energy sources.

The primary types of superconducting magnetic energy storage include Low-Temperature Superconducting Magnetic Energy Storage (LTS SMES) and High-Temperature Superconducting Magnetic Energy Storage. LTS SMES involves the utilization of superconductors cooled to cryogenic temperatures to store energy in magnetic fields with minimal energy loss. Components of LTS SMES systems typically include superconducting coils, cryogenic cooling systems, power conditioning systems, and others, catering to applications in power systems, industrial settings, research institutes, and beyond.

The superconducting magnetic energy storage research report is one of a series of new reports that provides superconducting magnetic energy storage market statistics, including the superconducting magnetic energy storage industry's global market size, regional shares, competitors with a superconducting magnetic energy storage market share, detailed superconducting magnetic energy storage market segments, market trends and opportunities, and any further data you may need to thrive in the superconducting magnetic energy storage industry. This superconducting magnetic energy storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The superconducting magnetic energy storage market consists of sales of control and monitoring systems, auxiliary power supplies, energy management software, and safety and containment systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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