Superconducting Magnetic Energy Storage: Introduction
- Superconducting Magnetic Energy Storage (SMES) stores electricity from the grid within the magnetic field of a coil that consists of a superconducting wire with near-zero loss of energy. Superconducting magnetic energy storage includes three parts: cryogenically cooled refrigerator, power conditioning system, and superconducting coil.
- Superconducting magnetic energy storage possesses high-energy conversion efficiency, high power, and instantaneous response times
- The capability of superconducting magnetic energy storage system to recharge and discharge at a fast pace without degrading the magnetic is the key factor that is expected to boost the market over the next few years. The advent of new technologies and innovations is also anticipated to propel the market in the next few years.
Key Drivers and Restraints of Superconducting Magnetic Energy Storage Market
- Investment in in decentralized renewable energy generation has been increasing across the world in order to meet the continuously rising electricity consumption. Increase in adoption of decentralized intermittent renewable energy generation reinforces the necessity of balancing local production and energy consumption. This is estimated to drive the demand for superconducting magnetic energy storage, as superconducting magnetic energy storage is used to provide grid stability in distribution systems.
- Advent of smart grids and smart houses; and electrification of the transport sector are also some of the key factors expected to propel the superconducting magnetic energy storage market during the forecast period
- Ongoing investment in the utility sector is also estimated to propel the demand for superconducting magnetic energy storage in the near future. In utilities, superconducting magnetic energy storage units are used to enhance the stability of transmission loops.
- Several technical barriers and the requirement of high initial cost are projected to restrict the global superconducting magnetic energy storage market in the next few years. However, rise in demand for electricity across the globe, owing to several factors, including changing climatic conditions, increase in population, and depleting non-renewable energy resources are likely to augment the market in the near future.
COVID-19 Impact Analysis
- Governments of various countries have imposed restrictions on the movement of individuals and economic activities to limit the spread of the COVID-19 pandemic. As a result, several industries such as oil & gas and construction had to halt their operations. Disruption in the operation of the industrial sector has adversely affected the demand for electricity, as the sector is one of the major consumers of electricity. This is expected to hamper the demand for superconducting magnetic energy storage in the near future.
End-user Segment Outlook
- The global superconducting magnetic energy storage market can be segmented based on end-user and region
- Based on end-user, the global superconducting magnetic energy storage market can be segregated into paper industry, motor vehicle assembly, petrochemical refinery, chemical & pharmaceutical, and others
Europe Expected to Constitute Major Share of Global Superconducting Magnetic Energy Storage Market
- In terms of region, the global superconducting magnetic energy storage market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The superconducting magnetic energy storage market in Asia Pacific is expected to expand at a rapid pace due to the rise in focus on the integration of smart grids, renewable resources, and distributed energy storage systems in the region. Furthermore, increase in awareness among consumers about the advantages of these systems and rise in demand for energy are anticipated to fuel the market in the region in the near future.
- Europe is also a key region of the global superconducting magnetic energy storage market. The market in the region is projected to expand during the forecast period due the technological advancement in design of energy storage system.
Key Players Operating in Global Market
Key companies operating in the global superconducting magnetic energy storage market include:
- JFE Steel Corporation
- EAGLE STAINLESS TUBE & FABRICATION, INC.
- Superconducting Magnetic Energy Storage Sourcing
- Tube & Steel Supplies Ltd
- Productos Tubulares, S.A.U.
- Bri-Steel Manufacturing
- Permanent Steel Manufacturing Co.,Ltd
Global Superconducting Magnetic Energy Storage Market: Research Scope
Global Superconducting Magnetic Energy Storage Market, by End-user
- Paper Industry
- Motor Vehicle Assembly
- Petrochemical Refinery
- Chemical & Pharmaceutical
Global Superconducting Magnetic Energy Storage Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Interested in this report?
Get a FREE Brochure now!