Ability to Enhance Base Load Reliability of Grid Connected Renewable Energy Plants Drives Adoption of Superconducting Magnetic Energy Storage (SMES) Systems
Published: May 2017
- Code: MCP-7857
- Pages: 150
- Tables: 40
- Companies: 22
SUPERCONDUCTING MAGNETIC ENERGY STORAGE (SMES) SYSTEMS: A RESEARCH BRIEF
The global Superconducting Magnetic Energy Storage (SMES) Systems market is projected to reach US$82.7 million by 2024, driven by the growing emphasis on grid-connected renewable energy and the ensuing need for solutions that address energy variability issues that arise out of integrating variable renewable energy into electric grids. The global market continues to grow led by the escalating demand for electricity from end users and the subsequent demand for effective energy storage technologies in the power sector. The ability of SMES technology to store huge amounts of power and discharge the same in an instantaneous manner is expected to propel deployment of SMES systems across the globe. Growth in the SMES systems market will also be bolstered by the escalating demand for advanced energy storage technologies in on-grid as well as off-grid applications and the rising demand for eco-friendly storage solutions. Asia-Pacific represents the largest and the fastest growing market worldwide, led by factors such as growing population, rapid industrialization and robust appetite for energy; changing energy policies in favor of renewable energy sources; growing investments in smart grids and distributed energy storage; strong government role and support in the form of grants, funding programs and favorable regulatory policies designed to promote adoption and R&D of energy storage technologies.
- Focus on Green Energy Storage Bodes Well for Superconducting Magnetic Energy Storage (SMES) Systems
- R&D Efforts Focused on Addressing Cost Issues & Storage Capacity in SMES Systems to Benefit Market Growth
- New Projects & Government Mandates to Stimulate Growth in the Energy Storage Market
- Development of Superconducting Materials to Drive Future Growth Prospects in the SMES Market
- Exposure of Humans to Strong Magnetic Fields – A Major Challenge for the Deployment of SMES Systems
Summary of Findings
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Timeline for Analysis
- US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, and Rest of World
Geographic Markets Analyzed
- ABB, Inc.
- American Superconductor Corporation
- ASG Superconductors SpA
- Babcock Noell GmbH
- Bruker Energy & Supercon Technologies
- Fujikura Ltd.
- Hyper Tech Research, Inc.
- Luvata U.K. Ltd.
KEY RESEARCH DELIVERABLES
- Review of Industry/Market Structure
- Analysis of Trends & Drivers
- Insights on Macro Market Scenarios
- Market SWOT Analysis
- Latent Demand Forecasts & Projections
- Comprehensive Geographic Market Analysis
- Presentation Ready Facts & Statistical Data Findings
- Coverage of Major/Niche Players, Market Shares & Competition
- Coverage of major Company/Technology/Product/Financial Stories
- Extensive Product/Service/End-Use/Technology Coverage Where Applicable