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 market for Superconducting Magnetic Energy Storage (SMES) Systems 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 and the subsequent need 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 spur utility grade applications in the coming years. 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 the Growth of Superconducting Magnetic Energy Storage (SMES) Systems
- Growing Global Emphasis on Clean Technologies and the Ensuing Spurt in Remote Off-Grid Solar and Wind Farms to Drive Demand for SMES Systems to Reduce Power System Stability Issues
- Development of New and Innovative Superconducting Materials to Drive Future Growth Prospects in the SMES Systems Market
- Growing Focus on Expanding Transmission Line Capacity and Upgrading Aging Energy Infrastructure to Ensure Better Security and Reliability Drive Market Opportunities for SMES Systems
- Issues Surrounding 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