GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, market size and demand forecasts on the global Superconducting Magnetic Energy Storage (SMES) Systems market. Global Superconducting Magnetic Energy Storage (SMES) Systems market is projected to reach US$82.7 million by 2024, driven by the growing emphasis 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.
Energy storage has become an important factor for allowing electricity grids to operate more effectively and reliably, and meet the surge in peak demand. Of the various types of energy storage technologies, Superconducting Magnetic Energy Storage (SMES) promises electricity storage with minimal energy loss, due to the fact that energy is stored in the magnetic field of a superconducting coil. SMES systems offer several advantages in the form of faster recharging and discharging, and ability to recharge sequences several times without any degradation of magnets. SMES systems are considered ideal for shorter duration energy storage applications compared to other storage technologies. However, due to the high-cost associated with the scale-up of this technology for larger applications, SMES is yet to be applied for energy storage in large-scale power generation requirements.
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.
Further, burgeoning world population, increasing demand for energy specifically due to the digitization trend, rapidly depleting non-renewable energy resources, and growing concerns over climate change and energy crisis are driving governments across the globe to focus on energy efficiency, renewable resources (such as solar, wind and hydropower), and strengthening of electrical infrastructure systems. The high degree of uncertainty associated with renewable power generation is expected to necessitate the use of energy storage technologies such as SMES systems. The increasing adoption of distributed utility concept across the world is thus aiding growth in the market in addition to sustained advancements in superconducting materials.
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.
Major players in the market include ABB Inc., American Superconductor Corporation, ASG Superconductors SpA, Babcock Noell GmbH, Beijing Innopower Superconductor Cable Co. Ltd, Bruker Energy & Supercon Technologies, Fujikura Ltd., Hyper Tech Research Inc., Luvata U.K. Ltd, Nexans SA, Southwire Company LLC, Sumitomo Electric Industries Ltd, Superconductor Technologies Inc., SuperPower Inc., and SuNam Co. Ltd., among others.