Superconducting Magnetic Energy Storage (SMES) refers to a technology that stores energy in the magnetic field created by the flow of direct current (DC) through a superconducting coil. Because the coil operates at very low temperatures, it experiences zero electrical resistance, allowing for highly efficient energy storage and rapid discharge. SMES systems are known for their quick response times and are used for applications requiring short bursts of power, such as stabilizing power grids and supporting renewable energy sources.
Sizing and Forecast
The superconducting magnetic energy storage market size has grown strongly in recent years. It will grow from $50.94 billion in 2023 to $55.40 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to the rise in energy demand, the flourishing electronics industry, smart grids and good manufacturing capacities, the rise in 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 growth in the forecast period can be attributed to the rapid grid modernization, the government policies inspiring the adoption of SMES systems, the rising adoption of low-temperature SMES systems, the continuously increasing demand for electricity, demand for uninterrupted power supply, switch towards cleaner sources of energy. Major trends in the forecast period include cutting-edge technology, innovations in advanced energy storage solutions, cumulative investment in clean energy projects, investing heavily in research and development, and new product launches.
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Segmentation & Regional Insights
The superconducting magnetic energy storage market covered in this report is segmented –
1) By Type: Low-Temperature Superconducting Magnetic Energy Storage, High-Temperature Superconducting Magnetic Energy Storage
2) By Component: Superconducting Coils, Cryogenic Cooling System, Power Conditioning System, Other Components
3) By Application: Power Systems, Industrial Use, Research Institutions, Other Applications
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.
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Major Driver Impacting Market Growth
The rise in energy consumption is expected to propel the growth of the superconducting magnetic energy storage market. Energy consumption refers to the total amount of energy used by individuals, organizations, or nations for various purposes, such as heating, cooling, lighting, transportation, manufacturing, and other activities. The demand for superconducting magnetic energy storage arises from the need for efficient, high-capacity energy storage solutions to address grid stability, manage fluctuating renewable energy sources, and meet growing demands for electricity supply systems. Superconducting magnetic energy storage (SMES) systems enhance energy consumption efficiency by providing rapid, high-capacity energy storage and discharge with minimal energy loss. For instance, in October 2023, according to the International Energy Outlook 2023 report by the US Energy Information Administration (EIA), a US-based government agency, global electricity generation will increase by 30% to 76% in 2050 from 2022. Therefore, the rise in energy consumption is driving the growth of the superconducting magnetic energy storage market.
Electrification of Transportation Drives Growth In Superconducting Magnetic Energy Storage Market
The rising focus on electrification of the transportation sector is expected to propel the growth of the superconducting magnetic energy storage market. The transportation sector’s electrification refers to the transition from traditional internal combustion engine vehicles to electric vehicles. The demand for superconducting magnetic energy storage (SMES) arises because of its ability to provide rapid, highly efficient energy storage and discharge. The transportation sector’s electrification uses superconducting magnetic energy storage (SMES) to provide efficient, rapid-response energy storage and distribution, enhancing grid stability and supporting the increased demand for electricity from electric vehicles by minimizing energy losses and improving overall system efficiency. For instance, in September 2023, as per GOV.UK, a government information service website, the UK government pushed the ban back by five years, setting a target of 80% of new cars and 70% of new vans to have zero emissions by 2030, increasing to 100% by 2035. Therefore, the rising focus on the electrification of transportation is driving the growth of the superconducting magnetic energy storage market.
Key Industry Players
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.
The superconducting magnetic energy storage market report table of contents includes:
1. Executive Summary
2. Superconducting Magnetic Energy Storage Market Characteristics
3. Superconducting Magnetic Energy Storage Market Trends And Strategies
4. Superconducting Magnetic Energy Storage Market – Macro Economic Scenario
5. Global Superconducting Magnetic Energy Storage Market Size and Growth
…
32. Global Superconducting Magnetic Energy Storage Market Competitive Benchmarking
33. Global Superconducting Magnetic Energy Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Superconducting Magnetic Energy Storage Market
35. Superconducting Magnetic Energy Storage Market Future Outlook and Potential Analysis
36. Appendix
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