The Global Market for Superconducting Magnetic Energy Storage (SMES) Systems is Projected to Reach US$64 Million by 2020
Need for Stable &
Flexible Power Supply Drives the Superconducting Magnetic Energy Storage
Systems Market, According to a New Report by Global
Industry Analysts, Inc.
GIA announces the release of a comprehensive global
report on Superconducting Magnetic Energy Storage (SMES) Systems. The
global market for Superconducting Magnetic Energy Storage (SMES) Systems is
projected to reach US$64 million by 2020, driven by the escalating
demand for advanced energy storage technologies in on-grid and off-grid
applications.
Energy storage is critical
for providing stability and flexibility that is essential for electricity grids
to effectively meet surges in peak demand. With the demand for electricity from
consumers and key sectors of the economy such as agriculture, transport, and
industry increasing continuously, significance of energy storage in the power
sector is also on the rise. Expanding global population, escalating demand for
energy, depleting non-renewable energy resources, concerns over climate change
are driving focus on efforts to improve energy efficiency, and strengthen power
infrastructure system. Among all the types of energy storage technologies, superconducting
magnetic energy storage (SMES) represents a technology with almost negligible
energy losses. Superconducting magnetic energy storage (SMES) system, a device
that stores energy in the magnetic field, can instantly release stored energy and
is hence considered ideal for short duration energy storage applications.
At present, SMES systems
remain a niche category, finding use specifically for applications that require
faster response times. Current development focus is on micro SMES systems with
capacity of up to 10 kWh, which are used for maintaining quality of power
supply as well as for uninterrupted power sources. SMES is being also researched
as a large-scale energy storage technology with the ability to provide clean
power due to the fact that superconductors have no electrical resistance losses.
While solar and wind power have emerged as eco-friendly alternatives to fossil
fuels, the intermittency and unpredictable generation continue to challenge the
grid, thereby bringing energy storage technologies such as SMES into the
limelight. However, compared to other storage technologies such as flywheels
and capacitors, growth in the SMES market is relatively low due largely to the
high cost, low energy density and high parasitic losses associated with SMES
devices.
In the upcoming years, SMES market is expected to
benefit immensely from the increased focus on R&D initiatives for promoting
and developing clean technologies, amidst the rising environmental concerns and
enhanced focus on energy arbitrage. Future growth of the market is also significantly
dependent on development efforts in superconducting materials and advances
related to the processing of high-temperature superconductors, which would in
turn facilitate development of low-cost SMES systems for energy storage
purposes. Present research efforts on SMES technology are focused on PCS (power
conditioning system), SCM (superconducting coil with magnet), and applications
of SMES. Focus is also on developing high-temperature SMES devices that utilize
low-cost liquid nitrogen, and hence lessen the overall cost of the system
compared to low-temperature SMES devices. Focus is also on the development of
HTS coil materials, as well as on achieving improvements in the design and
performance of cryocooler. While utility sector remains the major driving force
for the SMES market, increased competition from other energy storage
technologies is driving SMES system vendors to diversify into new markets
including energy delivery network and frequency regulation.
As
stated by the new market research report on Superconducting Magnetic Energy
Storage (SMES) Systems, Asia-Pacific represents the largest market worldwide. Growth
in the region is led by increasing focus on smart grid, microgrid, distributed energy
generation and renewable energy integration. Additionally, regulatory support to develop
superconductivity in various applications is favouring growth in the region.
Key players covered in the report include ABB Inc.,
American Superconductor Corporation, ASG Superconductors SpA, Bruker Energy
& Supercon Technologies, Fujikura Ltd., Luvata U.K. Ltd, Nexans SA,
Southwire Company, Sumitomo Electric Industries Ltd., Superconductor
Technologies Inc., and SuperPower Inc., among others.
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