The Global Superconducting Magnetic Energy Storage (SMES) Systems Market is Projected to Reach US$82.7 Million by 2024

Ability to Enhance Base Load Reliability of Grid Connected Renewable Energy Plants Drives Adoption of Superconducting Magnetic Energy Storage (SMES) Systems, According to a New Report by Global Industry Analysts, Inc.

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. 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.

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.

As stated by the new market research report on Superconducting Magnetic Energy Storage (SMES) Systems, 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.

The research report titled “Superconducting Magnetic Energy Storage (SMES) Systems: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific and Rest of World.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

Comments

Post a Comment

Popular posts from this blog

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

Rise of Surfing as a Lifestyle Sport Among all Age Groups Drives the Global Surfing Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Surfing market. The global market for Surfing is projected to reach US$9.5 billion by 2022 , driven by the growing interest in surfing both as a leisure and sporting activity, increased accessibility to surfing through surf parks and surf pools and technology innovations focused on developing sophisticated surf-wear and surf-gear.                               Surfing is a surface water sport where a participant riding a board (the surfboard) is carried away by a breaking wave. The surfing industry continues to evolve, driven by sustained efforts of s...
Read more

The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022

Intense Competition among Students and the Growing Need to Achieve Academic Excellence Drive the Global Private Tutoring Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Private Tutoring market. The global market for Private Tutoring Services is forecast to reach US$227 billion by 2022 , driven by the need to keep pace with classroom teaching, improve overall competency and enhance knowledge and skill level. Education is considered the social ladder to achieve success in personal and professional life. Higher education is associated with increased opportunities in the labor market, high remunerations, and improved social standing. People are therefore investing heavily in children’s education, including private tutoring or private supplementary tutoring which is emerging as a major phenomenon in the global education system...
Read more
Image
The global market for Material Handling Equipment is projected to reach US$190.3 billion by 2025, driven by the strong emphasis shed on production and operational efficiency and worker safety. The concept of “last mile” is widely popularized in supply chain management and transportation planning for its ability to increase customer satisfaction and profitability. Automation, optimization and delivery route planning are therefore vital strategies adopted by companies to improve their last mile performance. Of equal importance are the “first mile” operations involving indoor material handling on the plant floor. Raw material being the primary and most importance element in manufacturing needs to move through multiple stages of production and final packaging in a smooth and seamless manner to prevent logistical bottlenecks in production. Timely handling of materials is important to ensure that right materials in right quantities are delivered to the right locations at the right ti...
Read more