Global Superconducting Magnetic Energy Storage Market Size Forecast 2024 - 2033
17 Dec, 2024
What Is The Overview Of The Global Superconducting Magnetic Energy Storage Market?
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.
Superconducting Magnetic Energy Storage Global Market Report 2024 provides data on the global superconducting magnetic energy storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The superconducting magnetic energy storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Superconducting Magnetic Energy Storage ?
The market for superconducting magnetic energy storage has experienced significant growth in recent years, increasing from $50.94 billion in 2023 to $55.40 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.8%. This expansion during the historic period was driven by rising energy demand, advancements in the electronics sector, development of smart grids, robust manufacturing capabilities, increased investments in utilities, and the electrification of transportation. The market is anticipated to grow further, reaching $77.88 billion in 2028 at a CAGR of 8.9%. The projected growth is attributed to rapid modernization of grids, supportive government policies, adoption of low-temperature systems, increasing electricity demand, the need for uninterrupted power supply, and a transition to cleaner energy sources. Key trends include technological advancements, innovations in energy storage solutions, increased investments in clean energy, and new product developments.
What Factors Are Driving Growth In The Superconducting Magnetic Energy Storage Market?
The rise in energy consumption is expected to drive the growth of the superconducting magnetic energy storage market. Energy consumption refers to the total energy used by individuals, organizations, or nations for activities such as heating, cooling, lighting, transportation, and manufacturing. Superconducting magnetic energy storage is in demand due to the need for efficient, high-capacity storage solutions that can stabilize grids, manage fluctuating renewable energy sources, and meet growing electricity demand. SMES systems improve energy efficiency by offering fast, large-capacity energy storage with minimal energy loss. For example, in October 2023, the International Energy Outlook 2023 report by the US Energy Information Administration projected a 30% to 76% increase in global electricity generation by 2050 compared to 2022. Thus, the rising energy consumption is driving the growth of the superconducting magnetic energy storage market.
Get Your Free Sample of the Global Superconducting Magnetic Energy Storage Market ReportWhat Are The Main Segments Of The Global Superconducting Magnetic Energy Storage Market?
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
What Emerging Trends Are Influencing The Growth Of The Superconducting Magnetic Energy Storage Market?
Key players in the superconducting magnetic energy storage sector are focusing on innovations like hybrid solar power conditioning units (PCUs) to enhance their market position. A hybrid PCU is a combined system featuring a solar charge controller, inverter, and grid charger to ensure a reliable power supply. This system bridges the gap between alternating current (AC) grids and the direct current (DC) of superconducting magnetic energy storage coils, optimizing energy transfer, grid stability, and safeguarding the core of the SMES unit. For example, in June 2022, Smarten, an India-based power system company, introduced the Superb 3050, a 2.4 kW hybrid solar PCU designed for off-grid applications. The unit integrates advanced maximum power point tracking (MPPT) and a 50-amp charge controller to prevent overheating and explosions, powering commercial applications like a 1-ton air conditioner, with options for solar, battery, or grid power selection.
What Is The Largest Region In The Superconducting Magnetic Energy Storage Market?
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.