Press release
Superconducting Magnetic Energy Storage Market Trends, Insight, Share, Demand, Analysis, Forecast By 2032
Superconducting Magnetic Energy Storage Market
The Superconducting Magnetic Energy Storage Market Size is projected to grow from USD 0.08 Billion in 2023 to USD 0.20 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2032). Superconducting Magnetic Energy Storage Market Size was valued at USD 0.07 Billion in 2022.
Increasing Demand for Reliable Power: Power grids need ways to store energy for consistent supply, and SMES offers a highly efficient solution.
Grid Modernization Efforts: Upgrading aging grids with SMES technology can improve stability and integrate renewable energy sources more effectively.
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Rising Investments in Utilities: As the electricity sector sees more investment, SMES becomes a viable option for utilities to manage power fluctuations.
Key Players:
AMSC
Bruker Energy & Supercon Technologies
Fujikura Automotive America, LLC.
Southwire Company
Nexans
Columbus superconductors
Sumitomo Electric Group Indonesia
ASG Superconductors S.p.A.
ABB
Superconductor Technologies
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Market Drivers:
Rising Demand for Continuous Power Supply: The increasing reliance on electronic devices and critical infrastructure necessitates a consistent and reliable supply of electricity. SMES excels in providing high-quality power and mitigating grid disturbances, making it a compelling solution for various sectors.
Grid Modernization Efforts: Aging power grids struggle to keep pace with contemporary demands. The integration of renewable energy sources with variable output further necessitates grid upgrades. SMES can enhance grid stability by regulating voltage and frequency fluctuations, facilitating the seamless integration of renewables.
Surging Investments in the Utility Sector: Governments and utility companies are investing heavily in modernizing and expanding power grids. This trend creates a favorable environment for SMES adoption as utilities seek solutions to improve grid resilience and efficiency.
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Integration with Renewable Energy Sources: The intermittent nature of renewable energy sources like solar and wind power poses challenges for grid stability. SMES can address this by storing excess renewable energy during peak generation periods and releasing it back to the grid during times of high demand.
Market Segmentation:
Superconducting Magnetic Energy Storage Market Type Outlook: Low-Temperature, High-temperature
Superconducting Magnetic Energy Storage Market Application Outlook: Power Systems, Industrial Use, Research Institutions, Others
Superconducting Magnetic Energy Storage Market Regional Outlook:
North America: US, Canada
Europe: Germany, France, UK, Italy, Spain, Rest of Europe
Asia-Pacific: China, Japan, India, Australia, South Korea, Australia, Rest of Asia-Pacific
Rest of the World: Middle East, Africa, Latin America
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