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As the demand for continuous power has been increasing, it has now become a basic need in all the sectors. The energy storage solutions are being looked upon to satisfy the growing energy demand. In the superconducting magnetic energy storage systems, the electrical energy is stored as magnetic energy and is used as per the requirement.
The superconducting magnetic energy storage systems use the zero resistance phenomenon to save electricity as the magnetic field is created around the superconducting device operating below its critical temperature. The elements used in the superconducting energy storage systems are cooled to a temperature below their critical temperature to achieve the state of superconductivity.
These systems can support load fluctuations and frequency changes as the response time of the system to these changes is very small. These systems also avoid the problems faced with the recycling of the lead-acid batteries. These factors will add up to drive the growth of the global superconducting magnetic energy storage market during the given forecast period.
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Based on their types, global superconducting magnetic energy storage market can be segmented into low temperature superconducting magnetic energy storage systems and high-temperature magnetic energy storage systems. The low temperature superconducting magnetic energy storage systems have dominated the market and will continue to grow during the given forecast period owing to the operational safety as compared to high temperature superconducting magnetic energy storage systems.
Based on its application, the superconducting magnetic energy storage systems market can be segmented into the power system, industrial use, research institutions, and others. The increasing power demand and constructions of new grids to satisfy the demand are the factors which will see power system segment dominate the superconducting magnetic energy storage systems market during the given forecast period.
The key market driver for the global superconducting magnetic energy storage systems market is the increasing demand for power across the globe due to increasing population and urbanization. The other factors which will cater to the growth of the superconducting magnetic energy storage systems market are the better performance characteristics of these systems as compared to other available counterparts and depletion of conventional sources of energy.
Key market restraint for the superconducting magnetic energy storage systems market is the technical barriers faced during the manufacturing and operation of these energy storage systems. Also, the high capital cost required may hinder the growth of the global superconducting magnetic energy storage systems market.
Key players operating in the global superconducting magnetic energy storage market are 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.
The global superconducting magnetic energy storage market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region holds the biggest opportunity for the global superconducting magnetic energy storage market with the rising population, rising energy demand, switch towards cleaner sources of energy, flourishing electronics industry, upcoming smart grids and the good manufacturing capacities in countries like China, India, Japan, South Korea. These factors will together drive the growth of the superconducting magnetic energy storage market in the Asia Pacific region over the given forecast period. The North America region currently holds the largest market in the global superconducting magnetic energy storage market owing to the increasing power utility segment in the region. The USA has been the dominant player in the region. After North America region Europe holds the significant market share with the new technological advancements taking place in the region and the increased emphasis on renewable sources for power generation.
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