Led by only a few established companies, the global market for superconducting magnetic energy storage demonstrates a highly competitive structure. The significant increase in investments and the continual introduction of novel technologies by the leading players are influencing the growth of this market greatly. At present, the market displays volatility and is highly impacted by the frequent changes in the government rules and policies related to environment. Vendors of superconducting magnetic energy storage devices are constantly making efforts to improve their product portfolio by adding technologically advanced products in order to sustain and gain a competitive advantage over rival companies.
With the increasing need for energy storage, this superconducting magnetic energy storage market is likely to flourish remarkably in the years to come. Since distributed energy systems are highly beneficial to end users, they are increasingly utilized to meet the consumer demand for power. These storage systems, primarily manufacture using low temperature superconductors or high temperature superconductors, find a widespread application in low-energy storage and high-energy storage. These energy storage solutions, with the capability to store massive amounts of energy, normally have slow reaction time. Small energy storage devices, on the flip side, have rather fast reaction times and an ability to recharge in a shorter period.
Energy storage is crucial for providing flexibility and stability that is critical for the effective functioning of electricity grid. With the booming demand for electricity from end users, the need for energy storage in the power sector is also increasing. As the need for energy storage is increasing, the global superconducting magnetic energy storage (SMES) market is expected to grow along with it. An SMES system has the ability to recharge and discharge in a shorter period without degrading the magnet and ensuring minimum energy losses. Therefore, it is being increasingly acknowledged for short duration energy storage applications.
The research report on the global superconducting magnetic energy storage market is an outcome of an in-depth analysis of various critical parameters pertaining to the market. The report offers a comprehensive evaluation of drivers, restraints, and opportunities and the extent of their impact on the growth of the market. It provides insights into the competitive landscape of the market. For a coherent understanding, it segments the market on the basis of various criteria including geography and end users.
The rising concerns regarding climate change are creating a burgeoning demand for green and eco-friendly storage solutions, which in turn is fuelling the demand for SMES systems. In addition, the increasing consumption of renewable sources for energy generation coupled with the depleting fossil fuels is working in favor of the growth of the market. The growing adoption of distributed energy solutions is also providing a fillip to the superconducting magnetic energy storage market.
Moreover, the burgeoning demand for advanced and cost-effective energy storage technologies for on-grid and off-grid applications and in the utility industry is augmenting the global superconducting magnetic energy storage market. Furthermore, the advancements in superconducting materials are influencing the market positively. On the other hand, the participants in the market are threatened by the presence of substitutes such as compressed air energy storage. This is hampering the growth of the market. The high cost of these systems is also limiting their widespread adoption.
The regional segments analyzed in the report are Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific will be a major destination for participants in the global superconducting magnetic energy storage market. The rising emphasis on renewable energy integration, smart grids, and distributed energy storage is one of the primary factors contributing to the development of the market in the region. Moreover, the increasing government initiatives and conducive regulatory scenario are promoting the growth of the superconducting magnetic energy storage market. Other factors such as growing penetration of advanced technologies, flourishing electronics industry, and high manufacturing capacity in countries such as India, Korea, and China are supplementing the growth of the region.
Key players in the global superconducting magnetic energy storage market are paying a high attention to research and development activities to launch more innovative and cost effective products. Some of the key players in the market are Columbus Superconductors SpA, GE Corporation, American Superconductor Corporation, Sumitomo Electric Industries, Nexans SA, and SuperPower Inc.
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