Global Power System Superconducting Magnetic Energy Storage Market Growth (Status and Outlook) 2024-2030

Global Power System Superconducting Magnetic Energy Storage Market Growth (Status and Outlook) 2024-2030

The superconducting magnetic energy storage system is an advanced technology that provides a special method of storing electrical energy. The systems utilize magnetism rather than the chemical processes of ordinary batteries. They work by passing a direct current stream through specially designed coils made of superconductors, a substance that exhibits zero resistance when cooled to extremely low temperatures. This makes it possible to store and retrieve energy almost perfectly while minimizing energy loss. Applications requiring fast response, such as balancing sudden fluctuations in the power system, are the highlight of SMES. They can inject or absorb energy instantaneously, stabilizing the system and avoiding blackouts. Even though these systems are still in the early stages of research, they have the potential to revolutionize the way we store and handle our growing energy needs.

The global Power System Superconducting Magnetic Energy Storage market size is projected to grow from US$ 49.7 million in 2024 to US$ 103 million in 2030; it is expected to grow at a CAGR of 12.9% from 2024 to 2030.

LPI (LP Information)' newest research report, the “Power System Superconducting Magnetic Energy Storage Industry Forecast” looks at past sales and reviews total world Power System Superconducting Magnetic Energy Storage sales in 2022, providing a comprehensive analysis by region and market sector of projected Power System Superconducting Magnetic Energy Storage sales for 2023 through 2029. With Power System Superconducting Magnetic Energy Storage sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Power System Superconducting Magnetic Energy Storage industry.

This Insight Report provides a comprehensive analysis of the global Power System Superconducting Magnetic Energy Storage landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Power System Superconducting Magnetic Energy Storage portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Power System Superconducting Magnetic Energy Storage market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Power System Superconducting Magnetic Energy Storage and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Power System Superconducting Magnetic Energy Storage.

Here are some key trends and developments in the SMES market:

Technological Advancements: Ongoing research and development efforts are focused on improving the efficiency, scaleability, and cost-effectiveness of SMES systems. This includes the development of higher temperature superconductors that can be cooled more easily and less expensively than conventional superconductors, which require cryogenic temperatures.

Grid Modernization: As the global energy grid becomes more complex and interconnected, the need for efficient and flexible energy storage solutions increases. SMES systems can help balance supply and demand, improve power quality, and provide support for renewable energy integration.

Integration with Renewables: SMES systems can be particularly beneficial for integrating renewable energy sources such as wind and solar, which are variable and intermittent by nature. The ability to store and dispatch energy when it's most needed can help smooth out the energy supply from these sources.

Expansion of Applications: Originally developed for large-scale grid applications, SMES systems are now being explored for use in transportation, such as in maglev trains and electric vehicles, where the high power density and rapid charge/discharge capabilities are advantageous.

Asia, particularly countries like Japan and China, has been at the forefront of SMES technology development and deployment due to their advanced infrastructure and commitment to renewable energy integration. Europe and North America are also active in this space, with a growing number of projects and demonstrations of SMES technology.

This report presents a comprehensive overview, market shares, and growth opportunities of Power System Superconducting Magnetic Energy Storage market by product type, application, key players and key regions and countries.

Segmentation by Type:
Small-scale Superconducting Magnetic Energy Storage (SMES)
Medium-large Superconducting Magnetic Energy Storage (SMES)

Segmentation by Application:
Power System
Industrial
Research Institution
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

Segmentation by Type:
Small-scale Superconducting Magnetic Energy Storage (SMES)
Medium-large Superconducting Magnetic Energy Storage (SMES)

Segmentation by Application:
Power System
Industrial
Research Institution
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Sumitomo Electric Industries.
Superconductor Technologies Inc
ABB
American Superconductor Corporation (AMSC)
ASG Superconductors S.p.A.
Bruker Energy & Supercon Technologies
Columbus Superconductors
Fujikura Ltd.
Nexans

Please note: The report will take approximately 2 business days to prepare and deliver.