Press release
Superconducting Magnetic Energy Storage Market Research Report 2024-2033 | Insights, Demand, Forecast: Strategic Analysis
Superconducting Magnetic Energy Storage Market Research
As per the report, the superconducting magnetic energy storage market size has grown strongly in recent years. It will grow from $50.94 billion in 2023 to $55.40 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The superconducting magnetic energy storage market size is expected to see strong growth in the next few years. It will grow to $77.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
Download Free Sample Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=15936&type=smp
Rising Energy Consumption Enhance Superconducting Magnetic Energy Storage (SMES) Market
The rise in energy consumption is expected to propel the growth of the superconducting magnetic energy storage market. Energy consumption refers to the total amount of energy used by individuals, organizations, or nations for various purposes, such as heating, cooling, lighting, transportation, manufacturing, and other activities. The demand for superconducting magnetic energy storage arises from the need for efficient, high-capacity energy storage solutions to address grid stability, manage fluctuating renewable energy sources, and meet growing demands for electricity supply systems. Superconducting magnetic energy storage (SMES) systems enhance energy consumption efficiency by providing rapid, high-capacity energy storage and discharge with minimal energy loss. For instance, in October 2023, according to the International Energy Outlook 2023 report by the US Energy Information Administration (EIA), a US-based government agency, global electricity generation will increase by 30% to 76% in 2050 from 2022. Therefore, the rise in energy consumption is driving the growth of the superconducting magnetic energy storage market.
Electrification of Transportation Drives Growth In Superconducting Magnetic Energy Storage Market
The rising focus on electrification of the transportation sector is expected to propel the growth of the superconducting magnetic energy storage market. The transportation sector's electrification refers to the transition from traditional internal combustion engine vehicles to electric vehicles. The demand for superconducting magnetic energy storage (SMES) arises because of its ability to provide rapid, highly efficient energy storage and discharge. The transportation sector's electrification uses superconducting magnetic energy storage (SMES) to provide efficient, rapid-response energy storage and distribution, enhancing grid stability and supporting the increased demand for electricity from electric vehicles by minimizing energy losses and improving overall system efficiency. For instance, in September 2023, as per GOV.UK, a government information service website, the UK government pushed the ban back by five years, setting a target of 80% of new cars and 70% of new vans to have zero emissions by 2030, increasing to 100% by 2035. Therefore, the rising focus on the electrification of transportation is driving the growth of the superconducting magnetic energy storage market.
Innovation In Superconducting Magnetic Energy Storage Market
Major companies operating in the superconducting magnetic energy storage market are focusing on product innovation, such as hybrid solar power conditioning units (PCU), to gain a competitive edge in the market. A hybrid solar power conditioning unit (PCU) is an integrated system that combines a solar charge controller, inverter, and grid charger to provide an uninterrupted power supply. The power conditioning system plays a vital role in bridging the gap between the alternating current (AC) grid and the direct current world of the superconducting magnetic energy storage coil. It ensures efficient energy transfer and grid stability and protects the core component of the SMES unit. For instance, in June 2022, Smarten, an India-based power system technology company, launched a new 2.4 kW hybrid solar power conditioning unit (PCU), the Superb 3050, for off-grid applications. The Superb 3050 PCU includes advanced maximum power point tracking (MPPT) and a 50-ampere charge controller to prevent issues such as overheating and explosions. It is designed for commercial spaces and can power a 1-ton air conditioner. The PCU also features an advanced priority setting, allowing users to select between solar power, batteries, or grid power.
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
Buy Now & Get Exclusive Discount on this Report, Checkout link @
https://www.thebusinessresearchcompany.com/Discount?id=15936&type=discount
Major companies operating in the superconducting magnetic energy storage market are Hitachi Ltd., Siemens AG, Mitsubishi Electric Corporation, Arrow Electronics Inc., Sumitomo Electric Industries Ltd., ABB Asea Brown Boveri Ltd., Chubu Electric Power Co. Inc., Toshiba Corporation, Southwire Company, Nexans S.A., Fujikura Ltd., Bruker Energy & Supercon Technologies, Luvata Oy, American Superconductor Corporation, Babcock Noell GmbH, SuperPower Inc., ASG Superconductors SpA, Hyper Tech Research Inc., Superconductor Technologies Inc., SuNam Co. Ltd., Columbus Superconductors SpA, Elegrow Technology, Hyper Tech Research Inc., General Cable Superconductors Ltd.
Contents of the report:
1. Executive Summary
2. Superconducting Magnetic Energy Storage Market Report Structure
3. Superconducting Magnetic Energy Storage Market Trends And Strategies
4. Superconducting Magnetic Energy Storage Market - Macro Economic Scenario
5. Superconducting Magnetic Energy Storage Market Size And Growth
…..
27. Superconducting Magnetic Energy Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Explore the report store to make a direct purchase of the report @ https://www.thebusinessresearchcompany.com/report/superconducting-magnetic-energy-storage-global-market-report
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
"Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Superconducting Magnetic Energy Storage Market Research Report 2024-2033 | Insights, Demand, Forecast: Strategic Analysis here
News-ID: 3583332 • Views: …
More Releases from The Business research company
Company Registration Service Market Landscape 2025: Forecast Data and Growth Str …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Company Registration Service Market Through 2025?
The market size for company registration services has seen robust growth in the recent past. The market is projected to expand from $10.67 billion in 2024 to $11.55 billion in 2025, exhibiting a compound annual growth…
Comprehensive 2025 Commercial Toilet Partition Market Overview: Trends, Forecast …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Toilet Partition Market Through 2025?
In recent years, the market size for commercial toilet partitions has significantly expanded. The forecast predicts a rise from $1.82 billion in 2024 to $1.95 billion in 2025, with a compound annual growth rate (CAGR) of…
Key Trends Influencing the Growth of the Commercial Insurance For Small And Medi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Insurance For Small And Medium-Sized Enterprises (SMEs) Market Through 2025?
The market size of commercial insurance for small and medium-sized enterprises (SMEs) has seen substantial growth over the recent years. A rise from $111.83 billion in 2024 to $119.76 billion in…
Growing Focus On Reducing Greenhouse Gas Emissions Driving The Market Growth Due …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Combustion Emissions Analyzer Market Through 2025?
In the past few years, the market size for combustion emissions analyzer has seen robust growth. It is projected to increase from $1.02 billion in 2024 to $1.09 billion in 2025, with a compound annual growth…
More Releases for Supercon
Niobium-Titanium Alloy Superconductor Market: 2029 Vision: Consumption, Sales, a …
This research study presents a comprehensive compilation of insightful findings concerning key aspects of the global Niobium-Titanium Alloy Superconductor industry, impacting its growth trajectory over the forecast period from 2023 to 2029. The report sheds light on the evolving sales trends of various tech products across different regions and countries, highlighting both growth and decline. A detailed regional analysis is a crucial part of this Niobium-Titanium Alloy Superconductor report, offering…
NbTi Superconducting Alloy Market to 2026 - Luvata, American Elements, Supercon, …
This NbTi Superconducting Alloy Market research report is a rigorous analysis of the existing scenario of the market, which covers several market dynamics. With full devotion, the superior, transparent, and all-inclusive market report is offered to the client that extends their reach to success. All the data, information, statistics, facts, and figures mentioned in this report are very significant to the businesses when it comes to defining the strategies for…
Superconducting Wire Market May Set New Growth Story | Bruker, Sumitomo Electric …
The up-to-date coverage of the latest report Superconducting Wire Market provides a detailed synopsis as well as a consistent evaluation of accurate revenue over the forecasted timespan. Current trends, industry analysis, and growth development represented in the report are of great help for the new industry players entering the market. This market research report includes an in-depth analysis of global and regional markets with the understanding given for variation in…
Global Superconducting Wire Market Business Strategies For 2020 | Key Players : …
The research report titled “Superconducting Wire Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024” and published by “Zion Market Research” is an in-depth and dedicated scrutiny of the existing stats of the global Superconducting Wire market entailing the numerous facets pertinent to statistics and growth of the business. The report segregated into diverse sections to simplify the comprehension of the included data and thus, market dynamics. It…
Global Superconducting Wire Market 2020 | Superconductor Technologies Inc., Japa …
The Global Superconducting Wire Market report focuses market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Superconducting Wire Market development in worldwide. The report offers a precise evaluation of market size, share, demand, revenue, and growth rates. It presents current trends in the global market and projects the revenue and potential developments of key players. The report contains reviews of the…
Superconducting Wire Market Trends and Prospects 2017-2025 : Japan Superconducto …
Global Superconducting Wire Market: Overview
Superconducting wires are made up of superconducting materials which, when cooled below a certain temperature (transition temperature), exhibit zero electrical resistance. The superconductor material used is usually in the form of filament and theoretically allows the persistent flow of electric current across any loop of superconductor wire. Superconductor magnets find extensive applications in MRI/NMR machines, mass spectrometers, and in particle accelerators as beam-steering magnets. Recent…
