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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%.
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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
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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
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