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Superconducting Magnetic Energy Storage System Market: By Type (Low Temperature Superconducting Magnetic Energy Storage Systems, High-Temperature Superconducting Magnetic Energy Storage Systems), By Application (Power System, Industrial Use, Research Institutions) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Superconducting Magnetic Energy Storage (SMES) System stores electricity within the magnetic field of a coil from the grid that consists of a superconducting wire with near-zero loss of energy. Superconducting magnetic energy storage includes three parts: cryogenically cooled refrigerator, superconducting coil, and power conditioning system. Superconducting magnetic energy storage possesses high power, high-energy conversion efficiency and instant response time. The appearance of new technologies and transformation is expected to propel the market in the next few years.
The global market for Superconducting Magnetic Energy Storage (SMES) Systems estimated at USD 53.5 Billion in the year 2021, is projected to reach a size of USD 155.5 Billion by 2032, growing at a CAGR of 10.2% over the forecast period 2022-2032. The capability of superconducting magnetic energy storage system to discharge and recharge at a fast speed without degrading the magnetic response is the prime factor that is expected to uplift the market in the next few years.
Superconducting Magnetic Energy Storage System market is classified based on the Type into Low Temperature Superconducting Magnetic Energy Storage Systems, High-Temperature Superconducting Magnetic Energy Storage Systems. Low temperature superconducting has become the presiding commercial superconductor as it can be manufactured economically in a ductile form with the prerequired nano-structure needed for high crucial current density generated by strong vortex pinning. The low temperature superconducting magnetic energy storage systems have command in the market and will continue to grow during the given forecast period owing to the operational safety when compared to high temperature superconducting magnetic energy storage systems.
Superconducting Magnetic Energy Storage System market is classified based on the Application into Power System, Industrial Use, Research Institutions and Others. The increasing power demand and building of new grids to satisfy the demand are the factors which aid power system segment dominate in the superconducting magnetic energy storage systems market during the given forecast period. Investment in the utility sector increased the focus on integration of renewable resources, smart grids, and dispensed energy storage systems is the major reason of growth of power system application in the superconducting magnetic energy storage systems market.
The key market driver for the global superconducting magnetic energy storage systems market is the increasing demand for power across the globe due to the urbanization and increase in population. Factors which will aid in growth of the superconducting magnetic energy storage systems market are the enhanced performance characteristics as compared to other counterparts available and depleting of conventional energy sources. Investment in generating renewable energy has been increasing across the globe in order to attain the constant rising electricity consumption.
Increase in adoption of decentralized fragmentary renewable energy generation strengthen the necessity of balancing local production and energy consumption. This is estimated to drive the demand for superconducting magnetic energy storage, as this magnetic energy storage is used to supply grid stability in distribution systems. Advent of smart houses and smart grids, and electrification of the transport segment are also some of the key factors expected to propel the superconducting magnetic energy storage market during the forecast period
Several technical barriers arise during the manufacturing and operating procedures of these energy storage systems. Also, the requirement of high capital cost may oppose the growth of global superconducting magnetic energy storage systems market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Superconducting Magnetic Energy Storage Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe constitute the major share of global Superconducting Magnetic Energy Storage Market. The superconducting magnetic energy storage market in Asia Pacific is expected to expand at a rapid pace due to the increased focus on the integration of smart grids, distributed energy storage systems and renewable resources in the region.
Governments of various countries have imposed restrictions on the movement of individuals, material and economic activities to prevent the spread of the pandemic. As a result, several industries had to stop their operations. Disruption in the operation of the industrial sector has adversely affected the demand for electricity, as this sector is one of the major consumers of electricity. This had a negative impact on market and reduced the demand for superconducting magnetic energy storage system market.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 53.5 billion |
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Revenue forecast in 2032 |
USD 155.5 billion |
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Growth Rate |
CAGR of 10.2% from 2022 to 2032 |
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Base year for estimation |
2021 |
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Quantitative units |
Revenue in billion USD and CAGR from 2022 to 2032 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, trends and growth factors |
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Segments covered |
Type, Application and Region |
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Regional scope |
North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA) |
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Key companies profiled |
ABB Inc., American Superconductor Corporation, ASG Superconductors SpA, Luvata U.K. Ltd, Babcock Noell GmbH, Beijing Innopower Superconductor Cable Co. Ltd, Bruker Energy & Supercon Technologies, Sumitomo Electric Industries Ltd, Fujikura Ltd., Hyper Tech Research Inc., Nexans SA, Southwire Company LLC, SuNam Co. Ltd., Superconductor Technologies Inc., and Other Prominent Players |
The Thermoelectric Generator Market size was estimated at USD 0.47 billion in 2021 and is expected to reach USD 1.6 billion in 2032.
Thermoelectric generators aka Seebeck generators are the solid state devices that use the Seebeck effect to transform heat flow (temperature differential) into electrical energy (a form of thermoelectric effect).
The Thermoelectric Module and Industrial segments accounted for the larger share of the Thermoelectric Generator Market.
Key players in the Thermoelectric Generator Market are Komatsu Ltd., Coherent Corp., Yamaha Corporation, Gentherm Inc, Ferrotec Corporation, Laird Thermal Systems, TEC Microsystems, Tellurex Corporation, Alphabet Energy, Tecteg, Evident Thermoelectrics, Everredtronics Ltd, Phononic Company, Align Sourcing LLC, Teledyne Energy Systems, and Other Prominent Players.
The government's strict emission regulations and rising demand for fuel efficiency are boosting the Thermoelectric Generators Market.
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