Superconducting Magnetic Energy Storage (SMES) systems stock energy in magnetic field generated by the stream of direct current in superconducting coil that has cryogenically cooled to particular temperature beneath its superconducting critical temperature. A typical SMES system includes three parts such as cryogenically cooled refrigerator, power conditioning system and superconducting coil. Once the superconducting coil is charged, the current will not fall off and magnetic energy can be stowed.

Market Dynamics

Growing demand for eco-friendly and green storage solutions owing to increasing concerns about climatic changes is driving the demand for SMES systems. However, key participants in the market are endangered by the existence of substitutes such as compressed air energy storage. Also, the high cost of SMES systems is also hindering their pervasive adoption. For energy generation, consumption of renewable sources is at high rate combined with exhausting fossil fuels is anticipated to provide favorable growth opportunities for the market growth.

Market Classification

The market can be bifurcated on the basis of product type, application and geography. By product type, superconducting magnetic energy storage systems market can be segmented into low temperature SMES and high temperature SMES. By application, superconducting magnetic energy storage systems market can be segmented into power system, industrial use, research institution and others. On the basis of geography, the superconducting magnetic energy storage systems market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.

Report Coverage

Market Participants

Some of the major players involved in superconducting magnetic energy storage systems market include Hyper Tech Research, Sumitomo Electric Industries, Ltd., Southwire Company, ASG Superconductors SpA, SuNam Co., Ltd., General Cable Superconductors Ltd., Superconductor Technologies Inc. and Nexans SA among others.

Market Segmentation

Market By Product Type

Low Temperature SMES

High Temperature SMES

Market By Application

Power System

Industrial Use

Research Institution

Others

Market By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa