Superconducting Magnetic Energy Storage Market Demand | Latest Technology and Trend

Superconducting Magnetic Energy Storage: Introduction

  • Superconducting Magnetic Energy Storage (SMES) stores electricity from the grid within the magnetic field of a coil that consists of a superconducting wire with near-zero loss of energy. Superconducting magnetic energy storage includes three parts: cryogenically cooled refrigerator, power conditioning system, and superconducting coil.
  • Superconducting magnetic energy storage possesses high-energy conversion efficiency, high power, and instantaneous response times
  • The capability of superconducting magnetic energy storage system to recharge and discharge at a fast pace without degrading the magnetic is the key factor that is expected to boost the market over the next few years. The advent of new technologies and innovations is also anticipated to propel the market in the next few years.

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End-user Segment Outlook

  • The global superconducting magnetic energy storage market can be segmented based on end-user and region
  • Based on end-user, the global superconducting magnetic energy storage market can be segregated into paper industry, motor vehicle assembly, petrochemical refinery, chemical & pharmaceutical, and others

Key Players Operating in Global Market

Key companies operating in the global superconducting magnetic energy storage market include:

  • JFE Steel Corporation
  • Superconducting Magnetic Energy Storage Sourcing
  • Tube & Steel Supplies Ltd
  • ChelPipe
  • Jindal
  • Productos Tubulares, S.A.U.
  • Bri-Steel Manufacturing
  • Permanent Steel Manufacturing Co.,Ltd

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Europe Expected to Constitute Major Share of Global Superconducting Magnetic Energy Storage Market

  • In terms of region, the global superconducting magnetic energy storage market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • The superconducting magnetic energy storage market in Asia Pacific is expected to expand at a rapid pace due to the rise in focus on the integration of smart grids, renewable resources, and distributed energy storage systems in the region. Furthermore, increase in awareness among consumers about the advantages of these systems and rise in demand for energy are anticipated to fuel the market in the region in the near future.
  • Europe is also a key region of the global superconducting magnetic energy storage market. The market in the region is projected to expand during the forecast period due the technological advancement in design of energy storage system.

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