Superconducting magnetic energy storage (SMES) is a relatively novel technology that stores electricity with minimal loss of energy. This is achieved by storing energy in the magnetic field of a coil that features superconducting wire. SMES comprises a superconducting coil, a power conditioning system, and a cooling system.
The ability of SMES systems to not only store large amounts of power but also discharge it instantaneously is expected to fuel their wider deployment. A research report published by Transparency Market Research studies the growth potential of this market and analyzes companies that are already raking in sizeable revenue from SMES systems. The report is titled, ‘Superconducting Magnetic Energy Storage (SMES) System Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2014 – 2020.’
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With the increasing integration of renewable energy with the power grid, the demand for effective energy storage devices and systems is expected to rise exponentially in the years ahead. The demand for SMES systems will, thus, also grow as a result of this trend. The SMES systems market is currently witnessing massive research and development thanks to funding provided by several public and private organizations to further the current level of understanding of the technology. Vendors are making appreciable investments in large-scale energy storage systems, of which SMES will form a pivotal part.
The ability of SMES to meet power needs even during critical load shedding periods, thanks to their ability provide carryover energy, will prove to be a high-impact driver for the global superconducting magnetic energy storage (SMES) market. Moreover, all the key parts the compose SMES are stationary, making it high on the reliability quotient. However, the novelty of this technology may prove to be the greatest hindrance to the SMES systems market, as awareness levels are still low. Moreover, the installation costs of SMES systems are expected to deter many prospective consumers. Thus, it is expected that the SMES systems market will show better growth once the use of renewable energy becomes more popular.
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The report segments the global superconducting magnetic energy storage (SMES) market on the basis of application into low- and high-energy storage. The report also analyzes the market on the basis of end users. The report also studies the potential demand for superconducting materials by broadly segmenting them into high and low temperature superconductors.
Much of the SMES systems market is still concentrated in the conventional markets of the west. However, the report identifies massive opportunities that are emerging for superconducting magnetic energy storage (SMES) market in the Asia Pacific region. Factors such as distributed energy storage, renewable energy integration, and the deployment of smart grids will act as drivers for the SMES systems market in APAC.
Companies that have been extensively profiled in the report include: SuperPower Inc., Nexans SA, Southwire Company, Bruker Energy & Supercon Technologies, GE Corporation, Columbus Superconductors SpA, Babcock Noell GmbH, and ABB.
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