Global Superconducting Magnetic Energy Storage Market 2017-2021

Overview of the global superconducting magnetic energy storage market

Market research analysts at Technavio predict that the global superconducting magnetic energy storage market will grow steadily during the forecast period and post a CAGR of more than 6% by 2021. This market research analysis identifies the greater need for energy storage as distributed generation energy resources as one of the primary growth factors for this market. Distributed energy resource systems will be increasingly used to meet the future electricity demand from the whole customer segment since these systems offer various functions and benefits depending on the needs of the end user. The fluctuation in the electricity demand will create the need for energy storage, which will in turn, fuel the growth of the superconducting magnetic energy storage market.

The increase in grid modernization will be one of the key trends behind the growth of the superconducting magnetic energy storage market during the next four years. Utilities are modernizing the grids to prevent loss due to the aging and obsolete power infrastructure, need for mitigation of cybersecurity risks, the addition of new resources, and the need to increase flexibility to make rapid changes. There is a huge scope for transitioning to smart grid either by replacing old systems or extending the old grid, which will drive the need for IT systems to manage the new capabilities of the grid. Advances in electricity systems have increased the need for flexibility, stability, and interoperability in grids, which encourages countries to adopt smart grid technologies that utilize advanced energy storage to enhance grid stability, flexibility, and the management of electricity.

Competitive landscape and key vendors

The superconducting magnetic energy storage market consists of several vendors operating at various scales and is dominated by few key players. The market is highly competitive and is influenced by increased investments and the introduction of new technologies. The market is volatile and is impacted by the frequent changes in government policies and environmental regulations. To survive the competition and gain a competitive advantage, the vendors in the market constantly focus on innovating and enhancing their technologies.

The leading vendors in the market are -

• AMERICAN SUPERCONDUCTOR
• Bruker
• Southwire
• Sumitomo Electric Industries
• SuperPower

The other prominent vendors in the market are ABB, ASG Superconductors, Fujikura, General Cable Technologies, Luvata, Nexans, and Superconductor Technologies.

Geographical segmentation and analysis of the superconducting magnetic energy storage market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the superconducting magnetic energy storage market by 2021. This is mainly due to the increased focus on the integration of renewable resources, smart grids, and distributed energy storage systems. In addition to the awareness of the benefits of these systems, the increasing environmental concerns and the growing energy demand will also drive the market’s growth in APAC. Moreover, the rise in number of smart cities will also augment the growth prospects in this region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global superconducting magnetic energy storage market?
• What are the key market trends impacting the growth of the global superconducting magnetic energy storage market?
• What are the challenges to market growth?
• Who are the key vendors in the global superconducting magnetic energy storage market?
• What are the market opportunities and threats faced by the vendors in the global superconducting magnetic energy storage market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global superconducting magnetic energy storage market?

Technavio also offers customization on reports based on specific client requirement.

A superconducting magnetic energy storage (SMES) is a technique of energy storage in which a current keeps flowing in a superconductor even after the voltage is removed. Superconductor coils have a negligible resistance when cooled below its critical temperature. This upcoming industry report by Technavio is an integral part of the energy industry and offers profound observations of rapidly growing sectors like energy storage and smart grid. Moreover, to help clients gain traction over other market players, Technavio offers critical information on the market drivers and challenges, and also provides valuable information on all the suppliers who hold significant shares in the energy industry.

To accurately forecast the energy storage industry’s growth outlook, our market research specialists follow a comprehensive research approach of primary and secondary data techniques and also carry out an extensive analysis of several market elements, including innovations in technology and the demand for products and services across different locations across the globe. With an aim to help clients develop effective growth strategies, our upcoming industry research report on the global superconducting magnetic energy storage market for the forecasted years 2017 to 2021 proposes executable ideas devised from the data collected from reliable sources such as manufacturers, channel partners, regulatory bodies, and decision makers.

This upcoming report on the global superconducting magnetic energy storage market also takes into aspect the growth of related markets like liquid air energy storage systems and industrial lead-acid battery, which are anticipated to register a CAGR of about 178% and almost 5%, respectively by 2021. According to our industry research analysts, the rising global demand for energy from various end-user industries is a crucial factor driving the energy storage market’s demand in the coming years. Based on the requirements of a variety of clients, Technavio also provides customized reports, which will help local vendors and global players looking forward to consolidating their presence in the energy sector.

The upcoming market research report on the global superconducting magnetic energy storage market highlights the drivers, prospective trends, and the hurdles currently faced by the energy industry and also presents detailed insights into the markets of power, oil and gas, and water and waste management.