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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Key Drivers and Restraints of Superconducting Magnetic Energy Storage Market
- Investment in in decentralized renewable energy generation has been increasing across the world in order to meet the continuously rising electricity consumption. Increase in adoption of decentralized intermittent renewable energy generation reinforces the necessity of balancing local production and energy consumption. This is estimated to drive the demand for superconducting magnetic energy storage, as superconducting magnetic energy storage is used to provide grid stability in distribution systems.
- Advent of smart grids and smart houses; and electrification of the transport sector are also some of the key factors expected to propel the superconducting magnetic energy storage market during the forecast period
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- Ongoing investment in the utility sector is also estimated to propel the demand for superconducting magnetic energy storage in the near future. In utilities, superconducting magnetic energy storage units are used to enhance the stability of transmission loops.
- Several technical barriers and the requirement of high initial cost are projected to restrict the global superconducting magnetic energy storage market in the next few years. However, rise in demand for electricity across the globe, owing to several factors, including changing climatic conditions, increase in population, and depleting non-renewable energy resources are likely to augment the market in the near future.
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COVID-19 Impact Analysis
- Governments of various countries have imposed restrictions on the movement of individuals and economic activities to limit the spread of the COVID-19 pandemic. As a result, several industries such as oil & gas and construction had to halt their operations. Disruption in the operation of the industrial sector has adversely affected the demand for electricity, as the sector is one of the major consumers of electricity. This is expected to hamper the demand for superconducting magnetic energy storage in the near future.
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
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Key Players Operating in Global Market
Key companies operating in the global superconducting magnetic energy storage market include:
- JFE Steel Corporation
- EAGLE STAINLESS TUBE & FABRICATION, INC.
- Superconducting Magnetic Energy Storage Sourcing
- Tube & Steel Supplies Ltd
- ChelPipe
- Jindal
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