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Global Superconducting Magnetic Energy Storage (SMES) Market Growth (Status and Outlook) 2024-2030
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The global Superconducting Magnetic Energy Storage (SMES) market size is predicted to grow from US$ 80.5 million in 2024 to US$ 137 million in 2030; it is expected to grow at a CAGR of 9.3% from 2024 to 2030.
Superconducting Magnetic Energy Storage (SMES) store energy in the magnetic field created by the flow of direct current in a superconducting coil which has been cryogenically cooled to a temperature below its superconducting critical temperature. A typical SMES system includes three parts: superconducting coil, power conditioning system and cryogenically cooled refrigerator. Once the superconducting coil is charged, the current will not decay and the magnetic energy can be stored indefinitely.
As electrical grids worldwide age, SMES systems are being adopted to improve reliability and prevent outages in existing infrastructure.
Increasing demand for high-quality power, especially in industries like healthcare, data centers, and manufacturing, drives the need for SMES systems that can mitigate voltage sags, spikes, and harmonics.
Governments and organizations worldwide are focusing on achieving net-zero emissions, which promotes the adoption of renewable energy technologies. SMES systems address the intermittency of renewable energy sources by storing excess power during peak production and discharging it when generation is low.
Progress in HTS materials reduces cooling requirements and costs, making SMES systems more viable for commercial applications. Innovations in superconducting materials and cryogenics allow for smaller, more efficient SMES systems suitable for diverse applications. Technological advancements have led to near-perfect efficiency in energy storage and retrieval, making SMES a preferred option for specific high-performance applications.
LPI (LP Information)' newest research report, the “Superconducting Magnetic Energy Storage (SMES) Industry Forecast” looks at past sales and reviews total world Superconducting Magnetic Energy Storage (SMES) sales in 2023, providing a comprehensive analysis by region and market sector of projected Superconducting Magnetic Energy Storage (SMES) sales for 2024 through 2030. With Superconducting Magnetic Energy Storage (SMES) sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Superconducting Magnetic Energy Storage (SMES) industry.
This Insight Report provides a comprehensive analysis of the global Superconducting Magnetic Energy Storage (SMES) landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Superconducting Magnetic Energy Storage (SMES) portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Superconducting Magnetic Energy Storage (SMES) market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Superconducting Magnetic Energy Storage (SMES) and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Superconducting Magnetic Energy Storage (SMES).
This report presents a comprehensive overview, market shares, and growth opportunities of Superconducting Magnetic Energy Storage (SMES) market by product type, application, key players and key regions and countries.
Segmentation by Type:
Low Temperature SMES
High Temperature SMES
Segmentation by Application:
Industrial Energy Storage
Renewable Energy Storage
Other
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
American Superconductor
Bruker
SuperPower
Fujikura
Hyper Tech Research
Southwire Company
Sumitomo Electric Industries
ASG Superconductors
Nexans
Luvata
SuNam