Global Superconducting Magnetic Energy Storage Market 2017-2021
About Superconducting Magnetic Energy Storage
Superconducting magnetic energy storage is a technique of energy storage, in which current will continue to flow in a superconductor even after the voltage from it has been removed. Superconductor coil has a negligible resistance when it is cooled below its critical temperature. Hence, current will continue to flow even after a voltage or power source is disconnected.
Technavio’s analysts forecast the global superconducting magnetic energy storage market to grow at a CAGR of 6.37% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global superconducting magnetic energy storage market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Superconducting Magnetic Energy Storage Market 2017-2021
Technavio recognizes the following companies as the key players in the global superconducting magnetic energy storage market: AMERICAN SUPERCONDUCTOR, Bruker, Southwire, Sumitomo Electric Industries and SuperPower.
Other Prominent Vendors in the market are: ABB, ASG Superconductors, Fujikura, General Cable Technologies, Luvata, Nexans, Superconductor Technologies.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing grid modernization. The aging power infrastructure, need for mitigation of cybersecurity risks, and the addition of new resources to the grid have compelled the electricity industry to look for ways to make the grid reliable, protect it against cybersecurity, and increase flexibility to make rapid changes according to supply and demand conditions.”
According to the report, one driver in the market is rise in use of renewable resources. Energy insecurities have led governments worldwide to focus on alternate sources of power for the future. The rising concerns over carbon emissions from power plants have made it necessary to switch to gas-powered plants and renewable sources for electricity generation. A significant amount has been invested in the renewable sources for cleaner power generation, which has increased the year-over-year renewable installed capacity.
Further, the report states that one challenge in the market is high cost associated with implementation. The cost of upgrading smart grid systems includes additional costs, such as the cost of distribution systems, replacement of transmission lines, substation digitization, power delivering systems, and digital controls. Consequently, power utilities and independent power producers (IPPs) face the prospect of huge initial capital investment.
AMERICAN SUPERCONDUCTOR, Bruker, Southwire, Sumitomo Electric Industries, SuperPower, ABB, ASG Superconductors, Fujikura, General Cable Technologies, Luvata, Nexans, Superconductor Technologies.