Ever-increasing Global Energy Requirements Driving The Growth Of Superconducting Magnetic Energy Storage Market
Superconducting magnetic energy storage market to witness tremendous demands from the renewable energy sector to cater to the ever-increasing global energy requirements
Energy is an essential commodity in every end-user industry, including but not limited to, manufacturing, automotive, aerospace & defense, consumer electronics, and the healthcare vertical. The energy we use is limited, and balancing the power consumption alongside production is imperative. Therefore, storing energy is paramount for electricity as it offers beneficial ways in which electricity is consumed, delivered, and generated. Storing energy can help during power outage emergencies due to equipment failure, natural calamity, and accidents. All these factors have encouraged the exploration of some of the conventional renewable energy storage methods such as the solid-state batteries, pumped hydroelectric storage dams, thermal energy storage, flywheel energy storage, electrical energy storage, and solar energy storage. One of the energy storage methods, superconducting magnetic energy storage (SMES) is gaining popularity due to its time delay and brief discharge feature during charging. The SMES system stores energy in a magnetic field created by the direct flow of electrons in a superconducting coil which is further cryogenically cooled to a temperature below its superconducting critical temperature. The SMES system is witnessing demands in the industry owing to quick recharge and reduced discharge delay without degrading the magnetic properties. SMES plays a vital role in incorporating renewable energy sources such as thermal or wind generator to the power grid by controlling the output power of thermal or wind plant and improve the power system stability Thus, the globally incrementing renewable energy activities is the major driving factor in the Superconducting Magnetic Energy Storage Market which registered the global market size of $7.6 billion as of 2018, and is projected to flourish at a CAGR of 10% during the forecast period of 2019 to 2025.
Regional Outlook of the Superconducting Magnetic Energy Storage Market
North America was the most lucrative region in the global SMES market, with a global market share of 34.82% in 2018. The prevailing energy storage and renewable energy development activities are shaping the regional demands. Additionally, the integration of distributed energy storage systems, smart grids, and renewable resources are burgeoning the demands in the regional SMES market. According to a report from the Information Technology & Innovation Foundation (ITIF) the USA, a total of 580 Advance Research Projects Agency-Energy (ARPA-E) project teams received an investment of approximately $1.5 billion and formed 56 new companies and generated funding of more than $1.8 billion in the private sector. Such investments are prevalent in the region owing to the sound financial status and the growing awareness towards the prominence of renewable energy storage in the region. The United States and China have started a 10-year program in collaboration under China’s Ministry of Science and Technology and the US Department of Energy, termed China Clean Energy Research Center for Building Energy Efficiency (CERC-BEE). This project is conducting research and development on developing sustainable and energy-efficient strategies for existing and upcoming infrastructures. The program aims to reduce greenhouse gas emissions and develop advanced energy storage solutions for the upcoming construction activities. Such efforts to achieve a sustainable energy storage solution are active in the APAC region as well. Moreover, the presence of some of the fastest developing economies such as India, China, and Japan are the major causes for the increased demands in the superconducting energy storage systems market.
Automotive Sector Depicting the Key Application in the SMES Market
Despite the vast applications in the numerous end-user industries, the automotive sector is observed to be the most profitable vertical in the global SMES market, and the opportunities in the same are estimated to grow at a CAGR of 12% during the forecast period. The advent of electric vehicle (EV) segment in the automotive industry is a major application area for the superconductive magnetic energy storage system. With the outbreak of electric vehicles, the requirements for charging infrastructures are evident to propel, which indicates the growing demands for superconducting magnetic energy storage. According to the International Energy Agency, global electric mobility is escalating at a radical pace, reaching 5.1 million units in 2018 portraying an unprecedented growth of 2 million vehicles since the preceding year. Also, the same source suggests that the global extent of electric vehicles on the road is projected to surpass 125 million by 2030. With such bolstering demands for electric vehicles in the automotive industry, the related SMES market is also estimated to witness considerate demands.
Potential of the SMES Market in Renewable Energy
With continually increasing population and rapidly developing infrastructure, global energy consumption and demands have significantly increased. According to the International Energy Agency, energy consumption grew by 2.3% in 2018, mainly due to the higher cooling and heating needs in certain parts of the world. Electrical energy is recognized as an essential factor for the economic and social development of humanity. According to The World Economic Forum, around 1.1 billion people still lack electricity connection. Undoubtedly, the ultimate sources of electricity are fossil fuels, which are facing depletion. Thus, it leaves the human society to achieve commercially viable renewable energy solution. A collective effort to fulfill global energy needs is encouraged for the development and adoption of various renewable energy sources such as wind energy, thermal energy, and solar energy. With the technology to harness energy from such sources, there exists a need to store, distribute, and amplify the collected energy. Henceforth, the demands for energy storage systems such as the superconductive magnetic energy storage system arises. These systems extract energy from a renewable source such as wind, hydro, or solar and stores them in a magnetic setup. Once the energy is stored, it can be extracted and can be used in the form of electricity. Thus, the global efforts to develop an efficient and productive alternative renewable energy is driving the global superconducting magnetic energy storage market. According to the International Energy Agency, the global energy investment reached $1.8 trillion in 2017, and a significant amount of this was attracted from the renewable energy sector. Wind energy is considered to be one of the most prominent renewable energy sources. It is being used as alternative energy in various continents. As per the report from the Windeurope.org, the wind energy capacity of Europe surpassed 160GW in 2017. This was the result of 12,484 MW onshore and 3,154 MW offshore wind turbine installments in 2017. Further, this accumulated energy is parsed through relevant superconducting magnetic energy storage systems to convert it into electric energy. Therefore, the growing demands for SMES systems in the wind energy infrastructure will support the SMES market growth. Similar to wind energy, solar energy is also witnessing a significant capital investment all around the world. According to the International Renewable Energy Agency, the global solar energy investment was evaluated to be $160.8 billion in 2017. Considering the rising opportunities in the solar energy vertical, the demands in the adjacent SMES system market will witness substantial traction in the upcoming years.
Market Competitive Landscape
The companies influencing the superconducting magnetic energy storage market are Fujikura, Hyper Tech Research, ASG Superconductors SpA, American Superconductor Corporation, Super Power In, Bruker Energy & Supercon Technologies, Nexans SA, ASG Superconductors SpA, Luvata U.K., Superconductor Technologies Inc. These companies have been continuously improvising operations and geographical reach to stay ahead of their competitors in the market.
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