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Jan 19, 2021 (The Expresswire) —
Increasing demand for power supply and growing urbanization is expected to boost the superconducting magnetic energy storage market share, says Fortune Business Insights in a report, titled “Superconducting Magnetic Energy Storage“Market Size, Share and Industry Analysis, By Type (Low-Temperature, High-Temperature), By Application (Power System, Industrial Use, Research Institution, Others) and Regional Forecast, 2020-2026 the increasing urbanization around the world is predicted to create new growth opportunities for the market.
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Some of the Major Companies in the GlobalSuperconducting Magnetic Energy Storage Market
- Bruker Energy and Supercon Technologies
- Fujikura Automotive America, LLC.
- Southwire Company
- Columbus superconductors
- Sumitomo Electric Group Indonesia
- ASG Superconductors S.p.A.
- Superconductor Technologies.
According to the report, the low temperature superconducting magnetic energy storage systems are predicted to account for a maximum share during the forecast period owing to its operational safety compared to high temperature superconducting magnetic energy storage systems. Based on the application, the superconducting magnetic energy storage systems market is divided into power systems, industrial use, research institutions, and others. The increasing power demand and constructions of new grids to cater to the need is predicted to augment the growth of the segment.
The study offers valuable insights into the superconducting magnetic energy storage market size. It reveals potential threats and critical drivers, impacting the market’s growth trajectory. It offers exclusive data and analysis on various aspects of the market. It is aimed to assist stakeholders in getting a bird’s eye view of the market. It contains a summary of the latest industry developments and profiles some of the leading companies operating in the market. Using industry-leading analytical tools, it provides data on the strengths and weaknesses of key players and the impact of strategies adopted by them.
Installation of Superconducting Drive Chain Generator by Ecoswing to Spur Sales Opportunities
The installation of a superconducting drive chain generator on its existing wind turbine by Ecoswing is predicted to boost the superconducting magnetic energy storage market trends. For instance, in November 2018, Ecoswing announced the installation of a superconducting drive chain generator on its existing large scale modern wind turbine in Denmark to replace the permanent magnet generator. Envision has also partnered in this project granted by the European Commission. Furthermore, the announcement of china’s large scale energy storage capacity is expected to create lucrative growth opportunities in the market. For instance, in October 2017, China announced its plans to expands its large scale energy storage capacity using renewable sources of energy. With these projects going underway, the government will also launch its pilot projects to test advances in energy storage, which will include superconducting magnetic energy storage using the lead-acid and lithium-ion batteries. Additionally, the growing population and urbanization is expected to propel the superconducting magnetic energy storage market revenue during the forecast period.
However, technical barriers faced during the manufacturing and operation of these energy storage systems are predicted to hamper the growth of the market. Moreover, the high capital cost is also predicted to restrict the growth of the superconducting magnetic energy storage market share in the forthcoming years.
Smart Grids and Manufacturing Capacities to Accelerate Growth in North America
Geographically, the global superconducting magnetic energy storage market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific holds the largest market share owing to the rising population and increasing energy demand. Inclination towards cleaner sources of energy, flourishing electronics industry, upcoming smart grids, and the excellent manufacturing capacities in countries like China, India, Japan, South Korea will further enable growth in Asia Pacific. North America is expected to witness significant growth during the forecast period owing to the increasing power demand in the region. Europe is predicted to grow considerably in the forthcoming years. New technological advancements and increasing emphasis on renewable sources for power generation to bolster growth in Europe.
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1. By Type
2. By Application
- Power System
- Industrial Use
- Research Institution
3. By Geography
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
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Major Table of Content For Superconducting Magnetic Energy Storage Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Superconducting Magnetic Energy Storage Market Analysis, Insights and Forecast, 2026
- North America Superconducting Magnetic Energy Storage Market Analysis, Insights and Forecast, 2026
- Europe Superconducting Magnetic Energy Storage Market Analysis, Insights and Forecast, 2026
- Asia Pacific Superconducting Magnetic Energy Storage Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Superconducting Magnetic Energy Storage Market Analysis, Insights and Forecast, 2026
- Latin America Superconducting Magnetic Energy Storage Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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