Superconducting Magnetic Energy Storage Market is Led by North America

(MENAFN- P&S Intelligence) The superconducting magnetic energy storage market was USD 57.2 billion in 2023, which will increase to USD 100.1 billion, with an 8.4% CAGR, by 2030.

Additional factors that would result in industry expansion include the improved performance of these systems over primitive technologies like high efficiency, better life cycle, fast response, low maintenance, and high-power density.

Transportation sector electrification is also a key factor that assists the industry’s expansion. Governments are offering subsidies to decrease the adverse effects of fossil-fuel-driven automobiles on the environment, which is boosting the move toward EVs. Furthermore, people are gradually realizing the importance of keeping the environment clean and green.

The low-temperature SMES category, based on type, was the largest contributor to the superconducting magnetic energy storage market in 2023, with a 60% share.

North America led the industry in 2023, with a 50% share, because of the mounting energy utility network. The increase over the years is because of high wind, hydroelectricity production, and solar. Moreover, in the U.S., research & development is being commenced to enhance SMES systems, to meet the mounting electricity needs, incorporate renewable power sources, and stabilize the grid.

APAC will propel at the highest rate, of 8.9%, during this decade. This will be because of the rising accessibility of renewable resources, thriving electronics sector, growing power demand, and robust manufacturing facilities of China, India, Japan, and South Korea.

With the rise in investments in the utilities sector, the superconducting magnetic energy storage industry will continuously grow in the coming years.

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