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Global Superconducting Magnetic Energy Storage Systems (SMES) Market 2008-2012
Infiniti Research Limited, June 2009, Pages: 11
According to Technavio, the global SMES market is expected to reach $214.5 million by 2012, from $115.3 million in 2008.
“Energy arbitrage and environmental concerns are compelling companies to focus their R&D programs towards developing better and clean technology,” says one of the TechNavio experts, who also adds that the highest demand for SMES devices comes from the Utilities industry.
The report states that the current SMES systems have a low energy storage capability, and are able to deliver stored power for a small interval of time. However, large scale applications such as that of the substation have high energy requirements. Thus, demand from these large scale applications is compelling vendors to develop SMES system with an increased power storage capacity.
Superconducting Magnetic Energy Storage Systems (SMES) are devices that are capable of storing energy in the magnetic field (The magnetic field is created by the flow of direct current in a superconducting coil, which has been cryogenically cooled to a temperature below its superconducting critical temperature). The SMES systems are capable of releasing stored energy instantaneously, and are useful for short duration energy storage.
Presence of energy storage devices such as capacitors, batteries, flywheel energy storage (FES) systems, the Superconducting Magnetic Energy Storage Systems (SMES) systems, and compressed air energy storage (CAES) are making the Energy Storage Devices Market highly competitive. This increase in competition is forcing vendors of SMES systems to explore new markets such as frequency regulation and energy delivery network.
The highest demand for SMES devices comes from the Utilities industry. This industry is facing a pressure due to increase in load growth and customers demand for improved power quality and reliability. Also, the players of the utility industry are demanding for cost effective, energy efficient and reliable energy storage devices. SMES systems are able to offer such advantages; thus, SMES are becoming significant in utility applications.
The report by TechNavio Insights forecasts the size of the Global Superconducting Magnetic Energy Storage Systems (SMES) Market over the period 2008-2012. Further, it discusses the key market drivers, market trends, challenges of the Global Superconducting Magnetic Energy Storage Systems (SMES) Market, and profiles some of the key vendors of this market.
The author specializes in deep dive custom research for leading Fortune 500 companies. The company conducts more than 200 market intelligence projects every year. TechNavio is the company’s market intelligence platform. TechNavio Insights is a series of 400+ reports based on this market intelligence platform.
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