Today with the advancing technology whereby everything needs energy for proper functioning, superconducting magnetic energy storage systems aims at saving and storing energy to avoid any energy wastage. Superconducting magnetic energy storage systems is a system that stores energy in a magnetic field which is created by the direct flow of current by the way of a superconducting coil that is cooled to the room temperature cryogenically, below its superconducting critical temperature.
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In order for any electricity grid to function effectively and efficiently, energy storage is of utmost importance, because it provides stability and flexibility. Each day where on one hand the demand for electricity is at a hike, to complement it in order to cope up with the need to save energy in power sector, superconducting magnetic energy storage systems market at a global level is rising too.
Use of superconducting magnetic energy storage systems ensures recharge and discharge of energy in a shorter period without degrading the magnet andwith minimum energy losses.
These systems are thereby considered of great importance for short term energy saving purposes.
Market driving factors
- One of the major market driving factors fueling the growth of the market industry of superconducting magnetic energy storage systems is the rising concern and awareness among the people regarding demand of green, economic and eco friendly storage systems.
- The growing adoption of distributed energy solutions is promoting the market growth too.
- Depletion of fossil fuels is working for the good of market industry of superconducting magnetic energy storage systems too.
- Increasing consumption of renewable resources is helping in market growth as well.
- Rising demand for cost effective and advanced energy storage systems technologies also complement the market growth of this industry.
- The technological advancements in superconducting materials used in superconducting magnetic energy storage systems is influencing the market positively.
Restraints to market growth
- Availability of close substitutes always prove out to be a threat to any prominent market industry, the same goes for superconducting magnetic energy storage systems market industry too. Availability of substitutes like compressed air energy storage hinders the growth of the market industry.
- Since the costs of assembling superconducting magnetic energy storage systems turn out to be in large numbers, thereby the market price for the sores up too resulting in a declining demand for the same in the market.
Although there are many regions associated with superconducting magnetic energy storage systems market globally including Asia Pacific, Europe, North America and Rest of the world. But Asia Pacific is expected to witness highest association with this market because of the availability of most market driving factors in this region along with government support.