Global Superconducting Magnetic Energy Storage Systems (SMES) Market 2008-201219 Nov 2009 • by Natalie Aster
TechNavio Insights has recently published the report “Global Superconducting Magnetic Energy Storage Systems (SMES) Market 2008-2012.“
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.