Global Superconducting Magnets Market 2017-2021

Overview of the global superconducting magnets market

Technavio’s market research report predicts that the global superconducting magnets market will grow steadily during the next four years and post an impressive revenue of almost USD 4 billon by 2021. Th trend of energizing the large-scale wind power with compact superconductor-based generators will be one of the primary drivers for market growth. The development of taller and more powerful wind turbines offer a larger return on investments (ROI). For instance, a 10% raise in tower height leads to a 33% growth in available energy. Off-shore wind turbines offer better potential when it comes to electricity generation. Therefore, the need for excessive moorings and support structures has risen. The only substitute to wind turbines that generate a power of 10MW and higher are the superconducting generators since these generators offer improved results compared to heavy conventional solutions. This will in turn, fuel the grwoth of the market superconducting magnets market.

The rising significance of superconducting magnetic energy storage (SMES) systems is one of the latest trends that will drive the growth of the market in the future. The market for SMES systems is predicted to intensify due to the rising adoption of distributed utilities. Public and private organizations are funding SMES research projects and numerous universities and labs are concentrating on the development of enhanced devices based on this technology. Vendors are investing in the development of improved SMES systems with larger power storage capacities to keep up with the boosting demand for large-scale energy storage applications.

Competitive analysis and key vendors