Growing awareness among consumers about the advantages of using SMES systems is expected to drive market expansion shortly at a CAGR of 12.50% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the “Superconducting Magnetic Energy Storage Market” that contains information from 2018 to 2032. The Superconducting Magnetic Energy Storage Market is estimated to register a CAGR of 12.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Superconducting Magnetic Energy Storage Market— AMSC, Bruker Energy & Supercon Technologies, Fujikura Automotive America, LLC., Southwire Company, Nexans, Columbus superconductors, Sumitomo Electric Group Indonesia, ASG Superconductors S.p.A., ABB, Superconductor Technologies.

Market Highlights

The global Superconducting Magnetic Energy Storage Market is accounted to register a CAGR of 12.50% during the forecast period and is estimated to reach USD 0.20 billion by 2032.

SMES systems are recognized for their exceptional efficiency and swift response capabilities. Their ability to rapidly discharge stored energy makes them well-suited for critical applications, such as enhancing the stability of power grids and bolstering the dependability of energy supply.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Superconducting Magnetic Energy Storage Market Research Report

Segment Analysis

The global Superconducting Magnetic Energy Storage Market has been segmented based on the Type, and Application.

Based on the Type, the market is segmented into Low-Temperature and high-temperature. The Low-Temperature segment was attributed to holding the largest market share in 2022.  The low-temperature category generally encompasses superconductors designed to function at lower temperatures, often achieved through the utilization of liquid helium or other cryogenic cooling techniques. Progress in superconducting materials exhibiting enhanced performance at lower temperatures is poised to drive the expansion of this sector.

Based on the Application, the Superconducting Magnetic Energy Storage Market has been segmented into Power Systems, Industrial Use, Research Institutions, and Others. The Power Systems segment was expected to hold the largest market share in 2022. The growth potential of the Power Systems sector in SMES is anticipated, given its capability to improve the stability and reliability of the power grid. SMES systems exhibit swift responses to fluctuations in power demand and supply, contributing to stability by regulating voltage and frequency—a critical factor in maintaining a dependable power grid.

Regional Analysis

The global Superconducting Magnetic Energy Storage Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe Superconducting Magnetic Energy Storage Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Superconducting Magnetic Energy Storage Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Superconducting Magnetic Energy Storage Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Superconducting Magnetic Energy Storage Market was maintained by the North American regional sector. In Q3 2022, North America demonstrated active engagement in grid modernization endeavors, undertaking a total of 441 actions to enhance the efficiency, reliability, and sustainability of its power infrastructure. Notably, California, New York, Massachusetts, Michigan, Illinois, Connecticut, and Hawaii spearheaded these efforts, followed by New Jersey, Minnesota, Colorado, and New Mexico. Despite a comprehensive tally of 549 policy and deployment actions in the second quarter of 2022, regulatory approvals amounted to only $478.7 million out of the $12.86 billion in investment considerations, as reported by the NC Clean Energy Technology Center. Against this backdrop, Superconducting Magnetic Energy Storage (SMES) systems emerge as strategic contributors to advancing grid stability and flexibility, aligning seamlessly with the overarching goals of modernization initiatives.

Moreover, the Europe market has been persistently growing over the forecast period. Europe has consistently led the way in embracing renewable energy sources, demonstrating a commitment to cleaner energy alternatives. Early estimates from the European Environment Agency (EEA) indicate that in 2022, approximately 22.5% of the EU's energy consumption was derived from renewable sources. This modest increase from 2021 was primarily fueled by robust growth in solar power. The power sector witnessed the highest penetration of renewables, accounting for 40.7% of all electricity generated in the EU, followed by the heating and cooling sector at 23.2%. Renewable energy's share in the transport sector was 8.7%. Given the region's ambitious targets for expanding renewable energy capacity and achieving heightened grid integration, there arises a discernible demand for cutting-edge energy storage solutions like Superconducting Magnetic Energy Storage (SMES). Such technologies play a pivotal role in effectively managing the intermittent and variable nature inherent in renewable energy sources.

Numerous countries across the Asia Pacific region are making substantial investments in renewable energy, particularly in solar and wind projects. Notably, India has achieved the 4th position globally in Renewable Energy Installed Capacity, Wind Power capacity, and Solar Power capacity, according to the REN21 Renewables 2022 Global Status Report. India has set ambitious targets, aiming to produce five million tonnes of green hydrogen by 2030, backed by the development of 125 GW of renewable energy capacity. In this landscape, Superconducting Magnetic Energy Storage (SMES) systems emerge as instrumental assets for businesses operating in the energy sector. These systems can effectively integrate intermittent energy sources, like solar and wind, into the grid by adeptly storing surplus energy during peak production periods and releasing it strategically during high-demand periods.

Furthermore, the rest of the world's Superconducting Magnetic Energy Storage Market is divided into the Middle East, Africa, and Latin America. Some countries in the Middle East, Africa, and Latin America are undergoing significant energy infrastructure development. The need to establish modern and reliable energy systems to support economic growth and urbanization creates opportunities for advanced energy storage solutions like SMES.

Key Findings of the Study

• The global Superconducting Magnetic Energy Storage Market is expected to reach USD 0.20 billion by 2032, at a CAGR of 12.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because Some countries in the Asia-Pacific region face challenges related to grid stability and reliability. SMES systems, with their fast response times and ability to regulate voltage and frequency, can contribute to addressing these concerns and improving overall grid performance.


• Based on type, the low-temperature segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.


• AMSC, Bruker Energy & Supercon Technologies, Fujikura Automotive America, LLC., Southwire Company, Nexans, Columbus superconductors, Sumitomo Electric Group Indonesia, ASG Superconductors S.p.A., ABB, Superconductor Technologies