Superconducting Power Cables Market Growth Opportunities, Trends, Industry Analysis, And Forecast To
Superconducting Power Cables Market: Introduction
Transparency Market Research delivers key insights on the global superconducting power cables market. In terms of revenue, the global superconducting power cables market is estimated to expand at a CAGR of 4.71% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global superconducting power cables market.
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Superconducting Power Cables Market: Dynamics
Distributed generation is the process of generating electric power closer to the site, where power is consumed. In comparison with centralized power plants, distributed generation systems are typically small in size. Distributed generation systems are commonly installed for residential and agricultural purposes; however, their application is not limited to just residential and agricultural purposes. Wind turbines ranging from 5KW installed capacity for household applications to wind turbines of multi-megawatt capacity for industrial applications can be connected to local distribution systems. According to the U.S. Department of Energy, approximately 44% buildings (residential, commercial, as well as industrial) can install distributed wind system and achieve distributed generation of electricity in the U.S. Companies are focusing on reducing the turbine cost and improving overall performance efficiency for faster adoption of distributed generation by wind sources.
Distributed generation also offers monetary benefits: the consumer who owns the asset generates the electricity for his own consumption and can sell the surplus electricity units to centralized utility providers. In traditional grid operations, high-voltage transmission lines transmit the electricity from the centralized power plant to end-consumers. In this process, transmission losses take place. Consumer also needs to pay extra cost for the shipping of energy. Distribution generation enables generation of electric power closer to the site where it is going to be consumed; thus, it lowers the electricity power bill and eliminates the extra cost of shipping the energy. Greater distance between centralized power plants and end-consumers leads to more transmission losses. Hence, distributed generation can be an effective way to generate electricity at remote locations where electricity cannot be supplied by utility providers due to the constraint of distance. In distributed generation process, the electricity is generated closer to the site where it is going to consumed; thus, application of superconducting power cables for transmission of electricity would save upon the construction cost, while high efficiency transmission of electricity would enhance the monetary benefits for the consumer who would be installing it. Thus, the usage of superconducting power cables in distributed generation is likely to boost the superconducting power cables market.
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Superconducting Power Cables Market: Prominent Regions
North America accounts for a key share of the global superconducting power cables market. The U.S. dominates the superconducting power cables market in North America. Seven distinct power sectors operate in the U.S. These sectors are operated by an independent system operator (ISO) or regional transmission organization (RTO). ISO/RTO manages the transmission infrastructure in its service territory; administers markets for energy and ancillary services; and is responsible for ensuring that system reliability requirements established by NERC are fulfilled. Roughly 66% of the total energy demand in the U.S. comes under territories served by an ISO/RTO. However, large portions of the western and southeastern U.S. are not served by an ISO/RTO.
Europe is one of the key regions of the superconducting power cables market. This can be ascribed to a rise in investments in the development of clean technologies such as solar and wind for power generation. The implementation of stringent regulations to limit GHG emissions from power generation facilities is a key factor driving the utilization of renewable resources in electric generation facilities. Several countries in the region also offer incentives and financial assistance to promote the adoption of renewable resources. These incentives include feed-in tariff, quota-based tradable green certificates, investment subsidies, and tax cuts. Increase in proportion of renewable energy sources in the electricity system is leading to complexities in the electricity grid. This is anticipated to create lucrative opportunities for the superconducting power cables market.
Asia Pacific holds a large share of the global superconducting power cables market in 2020. This trend is expected to continue during the forecast period due to an increase in investments for expansion and development of grid network in the region. The increase in demand for electricity, primarily in rural areas, is an indispensable factor, driving the grid operator’s investment in designing of electrical grid. According to Enerdata, consumption of electricity in Asia Pacific increased from 8,611 TWh in 2014 to 10,446 TWh in 2018. Steady economic growth, rapid urbanization, and improvement in in standard of living are some of the key factors boosting the demand for electricity in Asia Pacific. This, in turn, is augmenting the market in the region.
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Superconducting Power Cables Market: Key Players
Key players operating in the global superconducting power cables market are Furukawa Electric, MetOx Technologies, Inc., Bruker, American Superconductor (AMSC), LUVATA, PJSC FGC UES, LS Cable & System Ltd., Advanced Conductor Technologies LLC, NEXANS, and NKT A/S.
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