STATCOM UPS Market to Register Double Digit Growth Rate of 16% CAGR by 2024Over the last decade, rising number of industries and utilities are opting for static synchronous compensator or STATCOM UPS instead of static VAR compensator or SVC UPS. Low harmonic emission coupled with high speed of response is accentuating the expansion of India STATCOM UPS market now and in times to come. Playing a crucial role in voltage control and compensation of reactive power, STATCOM UPS is likely to keep its demand high during the assessment period, from 2016 to 2024. These UPS systems find extensive application in oil and gas offshore platforms, power transmission over a long distance, automobile industry, and mining industries.
Some of the well-established companies operating in the India STATCOM UPS Market are Bharat Heavy Electricals Limited (BHEL), Power One Micro Systems Pvt. Ltd, Schneider Electric India Pvt. Ltd., ABB India Limited, Mitsubishi Electric India Pvt. Ltd., and General Electric India Ltd.
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Transparency Market Research (TMR) has come up with a report on India STATCOM UPS market that delves deeper into the market dynamics and offers a detailed view. Experts at TMR prophesize that the India STATCOM UPS market will register double-digit growth rate of 16% CAGR during the period of assessment, from 2016 to 2024. The market is expected to reach an estimated value of US$ 113.9 mn through 2024.
Increased Industrial Activities to Accentuate Demand in the Marketindia-statcom-market
For the purpose of analysis, the India STATCOM UPS market is split into the principal regions of North India, East India, South India, and West India.
Asia Pacific is one of the rapidly growing regions in the global STATCOM UPS market with India spearheading growth of the market in Asia Pacific. Increased industrial and construction activities demand use of reliable and continuous source of power flow. Given such need, STATCOM UPS comes to rescue offering reliable and constant flow of power. Amongst the regions, it is expected that West India and South India will the country regionally in the India STATCOM UPS market. Such dominance is due to rapid rise in industrial and construction activities in these parts of India.
Lack of Reliable and Uninterrupted Source of Power Spurs Demand for STATCOM UPS
Transmission grids of present days are changing and getting more complicated and difficult to manage. Utilities across the globe are facing various grid challenges like retirement of thermal plants, aged transmission infrastructure, increased demand for power, augmented utilization of renewable sources for power and strict regulations laid down by governments. These challenges pose considerable threat to the stability of power flow making network operators struggle with stability issues under post fault and fault clearing scenarios. Capitalizing on these threats, India STATCOM UPS market is likely to exhibit considerable growth during the assessment period.
Over the last few years, India has seen a surge in industrial activities leading to augmented demand for power and sustainable techniques of energy management. The growing need for devices offering and keeping control over constant supply of power arises out of increasing demand for constant flow of electricity. STATCOM UPS and SVC UPS are two such popular devices that are utilized all over the country.
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Inconsistent supply of power across India has posed threats for many industries, many of which are facing losses due to unavailability of reliable source of power. Voltage fluctuation and total harmonic distortion adversely affect industrial activities in almost each and every state of India causing delay or total stoppage of operations. This has led to organizations exploring new and innovation solutions that would provide reliable and constant supply of power to ramp up its production capabilities. Demand for such power is likely to amplify growth opportunities for India STATCOM UPS market over the assessment period.
In addition to that, government initiatives like Ujwal Discom Assurance Yojana better operational and financial capacity of power distribution systems that are owned by the state. Such initiatives are likely to fuel expansion of India STATCOM UPS market.
The information shared in this review is based on a TMR report, bearing the title, "STATCOM UPS market (Type - Gate Turn-Off Thyristors (GTO) STATCOM and Insulated Gate Bipolar Transistors (IGBT) STATCOM; Application - Long Distance Power Transmission, Power Substations, Oil & Gas, Steel Manufacturing, Mining and Automobile Industry) - India Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024."
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