Press release
STATCOM UPS Market - Industry Analysis 2016 - 2024
The economic liberalization of 1991 accelerated the pace of industrialization in India, setting the manufacturing activities in a notable momentum. This change has been the primary growth driver for the whopping energy demand in the country. However, the inconsistency in the supply of energy and the growing pressure of conserving has led to a high adoption of static synchronous compensator STATCOM UPS. The units help in the regulation of voltage and correction of power factor, both of which are essential to the smooth functioning of manufacturing units.
A research report published by Transparency Market Research suggests that the opportunity in the India STATCOM UPS market will be worth US$113.9 mn by 2024 from US$27 mn in 2014, expanding at an impressive CAGR of 16.0% from 2016 to 2024. The rise in the India STATCOM UPS market will be due to the power deficit in the country and the need to save on overall energy consumption.
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IGBT-Based STATCOM UPS to Lead Market
Analysts predict that the ability of STATCOM UPS units to manage voltage fluctuations and harmonic distortions seen in power supplies will boost their demand amongst various industries. For instance, utilities are deploying STATCOM for compensating refining power factor and reactive power in the transmission and distribution network.
The most popular product in the overall market is the insulated gate bipolar transistors (IGBT) STATCOM UPS. By the end of 2024, this product segment is anticipated to hold a share of 88.8% in the India STATCOM UPS market from 78.0% in 2014. The impressive growth of IGBT-based STATCOM UPS will be due to its increasing usage in real and reactive power. Furthermore, it is also being acknowledged as an acceptable technology across various industrial platforms.
Government Initiatives Make a Big Impact
STATCOM UPS systems are used for a wide range of applications such as offshore oil and gas, power distribution, power transmission, steel manufacturing, mining, and automobile manufacturing. The report suggests that long distance power transmission and power substations are significant users of STATCOM UPS as the Indian government is pumping in money to improve power transmission and distribution channels across the country. Furthermore, initiatives such as Make in India will also push the manufacturing movement in India, thereby creating a positive impact on the growth of the India STATCOM UPS market.
The presence of heavy industries such as mining and steel industries is propelling the demand for STATCOM UPS in the eastern and western states of India. Though these regions have been using static VAR compensator (SVC) UPS technology for regulating voltages and power factor correction, they are making a gradual shift towards STATCOM UPS due to the reliable and stable power solutions it offers.
The key players in the India STATCOM UPS market are General Electric India Ltd., Bharat Heavy Electricals Limited (BHEL), NR Energy Solutions India Pvt. Ltd., ABB India Limited, Crompton Greaves Limited, Schneider Electric India Pvt. Ltd., Mitsubishi Electric India Pvt. Ltd., Signotron India Pvt. Ltd., Veeral Controls Pvt. Ltd., and Power One Micro Systems Pvt. Ltd. Research indicates that these players will have to build stronger brand images and make meaningful investments to bring their research and development to fruition to gain a substantial revenue share.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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