TMR - STATCOM UPS Market Revenue Predicted to Grow by 2024
The leading players will also have to focus on improving their manufacturing facilities and increasing their research and development investments to gain a stronger footing in the Indian market, TMR recommends.
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Industrialization Indicates a Meteoric Rise for the STATCOM UPS Market
A TMR analyst reported, “The economic liberalization of India since 1991 has put the country in a race to achieve better GDPs, improve employment rate, and create an independent success story.” Over time, these reforms have accelerated manufacturing activities in the country and set in a noteworthy momentum to industrialization, thereby creating a huge demand for energy.
The need for several companies spread across India to achieve a reliable and an uninterrupted source of energy has been the primary growth driver for the STATCOM UPS market. The STATCOM UPS market is anticipated expand as growing number of flexible AC transmission systems (FACTS) projects are underway in Andhra Pradesh, Gujarat, and Karnataka.
Poor Awareness About STATCOM UPS Benefits Plays Dour Restraint
The biggest restraint in the India STATCOM UPS market is the poor awareness of its benefits amongst industries. This issue can be attributed to the infancy of the STATCOM UPS market and the small and medium-sized companies that do not have the knowledge about the benefits these systems can provide over conventional technologies. These restraints are also being complicated by the high costs of installations that are dissuading large scale manufacturers from adopting these UPS systems.
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FDIs to Turn the Tables with Excellent Opportunities
As the policies on foreign direct investments (FDI) are being relaxed, India is expected to witness a boom in the manufacturing sector in the forecast period. STATCOM UPS players have taken a cue from this recent development o keep up with the mammoth energy demand to cater to the ambitions of the manufacturing hubs spread across India. Therefore, the growth in manufacturing activities of India will lead to a profitable opportunity for STATCOM UPS market in the near future.
TMR findings indicate that opportunity of the STATCOM UPS market in India will be worth US$113.9 mn by 2024 from US$27 mn in 2014, surging at a CAGR of 16.0% from 2016 to 2024. This growth will be attributable as the evolution of India evolves as an important manufacturing hub in the world. For instance, the automobile industry, a significant application segment of the overall market, will expand at a 15.9% CAGR all through 2024. The need to speed up automobile production to cater to the global demand will encourage the adoption of STATCOM UPS in Indian automobile market.
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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.
Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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