STATCOM UPS Market: NextGen Technological Advancements, Professional Survey & Industry Trends - 2024

This research study analyzes the market for STATCOM UPS in India in terms of revenue (US$ Mn). The STATCOM UPS market has been segmented on the basis of product, application, and geography. The geographical segmentation includes four regions. For the research, 2014 has been taken as the base year, while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional level from 2016 to 2024. The report provides a broad competitive analysis of companies engaged in the STATCOM UPS business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the STATCOM UPS market in India.

These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive analysis of the STATCOM UPS market in India with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the structure and profitability of the market. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition. The report also provides product differentiation for different STATCOM UPS technologies.

The high-level analysis in the report provides detailed insights into the STATCOM UPS business in India. There are currently numerous drivers of the market. The most prominent drivers include growing industrial sector coupled with increasing demand for power. Market attractiveness analysis was carried out for the STATCOM UPS market on the basis of end-use. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.

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The STATCOM UPS market was segmented on the basis of product type (insulated gate bipolar transistor (IGBT) based STATCOM UPS and gate turn off thyristors (GTO) based STATCOM UPS), application (long distance power transmission, power distribution, oil and gas offshore platforms, steel manufacturing, mining, and the automobile industry) and geography. The STATCOM UPS market in India was analyzed across four regions: East India, West India, North India, and South India. Key players in the STATCOM UPS market include Bharat Heavy Electricals Limited (BHEL), ABB India Limited, Crompton Greaves Limited, Schneider Electric India Pvt. Ltd., General Electric India Ltd., Mitsubishi Electric India Pvt. Ltd., Signotron India Pvt. Ltd., Power One Micro Systems Pvt. Ltd., Veeral Controls Pvt. Ltd., and NR Energy Solutions India Pvt. Ltd.

STATCOM UPS Market: By Product

• Gate Turn-Off Thyristors (GTO) STATCOM
• Insulated Gate Bipolar Transistors (IGBT) STATCOM

STATCOM UPS Market: By Application

• Long Distance Power Transmission
• Power Substations
• Oil & Gas
• Steel Manufacturing
• Mining
• Automobile Industry

Relaxing of FDI Regulations Brings in a Ray of Hope for India STATCOM UPS Market, says TMR

Buyers in the India static synchronous compensator (STATCOM) UPS market are giving brand image exceptional importance, prompting companies to differentiate both their offerings and brand value, finds TMR in a new study. This sentiment has percolated to building customer loyalties that are driving STATCOM UPS suppliers in India, thereby pushing players to focus on their branding building. Keeping in line with this trend, while companies such as Bharat Heavy Electricals Limited (BHEL) are focusing on increasing their vendor base to improve competitiveness, others such as ABB India Limited are focusing on product management.

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.

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.

The aforementioned analysis has been substantiated with the research report published by Transparency Market Research. The document titled, “STATCOM UPS Market - India Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 – 2024,” provides a detailed outlook of the market and its impact on the Indian economy.

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STATCOM UPS Market Segment Forecasts up to 2024, Research Reports:TMR

Increasing industrialization coupled with rising electricity demand is boosting the demand for energy management technologies, such as static synchronous compensator (STATCOM) UPS and static VAR compensator (SVC) UPS, in India. Both of these are regulating devices used for power factor correction and voltage regulation across the network. Static VAR compensator (SVC) UPS is considered as a traditional technology, primarily used for controlling the network voltage at its coupling point. However, utilities and industries prefer STATCOM UPS technology over SVC UPS technology on account of its high speed of response and low harmonic emission. Presently, two types of STATCOM UPS technologies are being majorly used: insulated gate bipolar transistor (IGBT) based STATCOM UPS and gate turn-off thyristor (GTO) based STATCOM UPS.

IGBT based STATCOM UPS is the most preferred technology across all the industries and utilities owing to its wide applications in both real power (HVDC) and reactive power (FACTS). Both these STATCOM UPS have applications in long distance power transmission, power distribution, oil and gas offshore platforms, steel manufacturing, mining, and the automobile industry. India has witnessed a significant growth in the manufacturing sector in the last few decades, especially after the introduction of economic reforms in 1991. This has created high demand for electricity. Several companies across industries are exploring all possible technologies for reliable and uninterrupted power supply in order to increase their production. This has augmented the demand for STATCOM UPS technology across the manufacturing industries in India. This technology is also widely used in power transmission and power substations. The Government of India is investing aggressively in developing high-capacity corridors comprising 400 kV & 765 kV lines, HVDC power transmission systems, and upgrading aged transmission infrastructure. STATCOM plays a very crucial role in compensating reactive power and refining power factor across the transmission network. In the next five years, investments of almost US$ 50 Bn are expected in the transmission sector. Such investments would drive the growth of STATCOM UPS market in the near future.

India’s STATCOM UPS market has been analyzed in terms of revenue (US$ Mn). Additionally, the market has been segmented on the basis of product type (IGBT based STATCOM UPS and GTO based STATCOM UPS), application (long distance power transmission, power distribution, oil and gas offshore platforms, steel manufacturing, mining, and automobile industry), and geography. IGBT based STATCOM UPS held the largest share in India’s STATCOM UPS market in terms of product type in 2014. However, in application segment, power substation led the STATCOM UPS market in terms of revenue in 2014.

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The STATCOM UPS market has been segmented into four regions: East India, West India, North India, and South India. West India, with states such as Maharashtra, Gujarat, and Chhattisgarh, accounted for the highest share in India’s STATCOM UPS market in 2014. The market in East India is expected to witness significant growth due to economic development and increasing industrial activities in Orissa and Jharkhand. Key players in India’s STATCOM UPS market are Bharat Heavy Electricals Limited (BHEL), ABB India Limited, Crompton Greaves Limited, Schneider Electric India Pvt. Ltd., General Electric India Ltd., Mitsubishi Electric India Pvt. Ltd., Signotron India Pvt. Ltd., Power One Micro Systems Pvt. Ltd., Veeral Controls Pvt. Ltd., and NR Energy Solutions India Pvt. Ltd.

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