STATCOM UPS Market to Account for US$113.9 mn in Revenue by 2024; India Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024: TMR

May 31, 2016, 08:30 ET from Transparency Market Research

ALBANY, New York, May 31, 2016 /PRNewswire/ --

Transparency Market Research has released a new market report titled, "STATCOM UPS Market - India Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024. According to this report, India's STATCOM UPS market was valued at US$27 mn in 2014 and is projected to reach US$113.9 mn by 2024 at a CAGR of 16.0% from 2016 to 2024.

Traditionally, static VAR compensator (SVC) UPS technology has been widely used to overcome voltage fluctuations and power factor correction. However, since the past few years, utilities and industries are preferring static synchronous compensator (STATCOM) UPS over static VAR compensator (SVC) UPS owing to its high speed of response and low harmonic emission. STATCOM UPS play a vital role in compensating reactive power and voltage regulation across the network. They are widely used in long distance power transmission, power distribution, oil and gas offshore platforms, steel manufacturing, mining, and the automobile industry.

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Presently, two types of STATCOM UPS are primarily used by utilities and industries: 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 application in both real power (HVDC) and reactive power (FACTS). Industries across the country are facing huge losses on account of inconsistent power supply from utilities. Voltage fluctuations and harmonic distortion are the most common problems in every state which are hampering manufacturing operations of several heavy industries. Therefore, many companies across industries are exploring various technologies for reliable and uninterrupted power supply in order to enhance their production.

This has resulted in increase in demand for STATCOM UPS across various manufacturing industries. For utilities, STATCOM plays a vital role in compensating reactive power and refining power factor across the transmission and distribution network. Government of India's various initiatives, such as Ujwal Discom Assurance Yojana (UDAY), to improve the operation and financial efficiency of state-owned electricity distribution companies would augment the demand for STATCOM UPS across utilities in the near future.

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The market of the STATCOM UPS in India has been 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. IGBT based STATCOM UPS held the largest share in the STATCOM UPS market in India in terms of product type in 2014.

However, by application, power substation led the STATCOM UPS market in terms of revenue in 2014.  Key players in the STATCOM UPS market in India 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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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

STATCOM UPS Market: By Region 

  • East India
  • West India
  • North India
  • South India

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend 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.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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