Static synchronous compensator (STATCOM) refers to a regulating device used widely for voltage regulation and power factor correction across the electricity transmission networks. In the last few years, India has witness rapid industrialization, owing to which there has been a high demand for electricity and innovative energy management technologies. The growing demand for electricity requires devices to regulate voltage and offer continuous power supply. Static VAR compensator (SVC) UPS and static synchronous compensator (STATCOM) UPS are the two major regulating devices used across the country.
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SVC UPS is one of the traditional technologies, majorly used to control the network voltage at its coupling location. However, at present, industries and utilities are inclined towards STATCOM UPS technology, owing to the low harmonic emission and high speed of response. In 2014, the STATCOM UPS market in India was worth US$27 mn and is expected to reach a value of US$113.9 mn by the end of 2024. This market is anticipated to register a progressive 16% CAGR between 2016 and 2024.
Growing Need for Uninterrupted Power Supply to Drive STATCOM UPS Market in India
Several industries across India are facing enormous losses due to inconsistent supply of power from utilities. Harmonic distortion and voltage fluctuations are some of the major problems in nearly each state in India, resulting in the obstruction of several manufacturing operations in heavy industries. As a result, companies are looking to introduce new and innovative technologies for uninterrupted and reliable power supply to boost their production capacities.
At present, the major types of STATCOM UPS technologies used in India are:
Among these types, the IGBT-based STATCOM UPS accounts for the largest share in STATCOM UPS market in India, due to its growing demand across several utilities and industries. The rapid growth of this segment can be attributed to its wide application in reactive power (FACTS) and real power (HVDC). Thus, there has been a substantial growth of the India STATCOM UPS market in diverse production industries. The diverse applications of STATCOM UPS include the automotive industry, oil and gas offshore platforms, long distance power transmission, mining, power distribution, and steel manufacturing.
Increasing Government Initiatives to Offer Electricity across India to Propel STATCOM UPS Market
From the utilities viewpoint, STATCOM plays a crucial role in compensating refining power and reactive power factor in distribution and transmission networks. Several initiatives have been taken by the Government of India, including Ujwal Discom Assurance Yojana, to enhance the financial and operational efficiency of state-owned distribution companies. These are projected to bolster the growth of the STATCOM UPS market across utilities in the coming years.
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The growing participation of the government to encourage the use of these devices has encouraged several players to enter the India STATCOM UPS market and gain a competitive advantage in the next few years. Some of the prominent players engaged in the market are Schneider Electric India Pvt. Ltd., Crompton Greaves Limited, Mitsubishi Electric India Pvt. Ltd., Veeral Controls Pvt. Ltd., Bharat Heavy Electricals Limited, Power One Micro Systems Pvt. Ltd., General Electric India Ltd., Signotron India Pvt. Ltd., NR Energy Solutions India Pvt. Ltd., and ABB India Limited.