Global Statistics on STATCOM UPS Market Conditions and Research Study, 2023-2033

Global Statistics on STATCOM UPS Market

Global Statistics on STATCOM UPS Market

Major players profiled in the report include General Electric, Bharat Heavy Electricals Limited (BHEL), NR Energy Solutions, ABB India Limited, Crompton Greaves

NEW YORK CITY, NEW YORK, UNITED STATES, January 23, 2023 /EINPresswire.com/ -- Introduction: Global STATCOM UPS Market

The Global STATCOM UPS Market is set to experience robust growth over the forecast period, according to a new market analysis. STATCOM (Static Synchronous Compensator) is an advanced form of power-electronic based shunt compensation device that is used in power systems for voltage regulation and stabilization. STATCOMs are gaining traction in the industrial sector due to their ability to reduce harmonic distortion, improve power factor, provide dynamic reactive support and enhance system stability. Increasing investments toward development of efficient and reliable power supply systems are expected to drive demand for STATCOM UPS products in the coming years.

Further, a growing focus on developing energy-efficient solutions along with increasing investments towards renewable sources of electricity will also fuel market growth over the forecast period.

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Regional Analysis: North America, Europe, Asia Pacific

The global STATCOM UPS market is projected to grow in North America, Europe, and Asia Pacific. In North America, the United States has been expected to account for the largest regional share of the STATCOM UPS market due to increased investments in renewable energy sources such as wind and solar. As a result, there is an increasing demand for STATCOM UPS systems that are used in power transmission networks. Furthermore, rising electricity prices have pushed domestic companies towards reliable and efficient solutions that help manage energy consumption better.

In Europe, countries such as Germany and France are investing heavily into modernizing their existing infrastructure which has boosted the need for STATCOM UPS systems. Additionally, various government initiatives have been launched to promote adoption of these devices across the region leading to a surge in demand.

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Market Dynamics: Drivers, Restraints

The global STATCOM UPS market is driven by various factors. The significant rise in demand for efficient electrical grids and the need to reduce power outages has propelled the growth of the market. Additionally, increasing investments in renewable energy sources coupled with government initiatives to promote energy efficiency have also boosted the growth of this market.

On the other hand, high capital costs and operational complexities associated with these systems are hindering their adoption, thus acting as restraints on this market. The lack of awareness among people regarding these systems is another major factor limiting its penetration in certain regions across the globe. Moreover, stringent regulations related to electricity distribution are further hampering its growth in mature markets like Europe and North America.

Impact of COVID-19 on Global Market

The COVID-19 pandemic has had a devastating impact on the global STATCOM UPS Market. The sudden and unprecedented rise in cases of the virus resulted in wide-scale lockdowns, the closure of manufacturing units, and disrupted supply chains worldwide. This in turn caused a sharp decline in production and sale of STATCOM UPS globally.

Furthermore, distribution channels for these products came to a standstill due to travel restrictions that were imposed by multiple governments around the world. This has further dented consumer demand for STATCOM UPS as customers are unable to physically visit retail stores for purchases. In addition, the mounting financial pressure on consumers is resulting in reduced spending power which is another major factor curtailing growth prospects of this market.

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Key Market Segments
Type

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

Application

Power Substations
Automobile Industry
Oil & Gas
Mining

Key Market Players included in the report:

General Electric
Bharat Heavy Electricals Limited (BHEL)
NR Energy Solutions
ABB India Limited
Crompton Greaves Limited
Schneider Electric
Mitsubishi Electric
Signotron India
Veeral Controls
Power One Micro Systems

Conclusion

The global STATCOM UPS market is rapidly growing due to the increasing need of reliable and quality power supply. Uninterruptible Power Supply (UPS) systems have become an essential part of modern power continuity solutions, providing increased reliability and efficiency. The Static Synchronous Compensator (STATCOM) UPS technology is being adopted as a reliable and cost-effective alternative for managing power quality problems in order to ensure uninterrupted operations in data centers, industrial processes, transportation networks, and many other applications.

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