Peak of Industrialization Creates UPS Demand in India
As India finds itself on the verge of an industrial makeover, the country is exhibiting a great demand for power supply. The weakest link in this situation, however, is that the country’s energy mix largely depends on fossil fuels. The high cost of these fossil fuels and the irregularities in the supply of energy have left several industrial verticals in a lurch, bringing down their productivity by about 10% every day.
According to a research report published by Transparency Market Research, these dynamics of the energy market have created a huge stir amongst manufacturers and industry honchos to seek smooth power supply solutions. Citing these reasons, Transparency Market Research states that the India regenerative uninterruptible power supply market has a huge scope in the foreseeable future.
According to the research report, the opportunity in the India regenerative UPS market will be worth US$163.11 mn by 2024 from US$76.86 mn in 2015. Between the 2016 and 2024, the overall market is anticipated to rise at a CAGR of 8.7%. The impressive growth of this market will be attributable to the relentless growth of the Indian economy and the steady prospect of its financial future. The rampant industrialization that needs the constant power supply will steer the growth of this market.
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Ability to Conserve Energy Lures in Companies to Spend on UPS Systems
The unique selling point of regenerative UPS systems is their ability to conserve energy for a nation that has been battling the energy crisis since long. Given these factors, the regenerative converter is the top selling product in the overall market. Installation of these units not only ensures an uninterrupted supply but also allows a seamless manufacturing experience. The report suggests that regenerative converter UPS units are also being considered by end users such as the oil and gas industry, pharmaceutical industry, and the food and beverage industry as they prevent the machinery from being damaged.
Despite the shining future of the India UPS market, the heavy installation costs and the capital-intensive nature of this equipment are shadowing the market. The failure to see the long-term benefits of installing UPS units such as improving operational efficiency are also contributing towards hampering this market from realizing its full potential. Furthermore, the undeterred entry of counterfeit UPS units into the Indian market are also preventing the possible growth options of this market.
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South Zone to Flourish in Comparison with Other Regions
Regionally, the south zone of India is expected to show a remarkable support for the growth of the India UPS market. Besides being the most developed region in the country, it has huge manufacturing hubs. The south zone has a strong presence of key automobile manufacturers, textile industries, chemical companies, and several food and beverages players as well. Adoption of energy conservation measures by these companies is going propel the India UPS market in the forecast period.
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The chief operating players in the India UPS market are Genesis Power Equipments Limited, Hitachi Hi-Rel Power Electronics Pvt. Ltd., Riello PCI India Pvt. Ltd., SU-KAM Power Systems Ltd., and Bonfiglioli Transmissions Pvt. Ltd. amongst others. To create a mark amongst the consumers, these companies will have to cater to the specific needs of their clients by customizing their solutions.