Global Volt/VAR management Market was valued US$ 427 Mn in 2017 and is expected to reach 685 Mn by 2026, at a CAGR of 6.09 % during a forecast period.
Global Volt-VAR management Market
Global Volt/VAR management Market: Overview
Voltage/VAR management technologies are applied by the power industry to decrease electrical line victims and rise grid productivity. Voltage/VAR management or control is significant for the presentation of electrical utility, like capacity to deliver power within appropriate voltage limits for proper operation of consumer equipment and to minimize losses. Volt/VAR Management market increased renewable power integration, improvement in energy efficiency and system voltages within the distribution system which drive the expansion of global Volt/VAR system market during forecast period.
Global Volt/VAR management Market: Drivers and Restraints
Improved renewable power integration, enhancements in energy efficiency and system voltages within the distribution system, and decrease within the environmental impact of energy delivery which drive the expansion of the global Volt/VAR systems market. Though, demand of high initial prices hampers the market growth but increased energy efficiency offers a major opportunity for market growth during forecast period.
- Decrease in Transmission & Distribution Losses
- Enhancing Power Factor
- Lower Operational Costs
On the other hand, the major restraint of Volt/VAR Management market is high initial cost which delay the demand for market share during forecast period.
Global Volt/VAR management Market: Segment Analysis
On the basis of the end-user, the electric utility segment is anticipated to grip the largest market share by 2026. Growing investments in circulated power generation for renewable sources such as solar and wind and the implementation of volt/VAR management projects for voltage & power optimization are predicted to initiative the electric utility segment during the forecast period.
Global Volt/VAR management Market: Regional Analysis
In the geographical area, North America is the largest market for volt/VAR management, followed by Europe which lead to increase the demand for volt/VAR management market during forecast period. Reducing power losses would lead to a rise in investments in volt/VAR management which would boost the demand for volt/VAR management in North America.
The objective of the report is to present comprehensive assessment projections with a suitable set of assumptions and methodology. The report helps in understanding Global Volt/VAR management market dynamics, structure by identifying and analyzing the market segments and projecting the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, growth strategies, and regional presence. To understand the market dynamics and by region, the report has covered the PEST analysis by region and key economies across the globe, which are supposed to have an impact on market in forecast period. PORTER’s analysis, and SVOR analysis of the market as well as detailed SWOT analysis of key players has been done to analyze their strategies. The report will to address all questions of shareholders to prioritize the efforts and investment in the near future to the emerging segment in the Global Volt/VAR management market.
Scope of Global Volt/VAR management Market
Global Volt/VAR management Market, by Application
- Distribution
- Transmission
- Generation
Global Volt/VAR management Market, by Component
- Hardware
- Software
- Services
Global Volt/VAR management Market, by End-User
- Electric Utility
- Industrial
Global Volt/VAR management Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Key players operating in the Global Volt/VAR management Market
- ABB
- Eaton
- GE
- Schneider
- Siemens
- Landis+Gyr
- DVI
- Open Systems International
- Utilidata
- Varentec
- Silver spring networks
- Beckwith electric co., Inc.
- Gridco systems
- S&c electric company
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