Volt VAR is a management system capable of regulating voltage levels without affecting any operational functions in industries. It can assist grids in achieving optimum efficiency, system losses, and high energy demand. The global Volt VAR management market report compiled by Market Research Future (MRFR) considers the drivers and challenges to affect the industry for the period of 2019 to 2024 (forecast period). The outbreak of the COVID-19 virus and the rules of lockdown on the industry are explored in the report.
Market Scope
The global Volt/VAR management market is expected to grow at 6.50% CAGR during the forecast period. Rising demand for power, focus for reducing transmission/distribution losses, and rising cost of electricity can drive the market demand. Favorable regulations launched by government for ensuring a constant stream of electricity to citizens and lowering the possibility of fluctuations during peak demand can favor the market.
The utilization of Volt/VAR management software for improving current flow and preventing outage of circuits can drive its demand. The control over substations, line voltage regulators, and line capacitor banks can minimize power loss and encourage the use of smart grids. The reduction of load on peak demand in a system and utilization of production capacity can eliminate excessive usage of power and curb expenditure on transmission and distribution systems.
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Regional Analysis
Geographically, the global Volt/VAR management market analyzes regions of Asia Pacific (APAC), South America, North America, the Middle East & Africa (MEA), and Europe.
North America is anticipated to be highly lucrative for the global Volt/VAR management market owing to technological upgrades of components in the transmission distribution process. Large range of applications as well as production of electric cars and huge need for curbing energy costs can drive the regional demand.
APAC is expected to experience heavy demand in the market owing to investments from renewable energy providers and need to curtail surging energy costs in developing economies of India and China. Installation of Volt/VAR systems in various locations for managing power generated will be benefit the market in the event of new renewable energy projects.
Competitive Outlook
Landis+Gyr, GE, Eaton, ABB, Open Systems International, DC Systems, Utilidata, S&C Electric Company, Advanced Control Systems, Beckwith Electric, Siemens, Schneider Electric, and VArentec are key players of the global Volt/VAR management market.
Segmentation
The global Volt/VAR management market has been segmented based on application, component, and end-use.
By application, it is divided into transmission sector and utilities sector.
On the basis of component, the market has been classified into hardware and software & services. The hardware segment dominates the market as various upcoming power generation projects in the renewable as well as conventional power sectors are expected to boost the demand for hardware component during the forecast period. The software & services segment is expected to generate revenue for the market owing to use of developed technologies for tracking peak use of power and subsequent dips. This can be useful in rolling out plans for industries and other corporations capable of affording the power.
By end-use, it comprises industrial and utilities. The utilities segment is likely to gain the lead in the global Volt/VAR management market owing to a surge in renewable energy projects and aims for electrification of infrastructure for catering to electric cars.
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