DUBLIN--(BUSINESS WIRE)--The "Volt/VAr Management Market by Application (Distribution, Transmission, and Generation), Component (Hardware and Software and Services), End-User (Electric Utility and Industrial), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The volt/VAr management market is expected to grow from an estimated market size of USD 427 million in 2019 to USD 568 million by 2024, at a CAGR of 5.9% during the forecast period.
The need to reduce distribution losses & operational costs to optimize power factor, the increasing complexity of distributed energy generation, and the rising demand for electricity are driving the market across the world. High initial costs for the deployment of volt/VAr management is a restraint for the market.
The volt/VAr management market is dominated by a few major players that have an extensive regional presence. The leading players in the volt/VAr management market are ABB (Switzerland), Eaton (Ireland), GE (US), Schneider (France), Siemens (Germany), Landis+Gyr (Switzerland), DVI (US), Open Systems International (US), Utilidata (US), and Varentec (US).
The distribution segment, by application, is expected to be the fastest-growing market from 2019 to 2024
The distribution segment is expected to dominate the volt/VAr management market during the forecast period. The rise in the deployment of smart grids and a need to reduce power outages & faults in distribution feeders are the primary drivers of the distribution segment of the volt/VAr management market. North America is expected to be the largest and the fastest-growing distribution volt/VAr management market.
The hardware segment, by component, is expected to be the largest market from 2019 to 2024
The hardware segment is expected to hold the largest market share during the forecast period. This segment is expected to grow at a steady pace due to the need for efficient power generation and flow operations by integrating volt/VAr optimization, substation automation, advanced distribution management, and fault detection.
Electric utility is expected to be the largest end-user segment of the market from 2019 to 2024
Electric utility accounted to be the largest market for Volt/VAr management as the service helps utilities in providing the appropriate voltage to end-consumers at optimal power factor to minimize losses. The power demand is expected to increase significantly in economies such as China, India, and the US, which is expected to boost the demand for volt/VAr management during the forecast period.
North America: The key market for volt/VAr management
North America is the largest market for volt/VAr management, followed by Europe. Reducing power losses would lead to an increase in investments in volt/VAr management. This will also boost the demand for volt/VAr management in North America. The US and Canada are expected to grow at a fast pace during the forecast period.
- Rising Need to Reduce T&D Losses
- Growing Investment in Distributed Generation & Increasing in Renewable Power Generation
- Increasing Demand for Reliable & Secure Power Network Worldwide
- Optimizing Power Factor and Low Operational Cost
- High Initial Cost of Installation
- Modernization of Aging Power Infrastructure
- Low Acceptance Level of the Deployment of Volt/VAr Management in Developing Countries
- Advanced Control Systems
- Open Systems International
- Beckwith Electric
- DC Systems
- S&C Electric Company
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