Global Volt/VAr Management Market Scenario:
The global volt/VAr management market is estimated to be worth USD 427 million in 2019 and is projected to reach USD 568 million by 2024, growing at a CAGR of 5.9%, during the forecast period. The market is set to grow due to a focus on the reduction of electricity losses in power distribution, a need to optimize power factor, and rising electricity demand.
The volt/VAr management market comprises several stakeholders such as energy utility companies, government & research organizations, institutional investors, investors/shareholders, transmission, distribution, & generation companies, vendors of volt/VAr hardware components, volt/VAr hardware manufacturing companies, volt/VAr software development companies.
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The distribution segment is expected to hold the largest share
The distribution segment is driven by investments in smart grids and a need to reduce power outages and faults in distribution feeders. Upcoming plans for upgrading the existing infra and new T&D projects in economies such as the US, China, India, the UK, France, Spain, Norway, Denmark, Belgium, and Ireland are expected to boost the volt/VAr management market growth during the forecast period.
The hardware segment is expected to dominate the volt/VAr management market, by component
Based on the component, the hardware segment is expected to grow at the fastest rate from 2019 to 2024 due to a need to reduce system-wide losses and minimize the distribution system & customer voltage variations. The increasing number of substation automation projects will drive the market during the forecast period.
North America is expected to be the leading market
The volt/VAr management market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The North American market is expected to lead the volt/VAr management market during the forecast period. Increasing investments in renewable energy and volt/VAr optimization projects in the utility sector are the key factors driving the volt/VAr management market in North America.
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Leading key players:
Some of the key players in the volt/VAr management market include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), GE (US), Eaton (Ireland), Open System International (US), Utilidata (US), Varentec (US), and Landis+Gyr (Switzerland). The leading players are adopting various strategies to increase their shares in volt/VAr management market.