ID: MRFR/E&P/6180-HCR | February 2021 | Region: Global | 111 pages
Volt/VAR Management Market is expected to grow at 6.50% CAGR during the forecast period.
The Volt/VAR Management global Market is projected to grow at a significant growth rate during the forecast period due to recent technological advancement being implemented in the T&D network, across the globe. Also, the changing electricity consumption pattern in the region has led to T&D losses. So, the need to minimize the T&D losses has triggered the need for a proper system to mitigate the losses occurring due to complex electricity T&D network. However, the government of various Asian economies are actively participating in the energy efficiency in the T&D network. The region is also witnessing a lot of investment in the renewable energy sector, which will witness increasing number of Volt/VAR system being installed at different locations. These activities will make Asia-Pacific the fastest growing region of market.
Global Volt/VAR Management Market has been segmented based on application, component, end-use, and region. 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 key players of global Volt/VAR Management Market are ABB, S&C Electric Company, DC Systems, Beckwith Electric, Utilidata, Open Systems International, Landis+Gyr, Advanced Control Systems, Siemens, Schneider Electric, GE, Eaton, and VArentec.
Global Volt Var market:
Volt/VAR is an advanced management system that determines the most appropriate set of control actions for all voltage regulating devices and VAR control devices to achieve more specified operating objectives without violating any of the fundamental operating constraints. Volt/VAR also includes conservative voltage regulation function that is used to calculate and maintain acceptable voltage at the service entrance of all customers served by the feeder under all operating conditions. The primary end users of the Volt/VAR management system are the utilities and industrial applications. Utilities implement Volt/VAR management practices to achieve reduction in either peak demand or energy consumption. The peak demand reduction approach is generally used to reduce load for short duration. The energy consumption approach is usually referred to as conservation voltage reduction (CVR) and is used to reduce energy consumption for an extended period.
Focus on reduction in transmission & distribution (T&D) losses, reducing the operational cost, rising demand for electricity, and complexity of distributed energy generation are some of the major factors driving the Volt/VAR Management Market. In North America, majority of Volt/VAR devices based on hardware and software have been deployed. Moreover, the favorable regulations and incentives to utilities in order to achieve system-wide energy savings and reduce peak demand will also drive the Market, management being an essential part of the entire voltage regulation process.
Global Volt/VAR Management Market is expected to witness a high growth rate during the forecast period due to a rise in demand for efficient power and the use of renewable energy resources. The modern grid is facing various evolutionary changes with regards to the adoption of a number of distributed energy resources. Increased dependence on renewable energy resources results in higher complexity in the grid network, leading to voltage fluctuations. In order to minimize this complexity, electric utility operators focus on adopting a foolproof system, which would help manage these complexities in the system, driving the global Market.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB, S&C Electric Company, DC Systems, Beckwith Electric, Utilidata, Open Systems International, Landis+Gyr, Advanced Control Systems, Siemens, Schneider Electric, GE, Eaton, and VArentec.|
|Key Market Opportunities||Favorable regulations and incentives to utilities|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global Volt/VAR is expected to record a substantial market valuation due to the increasing global consumption of energy.
The global Volt/VAR is projected to register a moderate 6.5% CAGR in the forecast period.
The hardware volt/VAR segment is slated to expand as the fastest-growing segment.
The transmission sectorsegment is slated to expand as the fastest-growing segment.
A few major market players operating in the global Volt/VAR are Utilidata, ABB, DC Systems, S&C Electric Company, Beckwith Electric, among others.