Market Research Future published a research report on “Volt/VAR Management Market Research Report- Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Highlights:
Volt/VAR system is a system concerned with maintaining system voltage while minimizing the power system losses. Proper control of voltage and reactive power throughout the radial distribution system involves integrated control of voltage regulators and capacitor banks. Many utilities are in the process of adopting Volt/VAR for various reasons. These reasons include reduced power consumption by customers through proper voltage regulation, lower environmental emissions, and lesser bills.
On the basis of end-use, the market has been segmented as utilities and industrial. The utility segment is expected to dominate the market during the forecast period due to the increased investments in distributed power generation resources, such as solar and wind and the implementation of Volt/VAR system projects for voltage optimization. Such factors are expected to drive the Volt/VAR market.The global Volt/VAR Management Market is expected to grow at ~ 6.50% CAGR during the forecast period.
The global Volt/VAR Management market is expected to grow at ~ 9.05% CAGR during the forecast period.
Key Players
The key players of global Volt/VAR 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.
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Market Segmentation
This report provides an in-depth analysis of the global Volt/VAR market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Volt/VAR Market by its application, component, end-use, and region.
By Application:
By Component:
By End-Use:
By Regions:
Market Research Analysis
North America is estimated to dominate the market for Volt/VAR
Region wise, North America held the largest market share of the global Volt/VAR market in 2017. The distributed energy resources (DERs) are expected to grow significantly, across the US over the next 5 years. As of 2017, five classes of behind-the-meter DERs, such as distributed solar, small-scale combined heat and power systems, electric vehicles, and energy storage contributed almost 46.4 GW of impact on the US summer peak. By 2023, this figure is expected to be 104 GW of flexible capacity. Moreover, electric utilities engage their customers on the DER front. All these factors are expected to increase the complexities of the distribution network, resulting in voltage imbalance and fluctuations. Moreover, increasing investments in smart grids, advanced distribution management systems, and increasing investment in T&D sector are also expected to witness growth in the Volt/VAR market.
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Table of Content
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