CHICAGO, July 11, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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 distribution segment is expected to hold the largest share of the Volt/VAr Management Market, by application, during the forecast period.
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.
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The hardware segment is expected to dominate the Volt/VAr Management Market, by component, in 2018.
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 for volt/VAr management during the forecast period.
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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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Volt/VAr Management Market. 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.
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