The report “Volt/VAr Management Market by Application (Distribution, Transmission, and Generation), Component (Hardware component and Software and Services), End-User (Electric Utility and Industrial), and Region – Global Forecast to 2022”, The global volt/VAr management market is estimated to be USD 398.9 Million in 2017 and is projected to reach USD 527.1 Million by 2022, growing at a CAGR of 5.73%, 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.
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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 upgradation 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 demand for volt/VAr management during the forecast period.
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The hardware segment is expected to dominate the volt/VAr management market, by component, in 2017.
Based on component, the hardware segment is expected to grow at the fastest rate from 2017 to 2022. This segment is expected to grow at a steady pace due to a need to reduce system-wide losses and minimize distribution system and 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 with respect to 5 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, by region. Increasing investments in renewable energy and volt/VAr optimization projects in the utilities sector are the key factors driving the volt/VAr management market in North America.
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The report’s target audience includes:
• Volt/VAr management companies
• Electric utility players
• Renewable energy power generation players
• Engineering, procurement, and construction companies in the transmission and distribution sector
• Government and research organizations
• Power transmission and distribution companies
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. These 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 trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.