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 Report to 2024.
The global volt/var management market is predicted to have a notable growth at 6.50% CAGR over the forecast period (2019-2024). Volt/var management solutions help to reduce the loss of energy by decreasing reactive power flows, reducing peak power through voltage reduction and keep the voltage within limits. Some of its essential functions include conservation voltage reduction, integration of renewables and distributed energy sources, grid storage integration, network re-configuration, and enhanced voltage control. There are ample benefits of using volt/var management solutions such as effective use of the distribution network, augment significant voltage control, boost network hosting capacity, reduce energy losses and improved power supply quality with better voltage profiles.
Various factors are pushing the growth of the Volt/Var Management Market. These factors in accordance to the Market Research Future (MRFR) report include increasing need for electricity, distributed energy generation complexity, reduction in operational expenditure, optimization of power factor, growing emphasis to reduce distribution losses, growing use of smart grids, improved technological advancement, need to reduce power outage and rising government outgoings on power infrastructure. The additional factors boosting the Volt/VAR Management Market growth include growing renewable power generation, decrease in the environmental impact of delivering energy, and lower operational costs and various benefits such as lesser bills, lower environmental emissions, and reduced power consumption through proper voltage regulation. Using advanced algorithms and intelligent electronic devices can help to control the level of voltage in real time for optimizing the flow of power and also reduce the consumption of energy. This, in turn, is predicted to develop several growth opportunities for the market in the coming years.
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Leading players profiled in the volt/var management market include VArentec, Eaton, GE, Schneider Electric, Siemens, Advanced Control Systems, Landis+Gyr, Open Systems International, Utilidata, Beckwith Electric, DC Systems, S&C Electric Company, and ABB.
Feb 2019- Supplier of SIS (smart infrastructure solutions) to water, gas, and electric utilities, Aclara has recently revealed about the expansion of their product line of grid monitoring platform power sensor which operates on the sub-transmission network up to 48kV for increasing visibility beyond the distribution network. As per the company, this smart-grid sensor that is inductively powered will offer accurate discovery of transient events and faults along with measurement capabilities namely real-time voltage, phase angle, power factor and current within 0.5%. Such capabilities support different applications such as monitoring of network interconnections and substations, bi-directional flow of power for distributed generation, power flow modeling, power quality monitoring, fault location, and detection and volt/var optimization.
Market Research Future report offers a wide segmental analysis of the volt/var management market on the basis of the volt/var management market on the basis of application, component, and end-use.
Based on application, the volt/var management market is segmented into the transmission sector and distribution sector. Of these, the distribution segment will have the largest share in the market over the forecast period. This is owing to an increase in the deployment of smart grids coupled with the requirement to reduce power faults and outages in distribution feeders.
Based on the component, the volt/var management market is segmented into software and services, smart sensors, voltage regulators, capacitor banks, hardware, and others. Of these, the hardware segment will domineer the market over the forecast period.
Based on end-use, the volt/var management market is segmented into industrial and utilities. Of these, utilities will have a significant share in the market over the forecast period.
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By region, the volt/var management market covers growth opportunities and latest trends across the Middle East and Africa, South America, Europe, Asia Pacific, and North America. Of these, North America will command the market over the forecast period. In the US, the DERs (distributed energy resources) is predicted to have significant growth across the US in the following five years. Five classes of behind-the-meter DERs in 2017 such as energy storage, electric cars, and distributed solar, small-scale combined power and heat systems contributed about 46.4 GW of impact on US summer peak. This figure by 2023 is predicted to be 104 GW flexible capacity. Also, electric utilities engage customers on DER front. These factors are predicted to boost the distribution network’s complexities leading to voltage fluctuations and imbalance. Besides increasing investment in the T&D sector and smart grids and advanced distribution management systems are projected to register in the global volt/var management market. The US, along with Canada, is predicted to expand at a fast pace over the forecast period. The volt/var management market in the APAC region is likely to register faster CAGR over other regions as it is backed via advanced transmission management system and distributions.
The Key Highlights of the Volt/VAR Management Market
- The report provides key statistics on the market status of the Volt/VAR Management market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
- The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
- The Volt/VAR Management market report presents the company profile, product specifications, capacity, production value, and market shares for key vendors.
- The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
- The report estimates 2019-2024 market development trends of Volt/VAR Management Market.
- The report makes some important proposals for a new project of Volt/VAR Management Industry before evaluating its feasibility.
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