Press release
Volt/VAr Management Market is Projected to Reach $568 million by 2024 | Leading key players are ABB, Schneider Electric, Siemens, GE, Eaton, Open System International, Utilidata, Varentec, Landis+Gyr
Browse 112 market data Tables and 28 Figures spread through 145 Pages and in-depth TOC on "Volt/VAr Management Market - Global Forecast to 2024"
https://www.marketsandmarkets.com/Market-Reports/volt-var-management-market-8948284.html
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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This research report categorizes the volt/VAr management market based on application, components, end-user, and region.
Based on application, the volt/VAr management market has been segmented as follows:
Generation
Transmission
Distribution
Based on the components, the volt/VAr management market has been segmented as follows:
Hardware
Software & services
Based on end-user, the volt/VAr management market has been segmented as follows:
Electric utility
Industrial
Based on the region, the volt/VAr management market has been segmented as follows:
North America
Europe
Asia Pacific
Middle East & Africa
South America
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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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