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Volt/VAR Management Market (Component - Hardware and Software, and Services; Application - Distribution, Transmission and Generation; End Use - Electric Utility and Industrial; Region - North America, Europe, Asia-Pacific, and Rest of the World): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024

  • Published : August, 2018

  • Rep Id : EIM0150

  • Category : Energy, Mining and Infrastructure

  • Status : Published

This report provides exclusive insights into the COVID-19 impact on the Volt/VAR Management Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Volt/VAR Management Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Volt/VAR Management Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.

A recent report published by Infinium Global Research on Volt/VAR management market provides in-depth analysis of segments and sub-segments in global as well as regional Volt/VAR management market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional Volt/VAR management market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global Volt/VAR management market. According to the report the global Volt/VAR management market is projected to grow at a CAGR of 5.7% over the forecast period of 2018-2024.


Volt Management Market

 

Market Insight

Volt/VAR technologies are mostly used by the power industry to reduce electric lines losses and increase grid efficiency. The distribution grid is inefficient. This inefficiency leads to wasted electricity, unnecessary generation, wasted money, and harmful CO2 in the atmosphere. The main function of the Volt/VAR management is to enhance the voltage control, integration of grid storage and integration of distributed energy resources and renewables. The important benefit of Volt is that they are able to optimize power factor such that the utility has to generate less power to satisfy the demand of its customers. This further reduces environmental impact and CO2 footprint.


Reduction in transmission and distribution losses are the major factor driving the growth of the Volt/VAR management market. The transmission and distribution losses in the electricity sector occur when the amount of electricity generated is greater than the amount of electricity delivered to end-users. In addition, Lower Operational Costs, reduction in environmental impact of energy delivery and increased renewable power generation is projected to boost the growth of the Volt/VAR management market. The integration of renewable generation is done to reduce carbon emissions and emissions of other air pollutants through increased use of renewable energy and other clean distributed generation. However, high initial costs are likely to restrain the growth of the Volt/VAR management system during the forecast period. Furthermore, using intelligent electronic devices and advanced algorithms can now control the voltage levels in real time to optimize the power flows as well as reduce energy consumption. This, in turn, is anticipated to create several growth opportunities for the Volt/VAR management market over the upcoming years.


Among the geographies, North America dominated the Volt/VAR management market owing to the Increasing investments in smart grids, and advanced distribution management systems followed by Europe. Moreover, the US and Canada are projected to grow over the rapid pace over the upcoming years.

 

Segment Covered

The report on global Volt/VAR management market covers segments such as component, application, and end-user. On the basis of component the global Volt/VAR management market is categorized into hardware and software and services. On the basis of application the global Volt/VAR management market is categorized into distribution, transmission, and generation. On the basis of end user the global Volt/VAR management market is categorized into electric utility and industrial.

 

Geographic Coverage

The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period.

 

Companies Profiled:

The report provides profiles of the companies in the global Volt/VAR management market such as Schneider Electric, GE, ABB, Siemens AG, Eaton Corporation, DVI, Beckwith Electric Co., Inc., Advanced Control Systems, S&C Electric Company, and Volt/VAR Management.

 

Report Highlights:

The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global Volt/VAR management market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of Volt/VAR management market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the Volt/VAR management market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the Volt/VAR management market to understand the present and future trends in this market and formulate their strategies accordingly.


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