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Market Scenario
Market Research Future (MRFR), in its latest report sheds light on the impact of COVID-19 pandemic in the global Volt/VAR management market 2020. MRFR study shows that the Volt/VAR management market can rise at 6.50% CAGR in the forecast period 2017 to 2024.
The growing focus on the need to curb transmission and distribution (T&D) losses, cut operational cost, boost in the demand for electricity, and increase in the complexity of distributed energy generation are observed as major factors that can drive the expansion of the Volt/VAR management market in the years to come.
Across the review period, the growing utility of Volt/VAR devices across numerous sectors can prompt the expansion of the world market of Volt/VAR management market in the near future. In addition, the presence of favorable regulations and government incentives to achieve system-wide energy savings can boost the expansion of the Volt/VAR management market growth in the years to come.
Market Segment
The segment study of the Volt/VAR management market is based on application, end-user, and component.
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The application based segments of the Volt/VAR management market are distribution sector and transmission sector. The component based segments of the Hardware Volt/VAR management market are voltage regulators, software & services, smart sensors, capacitor banks, and others. The end-use market segments are industrial and utilities.
The hardware segment can gain high traction due to the growing utility of Volt/VAR management hardware in the upcoming power generation projects. The application of Volt/VAR management in both renewable and conventional power sectors can promote the Volt/VAR management market growth in the assessment period. The increase in utilities application of Volt/VAR management due to industrialization and rise in urban population base can boost expansion of the world market in the near future. The distribution sector is the high end–user of Volt/VAR management solutions. This can contribute to the promotion of the Volt/VAR management market across the assessment period.
Detailed Regional Study
The regional study of the Volt/VAR management market is done across major economies of the world. MRFR study shows that the Volt/VAR management market in North America is projected to rise at significant growth rate in the study period. It is due to modern technological advancements that are being deployed in the T&D network, across the world. The change in electricity consumption pattern throughout the region can result in T&D losses. The rise in to curb T&D can trigger the need for effective system to mitigate these losses that occur due to complex electricity T&D network. The wider range application of Volt/VAR management solutions across North America can boost the expansion of the regional market. In the Asia Pacific region, the active participation of government in different Asian economies due to the rise in the need for energy efficiency in the T&D network can bolster the regional market. The regional market is observed to witness heavy investment from energy providers in the renewable energy sector. This is observed to increase the number of Volt/VAR system installation in different locations. The rise in these activities can make Asia Pacific the region to experience the fastest expansion of the Volt/VAR management market.
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Key Players
MRFR profiled some reputed players operating in the Volt/VAR management market. They were identified on the basis of origin and regional establishments, products and developments, and financial aspects of the market.
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