Volt/VAr Management Market is expected to grow at a robust CAGR

Global Volt/VAr Management Market is expected to grow owing to need for efficient operations to reduce distribution losses and rising demand for electricity throughout the forecast period.

 

According to TechSci Research report, “Volt/VAr Management Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Volt/VAr Management Market is expected to register robust growth during the forecast period. Due to a surge in demand for efficient power and the utilization of renewable energy resources, the Global Volt/VAR Management Market is projected to experience rapid growth throughout the forecast period. The modern grid is undergoing significant evolutionary changes with the deployment of various distributed energy resources. The increased reliance on renewable energy sources leads to a more intricate grid network, resulting in voltage variations. Additionally, factors such as the growing need for electricity, complexity in distributed energy generation, reduced operating expenditure, power factor optimization, emphasis on reducing distribution losses, increased adoption of intelligent grids, technological advancements, and minimized power outages are driving the market's expansion.

The worldwide shift towards smart grids offers a substantial opportunity for Volt/VAr management solutions. These technologies play a vital role in optimizing grid operations, improving power quality, and facilitating bidirectional communication between utilities and consumers. The growing EV charging infrastructure presents a chance for Volt/VAr management solutions to ensure efficient power delivery to charging stations while effectively managing the impact of EV charging on the grid. The incorporation of grid analytics with Volt/VAr management systems empowers utilities to acquire valuable insights into grid performance, facilitating data-driven decision-making and ongoing optimization.

 

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The Global Volt/VAr Management Market is segmented by application, component, end user and region. Based on application, the market is bifurcated into transmission, generation and distribution. Based on component, the market is bifurcated into hardware and software & services. Based on end user, the market is bifurcated into electric utility and industrial. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Based on Component, Hardware segment is projected to dominate the market throughout the forecast period. products. Advancements in sensor technology have led to the development of highly accurate and reliable sensors, which often incorporate communication capabilities for real-time data transmission to control centers. The utilization of advanced communication protocols, such as Ethernet and 5G, has significantly enhanced data transfer speeds and reliability. Moreover, the integration of IoT (Internet of Things) technologies has bolstered communication capabilities in Volt/VAr management systems. The implementation of advanced control algorithms and automation technologies has greatly improved the precision and responsiveness of control devices, enabling rapid adjustments to voltage and reactive power levels in response to grid disturbances. To ensure the integrity and confidentiality of grid data, cybersecurity hardware continues to evolve, employing critical hardware-based security measures. The progress in processing power and machine learning algorithms has empowered edge computing devices to autonomously make more sophisticated grid control decisions. 

Based on application, Indoor Networking segment is projected to dominate the market throughout the forecast period.

Key market players in the Global Volt/VAr Management Market are: -

• ABB Limited
• Beckwith Electric Co., Inc.
• Eaton Corporation
• General Electric Company
• Landis+Gyr AG
• Open Systems International, Inc.
• Schneider Electric SE
• Siemens AG
• Utilidata, Inc.
• Varentec, Inc.

 

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“North America is expected to be the dominating region during the forecast period. Utilities in North America are increasingly adopting demand response programs. Volt/VAr management can contribute to optimizing these programs for grid support and energy savings. The growth of EV charging infrastructure in North America presents opportunities for Volt/VAr management to ensure efficient power delivery to charging stations.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Volt/VAr Management Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028 Segmented By Application (Transmission, Generation and Distribution), By Component (Hardware and Software & Services), By End User (Electric Utility and Industrial), By Region, Competition, 2018-2028,” has evaluated the future growth potential of Global Volt/VAr Management Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Volt/VAr Management Market.

 

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