Volt/VAr Management Market by Application (Distribution, Transmission, and Generation), Component (Hardware component and Software and Services), End-User (Electric Utility and Industrial), and Region - Global Forecast to 2022
“The volt/VAr management market is projected to grow at a CAGR of 5.73%, from 2017 to 2022.”
The volt/VAr management market is projected to grow from an estimated USD 398.9 million in 2017 to USD 527.1 million by 2022, at a CAGR of 5.73%, from 2017 to 2022. The need to reduce distribution losses and operational costs and optimize power factor, the increasing complexity of distributed energy generation, and rising demand for electricity are driving the market across the world. High initial costs for the deployment of volt/VAr management is a restraint for the market.
“The distribution segment is expected to be the fastest growing volt/VAr management market, by application, during the forecast period.”
The distribution segment is expected to dominate the volt/VAr management market during the forecast period. The rise in the deployment of smart grids and a need to reduce power outages and faults in distribution feeders are the major drivers of the distribution segment of the volt/VAr management market. North America is expected to be the largest and the fastest-growing distribution volt/VAr management market.
“North America: The key market for volt/VAr management.”
North America is the largest market for volt/VAr management, followed by Europe. Reducing power losses would lead to an increase in investments in volt/VAr management. This would also boost the demand for volt/VAr management in North America. The US and Canada are expected to grow at a fast pace during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 35%, Tier 2- 28%, Tier 3- 37%
By Designation: C-Level- 20%, D-Level- 25%, Others- 55%
By Region: North America- 42%, Europe- 22%, Asia Pacific- 18%, Middle East & Africa- 15%, South America- 3%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 1 billion, Tier 2 = USD 1 billion to USD 500 million, and Tier 3 = <USD 500 million
Note: Others includes product engineers, sales managers, regional managers, consultants, and technical experts
The leading players in the volt/VAr management market are ABB (Switzerland), Schneider Electric (France), Siemens AG (Germany), GE (US), and Eaton (Ireland).
For the purpose of this report, the market has been segmented on the basis of application, component, end-user, and region with a focus on industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the volt/VAr management market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the volt/VAr management market
• Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for volt/VAr management across regions
• Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global volt/VAr management market
Why buy this report?
1. The report identifies and addresses key markets for the implementation of volt/VAr management in the power industry, which would help volt/VAr management providers review the growth in demand.
2. The report helps solutions providers understand the pulse of the market and offers insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.