Global Volt/Var Management Market - Future Scope Detailed Analysis to 2024
Posted: Dec 20, 2018
Our latest research report entitled Volt/VAr Management Market (by component (hardware, software services), application (distribution, transmission, generation), end-use (electric utility, industrial)) provides complete and deep insights into the market dynamics and growth of Volt/VAr Management. Latest information on market risks, industry chain structure Volt/VAr Management cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Volt/VAr Management growth factors.
The forecast Volt/VAr Management Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Volt/VAr Management on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to report the global Volt/VAr management market is projected to grow at a CAGR of 5.7% over the forecast period of 2018-2024.
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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 occurs 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, US and Canada are projected to grow over the rapid pace over the upcoming years.
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.
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Major Key Players Mentioned in this Premium Report
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.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global Volt/VAr management market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on 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 an insight on 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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