DUBLIN, Feb. 27, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
The global volt/VAr management market is estimated to be USD 398.9 Million in 2017 and is projected to reach USD 527.1 Million by 2022, growing at a CAGR of 5.73%, from 2017 to 2022.
The need for efficient operations to reduce distribution losses and optimize power factor, distributed energy generation complexity, and rising demand for electricity are driving the market for volt/VAr management across the globe.
The volt/VAr management market has been segmented based on application into generation, transmission, and distribution. The distribution segment is expected to be the largest due to the increasing number of smart grid projects and rising electricity demand from the residential sector.
The volt/VAr management market has been segmented based on component into hardware and software and services. The hardware segment is estimated to hold the largest share of the market during the forecast period. Upcoming power generation projects in the non-renewable and renewable power segments and transmission and distribution projects in economies such the US, the UK, France, Ireland, Norway, India, and China are expected to boost the demand for hardware components during the forecast period.
The volt/VAr management market has been segmented, by end-user, into electric utility and industrial. The electric utility segment is estimated to hold the largest market share by 2022. Increased investments in distributed power generation renewable energy sources such as solar and wind and implementation of volt/VAr management projects for voltage and power optimization are expected to drive the electric utility segment during the forecast period.
The volt/VAr management market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America is expected to dominate the volt/VAr management market during the forecast period. Increasing investments in smart grids, advanced distribution management systems, and the transmission and distribution market is driving the volt/VAr management market in North America. The figure below shows the market sizes and CAGRs for the year 2022 in various regions.
The major factor restraining the growth of the market is the high initial cost for deploying volt/VAr management.
Some of the leading players in the volt/VAr management market include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), GE (US), Eaton (Ireland), Open System International (US), Utilidata (US), Varentec (US), and Landis+Gyr (Switzerland).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Volt/VAr Management Market, By Application
7 Volt/VAr Management Market, By Component
8 Volt/VAr Management Market, By End-User
9 Volt/VAr Management Market, By Region
10 Competitive Landscape
11 Company Profiles
- ABB
- Advanced Control Systems
- Beckwith Electric
- Dc Systems
- DVI
- Eaton
- GE
- Landis+Gyr
- Open Systems International
- S&C Electric Company
- Schneider Electric
- Siemens
- Utilidata
- VArentec
For more information about this report visit https://www.researchandmarkets.com/research/hm9ljq/voltvar?w=5
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SOURCE Research and Markets
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