Market Research Report
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
|Published by||MarketsandMarkets||Product code||606105|
|Published||Content info||140 Pages
Delivery time: 1-2 business days
|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|
|Published: February 15, 2018||Content info: 140 Pages||
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 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 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.
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:
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:
*Details on Overview, Strength of Product Portfolio, Business Strategy Excellence, Products Offering, and Recent Developments might not be captured in case of unlisted companies.