Global Volt/VAR Management Market: Detailed Analysis by Latest Trends, Emerging Size, Share, Sale and Forecast to 2024
Volt/VAR Management Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of volt/var management market by component (hardware, software services), application (distribution, transmission, generation), end-use (electric utility, industrial) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the volt/var management market it includes the five years Industry analysis and the 6 years annual forecast from to 2024. Some of the prominent participants in the global volt/var management market are 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 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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Reduction in Transmission and Distribution Losses are the Major Factor Driving the Growth of the Volt/VAR Management Market
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 occur 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.
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North America Dominated the Volt/VAR Management Market
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, the US and Canada are projected to grow over the rapid pace over the upcoming years.
Volt/VAR Management Market: Segmentation
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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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the volt/var management.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.