PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1209883

PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1209883

Volt/VAR Management Market Forecasts to 2028 - Global Analysis By Component (Software & Services and Hardware), Application (Transmission, Generation and Distribution), End User (Industrial and Electric Utility) and Geography

PUBLISHED: January 1, 2023

PAGES: 175+ Pages

DELIVERY TIME: 2-3 business days

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According to Stratistics MRC, the Global Volt/VAR Management Market is accounted for $536.40 million in 2022 and is expected to reach $846.49 million by 2028 growing at a CAGR of 7.9% during the forecast period. Volt/VAR management lowers energy loss by reducing reactive power flows, maintaining voltages within the limits, and also limiting peak power by lowering voltage. The first step towards modernised grid automation is fault awareness of the medium voltage and low voltage grid. It improves voltage control and increases network hosting capacity.

According to IEA (International Energy Agency), the worldwide energy demand grew by 4% (900 TWH) in 2018. The highest amount of energy was consumed by industrial segment of around 8945 TWH in 2017 as compared to 8699 TWH in 2016.

Market Dynamics:

Driver:

Rising demand for efficient distribution and energy management in the electrical sector

The market for volt/VAR management is being driven by rising power demand. Manufacturers have raised the bar for innovation as a result of the electrical industry's need for efficient distributed energy management. In 2019, EcoStruxure Power, an architecture tool from Schneider Electric, was released. The solution is intended to increase the stability, efficiency, and resilience of electric industry micro grids. The emergence of Schneider's product heightened non-price competition throughout the market, inspiring many other manufacturers to commit to developing new products.

Restraint:

High installation costs

Depending on the procedure type, VVO costs and benefits vary. The installation of equipment and systems for voltage control and VAR management requires additional capital investments as well as operating and maintenance costs. To reduce fuel costs and emissions from reduced fossil-fired generating, increase the real-power capacity of impacted feeders, postpone capital enhancement projects for generation, transmission, and distribution, and lower fuel prices.

Opportunity:

Increasing focus on load flow of electricity

Network connectivity analyses and switching schedules are necessary for large industrial and commercial units. Volt/VAR management systems must be implemented by industrial leaders as a result of this. Voltage management has been required in a Variety of sectors as the G20 works to develop a highly coordinated electrical industry. Therefore, the existence of a booming industry for electrical network and voltage monitoring is not a misconception.

Threat:

Limited capacity

Volt-VAR has attained a lot of interest because it does not require generation curtailment. However, household-scale PV inverters are sized (kVA) to handle the panels' maximum active power generation (kW). They have a limited capacity to absorb reactive power (kVAR) during times of high generation because active power generation is typically given priority. Analysis shows that Volt-VAR control fails when reactive power is most needed when taking into account Various Volt-VAR curves and PV penetrations. Reactive power also raises currents and, consequently, asset utilisation.

COVID-19 Impact:

The pandemic severely harmed all electrical and electronics businesses. Power is necessary for economic expansion, especially in emerging markets. Achieving SDG 7 (Achieving Sustainable Development Goals), which aims to ensure that everyone has access to reliable, affordable, sustainable, and modern energy, is necessary for the accomplishment of many other SDGs, including those pertaining to sustainable cities, industry, sustainable health, and education.

The distribution segment is expected to be the largest during the forecast period

Due to the increased deployment of smart grids and the need to reduce power outages and faults in distribution feeders, the distribution segment of the volt/VAR management market is anticipated to dominate the worldwide market during the forecast period. Furthermore, increase in demand of electricity from residential sector might propel the market in this segment.

The electric utility segment is expected to have the highest CAGR during the forecast period

Because the service helps utilities supply the proper voltage to end-consumers at the ideal power factor to minimise losses, the electric utility segment accounted for the highest growth rate during the forecast period in the Volt/VAR management market. Additionally, in economies like China, India, and the US, the demand for power is anticipated to rise significantly over the forecast period, which is anticipated to increase the need for volt/VAR management.

Region with largest share:

Due to technological advancements of components used in the transmission and distribution process, North America is predicted to hold the largest market share during the period of the forecast for the global Volt/VAR management market. Furthermore, the regional demand may be influenced by a wide range of applications, the manufacture of electric vehicles, and the pressing need to reduce energy costs.

Region with highest CAGR:

Because of significant market demand brought on by investments from renewable energy providers and the need to contain rising energy prices in developing economies like India and China, Asia Pacific is anticipated to grow lucratively during the forecast period. Additionally, in the event of new renewable energy projects, installing Volt/VAR systems in various locations for managing power generated will benefit the market in this region.

Key players in the market

Some of the key players in Volt/VAR Management market include Open Systems International, ABB, GE Company, Schneider, S&C Electric Company, Advanced Control System, Eaton, Siemens, Utilidata, DVI, Landis+Gyr, Beckwith Electric, VArentec and DC System.

Key Developments:

In June 2019, ABB was awarded a power transmission contract by the State Grid Corporation of China (SGCC). The company plans to use high-voltage equipment such as breakers to safeguard the grid from disruptive failures and capacitor banks to improve the quality of the energy supply, extending product life and lowering losses.

In February 2019, Schneider Electric released the Ecostruxure Power 2.0. EcoStruxure Microgrid Operation is used in the latest EcoStruxure Power architecture to control Distributed Energy Resources (DER) and protection systems for better microgrid stability and efficiency increasing the Volt/VAR Management Market.

Components Covered:

Software & Services
Hardware

Applications Covered:

Transmission
Generation
Distribution

End Users Covered:

Industrial
Electric Utility

Regions Covered:

North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
South America
- Argentina
- Brazil
- Chile
- Rest of South America
Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa

What our report offers:

Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscaping mapping the key common trends
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Product Code: SMRC22305

1 Executive Summary

2 Preface

2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions

3 Market Trend Analysis

3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis

4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Volt/VAR Management Market, By Component

5.1 Introduction
5.2 Software & Services
5.3 Hardware
- 5.3.1 Load Tap Changer (LTC) Tranformers
- 5.3.2 Capacitor Banks
- 5.3.3 Voltage Regulators
- 5.3.4 Smart Sensors

6 Global Volt/VAR Management Market, By Application

6.1 Introduction
6.2 Transmission
6.3 Generation
6.4 Distribution

7 Global Volt/VAR Management Market, By End User

7.1 Introduction
7.2 Industrial
7.3 Electric Utility

8 Global Volt/VAR Management Market, By Geography

8.1 Introduction
8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa

9 Key Developments

9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies

10 Company Profiling

10.1 Open Systems International
10.2 ABB
10.3 GE Company
10.4 Schneider
10.5 S&C Electric Company
10.6 Advanced Control System
10.7 Eaton
10.8 Siemens
10.9 Utilidata
10.10 DVI
10.11 Landis+Gyr
10.12 Beckwith Electric
10.13 VArentec
10.14 DC System

Product Code: SMRC22305

List of Tables

Table 1 Global Volt/VAR Management Market Outlook, By Region (2020-2028) ($MN)
Table 2 Global Volt/VAR Management Market Outlook, By Component (2020-2028) ($MN)
Table 3 Global Volt/VAR Management Market Outlook, By Software & Services (2020-2028) ($MN)
Table 4 Global Volt/VAR Management Market Outlook, By Hardware (2020-2028) ($MN)
Table 5 Global Volt/VAR Management Market Outlook, By Load Tap Changer (LTC) Tranformers (2020-2028) ($MN)
Table 6 Global Volt/VAR Management Market Outlook, By Capacitor Banks (2020-2028) ($MN)
Table 7 Global Volt/VAR Management Market Outlook, By Voltage Regulators (2020-2028) ($MN)
Table 8 Global Volt/VAR Management Market Outlook, By Smart Sensors (2020-2028) ($MN)
Table 9 Global Volt/VAR Management Market Outlook, By Application (2020-2028) ($MN)
Table 10 Global Volt/VAR Management Market Outlook, By Transmission (2020-2028) ($MN)
Table 11 Global Volt/VAR Management Market Outlook, By Generation (2020-2028) ($MN)
Table 12 Global Volt/VAR Management Market Outlook, By Distribution (2020-2028) ($MN)
Table 13 Global Volt/VAR Management Market Outlook, By End User (2020-2028) ($MN)
Table 14 Global Volt/VAR Management Market Outlook, By Industrial (2020-2028) ($MN)
Table 15 Global Volt/VAR Management Market Outlook, By Electric Utility (2020-2028) ($MN)
Table 16 North America Volt/VAR Management Market Outlook, By Country (2020-2028) ($MN)
Table 17 North America Volt/VAR Management Market Outlook, By Component (2020-2028) ($MN)
Table 18 North America Volt/VAR Management Market Outlook, By Software & Services (2020-2028) ($MN)
Table 19 North America Volt/VAR Management Market Outlook, By Hardware (2020-2028) ($MN)
Table 20 North America Volt/VAR Management Market Outlook, By Load Tap Changer (LTC) Tranformers (2020-2028) ($MN)
Table 21 North America Volt/VAR Management Market Outlook, By Capacitor Banks (2020-2028) ($MN)
Table 22 North America Volt/VAR Management Market Outlook, By Voltage Regulators (2020-2028) ($MN)
Table 23 North America Volt/VAR Management Market Outlook, By Smart Sensors (2020-2028) ($MN)
Table 24 North America Volt/VAR Management Market Outlook, By Application (2020-2028) ($MN)
Table 25 North America Volt/VAR Management Market Outlook, By Transmission (2020-2028) ($MN)
Table 26 North America Volt/VAR Management Market Outlook, By Generation (2020-2028) ($MN)
Table 27 North America Volt/VAR Management Market Outlook, By Distribution (2020-2028) ($MN)
Table 28 North America Volt/VAR Management Market Outlook, By End User (2020-2028) ($MN)
Table 29 North America Volt/VAR Management Market Outlook, By Industrial (2020-2028) ($MN)
Table 30 North America Volt/VAR Management Market Outlook, By Electric Utility (2020-2028) ($MN)
Table 31 Europe Volt/VAR Management Market Outlook, By Country (2020-2028) ($MN)
Table 32 Europe Volt/VAR Management Market Outlook, By Component (2020-2028) ($MN)
Table 33 Europe Volt/VAR Management Market Outlook, By Software & Services (2020-2028) ($MN)
Table 34 Europe Volt/VAR Management Market Outlook, By Hardware (2020-2028) ($MN)
Table 35 Europe Volt/VAR Management Market Outlook, By Load Tap Changer (LTC) Tranformers (2020-2028) ($MN)
Table 36 Europe Volt/VAR Management Market Outlook, By Capacitor Banks (2020-2028) ($MN)
Table 37 Europe Volt/VAR Management Market Outlook, By Voltage Regulators (2020-2028) ($MN)
Table 38 Europe Volt/VAR Management Market Outlook, By Smart Sensors (2020-2028) ($MN)
Table 39 Europe Volt/VAR Management Market Outlook, By Application (2020-2028) ($MN)
Table 40 Europe Volt/VAR Management Market Outlook, By Transmission (2020-2028) ($MN)
Table 41 Europe Volt/VAR Management Market Outlook, By Generation (2020-2028) ($MN)
Table 42 Europe Volt/VAR Management Market Outlook, By Distribution (2020-2028) ($MN)
Table 43 Europe Volt/VAR Management Market Outlook, By End User (2020-2028) ($MN)
Table 44 Europe Volt/VAR Management Market Outlook, By Industrial (2020-2028) ($MN)
Table 45 Europe Volt/VAR Management Market Outlook, By Electric Utility (2020-2028) ($MN)
Table 46 Asia Pacific Volt/VAR Management Market Outlook, By Country (2020-2028) ($MN)
Table 47 Asia Pacific Volt/VAR Management Market Outlook, By Component (2020-2028) ($MN)
Table 48 Asia Pacific Volt/VAR Management Market Outlook, By Software & Services (2020-2028) ($MN)
Table 49 Asia Pacific Volt/VAR Management Market Outlook, By Hardware (2020-2028) ($MN)
Table 50 Asia Pacific Volt/VAR Management Market Outlook, By Load Tap Changer (LTC) Tranformers (2020-2028) ($MN)
Table 51 Asia Pacific Volt/VAR Management Market Outlook, By Capacitor Banks (2020-2028) ($MN)
Table 52 Asia Pacific Volt/VAR Management Market Outlook, By Voltage Regulators (2020-2028) ($MN)
Table 53 Asia Pacific Volt/VAR Management Market Outlook, By Smart Sensors (2020-2028) ($MN)
Table 54 Asia Pacific Volt/VAR Management Market Outlook, By Application (2020-2028) ($MN)
Table 55 Asia Pacific Volt/VAR Management Market Outlook, By Transmission (2020-2028) ($MN)
Table 56 Asia Pacific Volt/VAR Management Market Outlook, By Generation (2020-2028) ($MN)
Table 57 Asia Pacific Volt/VAR Management Market Outlook, By Distribution (2020-2028) ($MN)
Table 58 Asia Pacific Volt/VAR Management Market Outlook, By End User (2020-2028) ($MN)
Table 59 Asia Pacific Volt/VAR Management Market Outlook, By Industrial (2020-2028) ($MN)
Table 60 Asia Pacific Volt/VAR Management Market Outlook, By Electric Utility (2020-2028) ($MN)
Table 61 South America Volt/VAR Management Market Outlook, By Country (2020-2028) ($MN)
Table 62 South America Volt/VAR Management Market Outlook, By Component (2020-2028) ($MN)
Table 63 South America Volt/VAR Management Market Outlook, By Software & Services (2020-2028) ($MN)
Table 64 South America Volt/VAR Management Market Outlook, By Hardware (2020-2028) ($MN)
Table 65 South America Volt/VAR Management Market Outlook, By Load Tap Changer (LTC) Tranformers (2020-2028) ($MN)
Table 66 South America Volt/VAR Management Market Outlook, By Capacitor Banks (2020-2028) ($MN)
Table 67 South America Volt/VAR Management Market Outlook, By Voltage Regulators (2020-2028) ($MN)
Table 68 South America Volt/VAR Management Market Outlook, By Smart Sensors (2020-2028) ($MN)
Table 69 South America Volt/VAR Management Market Outlook, By Application (2020-2028) ($MN)
Table 70 South America Volt/VAR Management Market Outlook, By Transmission (2020-2028) ($MN)
Table 71 South America Volt/VAR Management Market Outlook, By Generation (2020-2028) ($MN)
Table 72 South America Volt/VAR Management Market Outlook, By Distribution (2020-2028) ($MN)
Table 73 South America Volt/VAR Management Market Outlook, By End User (2020-2028) ($MN)
Table 74 South America Volt/VAR Management Market Outlook, By Industrial (2020-2028) ($MN)
Table 75 South America Volt/VAR Management Market Outlook, By Electric Utility (2020-2028) ($MN)
Table 76 Middle East & Africa Volt/VAR Management Market Outlook, By Country (2020-2028) ($MN)
Table 77 Middle East & Africa Volt/VAR Management Market Outlook, By Component (2020-2028) ($MN)
Table 78 Middle East & Africa Volt/VAR Management Market Outlook, By Software & Services (2020-2028) ($MN)
Table 79 Middle East & Africa Volt/VAR Management Market Outlook, By Hardware (2020-2028) ($MN)
Table 80 Middle East & Africa Volt/VAR Management Market Outlook, By Load Tap Changer (LTC) Tranformers (2020-2028) ($MN)
Table 81 Middle East & Africa Volt/VAR Management Market Outlook, By Capacitor Banks (2020-2028) ($MN)
Table 82 Middle East & Africa Volt/VAR Management Market Outlook, By Voltage Regulators (2020-2028) ($MN)
Table 83 Middle East & Africa Volt/VAR Management Market Outlook, By Smart Sensors (2020-2028) ($MN)
Table 84 Middle East & Africa Volt/VAR Management Market Outlook, By Application (2020-2028) ($MN)
Table 85 Middle East & Africa Volt/VAR Management Market Outlook, By Transmission (2020-2028) ($MN)
Table 86 Middle East & Africa Volt/VAR Management Market Outlook, By Generation (2020-2028) ($MN)
Table 87 Middle East & Africa Volt/VAR Management Market Outlook, By Distribution (2020-2028) ($MN)
Table 88 Middle East & Africa Volt/VAR Management Market Outlook, By End User (2020-2028) ($MN)
Table 89 Middle East & Africa Volt/VAR Management Market Outlook, By Industrial (2020-2028) ($MN)
Table 90 Middle East & Africa Volt/VAR Management Market Outlook, By Electric Utility (2020-2028) ($MN)