Voltvar Management Market
PUBLISHED: 2023 ID: SMRC22305
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Voltvar Management Market

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

4.1 (42 reviews)
4.1 (42 reviews)
Published: 2023 ID: SMRC22305

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $536.40 MN

Projected Year Value (2028)

US $846.49 MN

CAGR (2022 - 2028)

7.9%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

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

Largest Market

North America

Highest Growing Market

Asia Pacific

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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o 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

Table of Contents

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

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

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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