Factors Driving the Market Growth:
– Load Flow and Load Shedding Applications
The importance of load flow in the electrical industry can not be undermined and demand for effective voltage management has been created by this factor. In addition, the forecasting of distribution loads has also become a main sector precept. The above developments have enabled suppliers in the worldwide Volt / VAr industry to bypass all growth odds.
– Increasing complexity of electric grids
The induction of smart grids and techniques has made distribution systems more complex. This factor has helped to generate value in the worldwide market for managing Volt / VAr.
Factors Restraining the Market Growth:
– High cost of installation
The initial high costs of installation of Volt/VAr management are expected to hinder the growth of the market during the forecast period. Furthermore, the low acceptance level of the development of Volt/VAr management in developing countries is expected to pose challenges for the market.
Market Segmentation 2019-2029:
The Volt/VAr Management Market is segmented on Application, Component, End user, and Regional basis.
– Electric Utility
Focused regional forecasts and analysis explore the future opportunities:
– North America
– Global Volt/VAr management competitive environment is expected to be moderate over the period ranging 2019 – 2029 by virtue of limited manufacturers operating in this industry
– The market competition is expected to be on the basis of new product development and product pricing.
Major Market Players:
ABB, General Electric Company, Schneider Electric, Siemens AG, Silver Spring Networks, Beckwith Electric Co., Inc., Eaton, GRIDCO SYSTEMS, S&C Electric Company, and Varentec.
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CCR Ref number: KD4R6
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