Volt/VAr Management Market Size, Share, Trends, Growth and Forecast 2032

Volt/VAr Management Market Insights

Zion Market Research has published a report on the global Volt/VAr Management Market, estimating its value at USD 90.36 Million in 2023, with projections indicating that it will reach USD 765.66 Million by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 26.8% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Volt/VAr Management industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Introduction

Power failure as well as non-continuous supply of power in the emerging economies has resulted in disruption of activities in factories and has impacted the residential & commercial sectors. Moreover, need for proper distribution of the power has become a need of the hour and hence Volt management – a component of distribution management system – has become an indispensable tool for myriad industries across the globe, most particularly in emerging economies as well as under-developed countries.

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Moreover, network connectivity analysis as well as switching schedules has become a component of various commercial & industrial establishments and this will steer the growth of the market in the years ahead.

Market Growth Dynamics

Massive requirement of proficient operations for reducing loss of power distribution along with optimization of energy factor will steer the growth of volt/VAr management market over the estimated timespan. In addition to this, huge demand for incessant supply of power to industries as well as residences will culminate in need for volt management services over the forthcoming years.  Apparently, the growing significance of load flow as well as load shedding in power sector has resulted in need for proficient voltage management  activities and this in turn is likely to provide impetus to the growth of volt/VAr management market over the years ahead.

Furthermore, inducting of smart grid technology in power sector has raised the complexity of power transformation & distribution systems and this has culminated into huge growth of the market in the recent years.

New Developments In Volt/VAr Management Industry

In August 2020, in the major breakthrough that can influence the growth of Volt/VAr management industry Larsen & Turbo – a construction engineering firm based in India- has sold its electrical & automation business to Schneider Electric, a French-based firm pioneer in the field of energy & automation systems, for INR 14,000 crores.

Furthermore, in a major breakthrough witnessed across the power & energy sector, Landis + Gyr has been awarded contract from Kerrville Public Utility Board for upgrading its utility grids. Such strategic moves are likely to shape the growth of volt/VAr management market in the next couple of years.

Volt/VAr Management Market: Report Scope

North American Market To Witness Massive Surge Over 2024-2032

The expansion of the industry in the sub-continent over forecast timeline is due to growing renewable energy trends in the countries like Canada and the U.S. In addition to this, large number of volt optimization ventures in utility sector is one of the major factors driving the industry growth in North America.

Key players influencing market growth are-

• DVI
• Siemens
• Varentec
• Utilidata
• ABB
• Landis+Gyr
• GE
• Schneider
• Eaton
• Open Systems International

The global Volt/VAr management market is segmented as follows:

By application

• Generation
• Transmission
• Distribution

By components

• Hardware
• Software & services

By end-user

• Electric utility
• Industrial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa