Global Volt/VAr Management Market: Overview
Power outages can disrupt the functioning of industrial, residential, and commercial units. The global business losses due to power outages have witnessed an exponential increase over the past decade. This is majorly due to the stellar reliance of multiple industries on the availability of electricity. The induction of machine learning and responsive automation technologies has also created humongous demand for electrical energy. Hence, the presence of a distribution management system has become indispensable for recognised sectors and industries. Volt/VAr management, as a subset of distribution management system, has gathered immense popularity across the industrial sector.
Network connectivity analysis and switching schedules are a part and parcel of large industrial and commercial units. This factor has made it imperative for industrial heads to induct Volt/VAr management systems. The presence of a supremely coordinated electrical industry across G20 countries has also necessitated voltage control across multiple sectors. Therefore, the presence an affluent sector for electrical network and voltage monitoring in the current times is no fallacy.
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Transparency Market Research (TMR) drafted a report on the global Volt/VAr management market, with an intent to decode the intrinsic factors pertaining to market growth. The changing dynamics of the electrical industry inspired several findings in the report. The relevance of hardware and software components within the electrical industry is a focal point for research within this market.
The global Volt/VAr management market can be segmented on the basis of the following parameters: application, component, end-user, and region. On the basis of application, the use of Volt/VAr for electric generation has gathered traction across the world.
Global Volt/VAr Management market: Notable Developments
The global Volt/VAr management market is abreast with new developments pertaining to research, product launches, and competitor strategies.
- The need for efficient distributed energy management in the electrical industry has compelled electric manufacturers to raise their bar of innovation. An architecture tool called EcoStruxure Power was launched by Schneider Electric in 2019. The system is meant to impart resilience, efficiency, and stability to microgrids in the electric sector. This product launch by Schneider intensified non-price competition across the market as several other vendors resolved to develop new products.
- Contract awards have remained at the helm of the global Volt/VAr management market in the recent past. Kerrville Public Utility Board awarded a contract to Landis+Gyr for modernisation of utility grids. Several powe transmission contracts have also lined this market, and have created lucrative opportunities for key vendors.
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Some other vendors operating in the global Volt/VAr management market are Eaton, ABB, GE, Siemens and Schneider.
Global Volt/VAr Management Market: Growth Drivers
- Load Flow and Load Shedding Applications
The importance of load flow in the electrical industry cannot be undermined, and this factor has generated demand for efficient voltage management. Furthermore, distribution load forecasting has also become a key precept within the industry. The aforementioned trends have helped the vendors in the global Volt/VAr management market to bypass all the odds to growth.
- Increasing Complexity of Electric Grids
The induction of smart grids and technologies has made increased the complexity of distribution systems. This factor has helped in generating value within the global Volt/VAr management market.
Global Volt/VAr Management Market: Regional Outlook
On the basis of geography, the global Volt/VAr management market can be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Volt/VAr management market in Asia Pacific is expanding at the back of improvements in electric grids in India.
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- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
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- Middle East and Africa (GCC, Southern Africa, and North Africa)
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