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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.