23 September 2019
Volt/VAr Management Market Report 2019-2029: Forecasts by Application (Distribution, Transmission and Generation), Component (Hardware and Software and Services), End-User (Electric Utility and Industrial), by Region and Analysis of Leading Companies indicates that the Global Volt/VAr Management Market was valued at $ 800 billion by 2029
The functioning of industrial, residential and commercial units may be disrupted by power outages. Over the previous decade, worldwide company losses due to energy outages have seen an exponential rise. This is mainly owing to various industries ' stellar dependence on electricity supply. Machine learning induction and responsive automation techniques have also developed humongous demand for electrical energy. For recognized sectors and industries, therefore, the existence of a distribution management system has become indispensable. Volt / VAr management has gained enormous popularity throughout the industrial sector as a subset of distribution management system.
The market for volt / VAr management is segmented into generation, transmission, and distribution based on application. Due to the growing amount of smart grid projects and growing demand for electricity from the housing industry, the distribution segment is anticipated to be the largest.
Increased incorporation of renewable energy, improvements in the distribution technologies energy efficiency and system voltages, and decrease in the environmental impact of energy supply drive the development of the global market for Volt / VAR systems. The need for high initial expenses, however, hinders market growth. Enhanced power efficiency provides significant market expansion opportunities.
The end-user volt / VAr management market is divided into electrical and industrial utilities. The segment of electric utilities is expected to hold the biggest market share by 2029. Increasing investment in distributed power generation for renewable sources such as solar and wind and the execution of volt / VAr management initiatives for voltage & energy optimization is anticipated to drive the section of electrical utilities over the forecast era.
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The functioning of industrial, residential and commercial units may be disrupted by power outages