Volt/VAr Management Market Worth $568 Million by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 11, 2019 /PRNewswire/ -- According to the new market research report "Volt/VAr Management Market by Application (Distribution, Transmission, and Generation), Component (Hardware and Software and Services), End-User (Electric Utility and Industrial), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Volt/VAr Management Market is estimated to be worth USD 427 million in 2019 and is projected to reach USD 568 million by 2024, growing at a CAGR of 5.9%, during the forecast period. The market is set to grow due to a focus on the reduction of electricity losses in power distribution, a need to optimize power factor, and rising electricity demand.

The distribution segment is expected to hold the largest share of the Volt/VAr Management Market, by application, during the forecast period.

The distribution segment is driven by investments in smart grids and a need to reduce power outages and faults in distribution feeders. Upcoming plans for upgrading the existing infra and new T&D projects in economies such as the US, China, India, the UK, France, Spain, Norway, Denmark, Belgium, and Ireland are expected to boost the Volt/VAr Management Market growth during the forecast period.

Browse in-depth TOC on "Volt/VAr Management Market"

63 – Tables

28 – Figures  

124 – Pages  

Ask for PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=8948284

The hardware segment is expected to dominate the Volt/VAr Management Market, by component, in 2018.

Based on the component, the hardware segment is expected to grow at the fastest rate from 2019 to 2024 due to a need to reduce system-wide losses and minimize the distribution system & customer voltage variations. The increasing number of substation automation projects will drive the market during the forecast period.

North America is expected to be the leading market for volt/VAr management during the forecast period.

The Volt/VAr Management Market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The North American market is expected to lead the Volt/VAr Management Market during the forecast period. Increasing investments in renewable energy and volt/VAr optimization projects in the utility sector are the key factors driving the Volt/VAr Management Market in North America.

Speak to Analyst:

https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=8948284

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Volt/VAr Management Market. Some of the key players in the Volt/VAr Management Market include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), GE (US), Eaton (Ireland), Open System International (US), Utilidata (US), Varentec (US), and Landis+Gyr (Switzerland). The leading players are adopting various strategies to increase their shares in Volt/VAr Management Market.

Related Reports:

Power Management System Market by Type (Hardware, Software, Services), Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls), End-User (Oil & Gas, Marine, Metals & Mining, Data Centers), and Region - Global Forecast to 2022

Electrical SCADA Market by Architecture (Hardware, Software, and Services), Component (Master Terminal unit, Remote Terminal unit, Human Machine Interface), Application (Generation, Transmission, and Distribution), and Region - Global Forecast to 2022

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/volt-var-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/Volt-VAr-Management.asp 

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg