The Volt/VAR management market has seen significant technological advancements in recent years. Some of the key technologies that have been developed and adopted by the industry include:
Distribution management systems (DMS): DMS platforms are used to monitor and control grid operations, including Volt/VAR management. DMS systems allow utilities to analyze data in real-time and optimize grid performance.
Advanced analytics: Advanced analytics techniques, such as machine learning and artificial intelligence, are used in Volt/VAR management to analyze data and identify patterns, which can be used to optimize grid operations.
Advanced sensors: Advanced sensors, such as phasor measurement units (PMUs), are used to monitor grid operations in real-time, providing utilities with accurate and timely data on grid performance.
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Dynamic Volt/VAR control: Dynamic Volt/VAR control technologies use advanced algorithms to optimize voltage and reactive power levels in real-time. This can help to reduce energy losses and improve grid efficiency.
Distributed energy resources (DER) integration: DER integration technologies allow utilities to manage the integration of renewable energy sources, such as solar and wind, into the grid. This can help to improve grid stability and reduce energy losses.
Internet of Things (IoT) integration: The integration of IoT technologies into Volt/VAR management systems allows for remote monitoring and control, as well as predictive maintenance and troubleshooting. This can help to prevent downtime and reduce maintenance costs.
Volt/VAR Management Market Analysis:
Volt/VAR Management Market is expected to grow at 6.50% CAGR during the forecast period.
Segmentation:
The global Volt/VAR management market has been segmented based on application, component, and end-use.
By application, it is divided into transmission sector and utilities sector.
On the basis of component, the market has been classified into hardware and software services. The hardware segment dominates the market as various upcoming power generation projects in the renewable as well as conventional power sectors are expected to boost the demand for hardware component during the forecast period. The software services segment is expected to generate revenue for the market owing to use of developed technologies for tracking peak use of power and subsequent dips. This can be useful in rolling out plans for industries and other corporations capable of affording the power.
By end-use, it comprises industrial and utilities. The utilities segment is likely to gain the lead in the global Volt/VAR management market owing to a surge in renewable energy projects and aims for electrification of infrastructure for catering to electric cars.
Competitive Outlook:
Landis+Gyr, GE, Eaton, ABB, Open Systems International, DC Systems, Utilidata, SC Electric Company, Advanced Control Systems, Beckwith Electric, Siemens, Schneider Electric, and VArentec are key players of the global Volt/VAR management market.
