The Volt/VAR management (VVM) market has been experiencing steady growth over the past few years, and is expected to continue growing at a CAGR of around 6.50% from 2022 to 2030.
There are several factors contributing to the growth of the VVM market. One major factor is the increasing demand for reliable and efficient power distribution systems, which is driving utilities to adopt advanced VVM solutions. Additionally, the growing adoption of renewable energy sources such as solar and wind power is increasing the need for VVM technologies to manage the variability in power generation.
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The VVM market is also being driven by regulatory mandates aimed at reducing energy consumption and greenhouse gas emissions. Governments and regulatory bodies around the world are implementing energy efficiency standards and regulations, which are encouraging the adoption of VVM solutions.
Furthermore, the increasing adoption of smart grid technologies is expected to drive the demand for VVM solutions. Smart grids enable utilities to better manage their power distribution systems, and VVM technologies play a critical role in optimizing power flow and reducing losses.
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.
