The volt/VAr management market is projected to grow from an estimated USD 427 million in 2019 to USD 568 million by 2024, at a CAGR of 5.9% during the forecast period. This market growth is driven primarily by the increasing emphasis on reduction of distribution losses, optimization of power factor, cutback in operational costs, distributed energy generation complexity, and rising demand for electricity.
The volt/VAr management market is dominated by a few major players that have an extensive regional presence. The leading players in the volt/VAr management market are ABB (Switzerland), Siemens (Germany), Schneider (France), GE (US), and Eaton (Ireland).
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The major strategies adopted by the players include new product launches, contracts & agreements, and partnerships. Contracts & agreements were the most commonly adopted strategies from January 2016 to June 2019. These industry players also adopted new product launches and partnerships as major strategies during that period.
ABB (Switzerland) is a leading power technology and industrial automation company that offers a range of products, systems, solutions, and services to boost productivity, enhance the energy efficiency, and increase power reliability. It operates through three business segments, namely, electrification products, robotics and motion, and industrial automation. In June 2019, State Grid Corporation of China (SGCC) awarded a power transmission contract to ABB. The company will deploy high-voltage equipment such as breakers, which protect the grid from disruptive faults, and capacitor banks which is expected to improve the quality of the electricity supply, thus increasing the product lifespan and reducing losses.
Schneider (France) provides products and solutions for automation and energy management in sectors such as buildings, homes, infrastructure, industries, and data centers. The company operates through two business segments, namely, energy management and automation. In February 2019, Schneider Electric launched the Ecostruxure Power 2.0. The latest EcoStruxure Power architecture uses EcoStruxure Microgrid Operation to manage the Distributed Energy Resources (DER) and the protection systems for increased microgrid stability and efficiency. In April 2017, Schneider Electric announced the launch of EcoStruxure Power with advances in power distribution for improved operational and energy efficiency. It also delivers safe, reliable, and efficient power in large critical buildings, infrastructure for simplifying building management, tracks, and reducing energy costs. The company also focused on inorganic growth strategies such as partnerships. For instance, in February 2016, Siemens and Utilidata partnered to provide technology for distribution system efficiency and reliability through circuit reconfiguration and topology information switching.
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
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