The global volt/VAr management market is projected to reach USD 527.1 million by 2022, growing at a CAGR of 5.73%, from 2017 to 2022. This market growth is primarily driven by the increasing emphasis on reduction of distribution losses, optimization of power factor, reduction in operational costs, distributed energy generation complexity, and rising demand for electricity.
North America would continue to be the largest market for volt/VAr management followed by Europe during the forecast period. The global market is dominated by major players including ABB (Switzerland), Schneider Electric (France), Siemens (Germany), GE (US), Eaton (Ireland), Open system International (US), Utilidata (US), Varentec (US), and Landis+Gyr (Switzerland).
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The market growth strategies adopted by the key players in the volt/VAr management market include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, and joint ventures, partnerships and collaborations. Contracts & agreements was the most commonly adopted strategy by market players from 2014 to October 2017. Industry players also adopted new product launches during the stated period.
Schneider Electric provides products and solutions for automation and energy management in sectors such as buildings, homes, infrastructure and industries, and data centers. The company offers products for power management which include low voltage and secure power, medium voltage, and automation systems. The company operates through 4 business segments, namely, buildings and partners, infrastructure, industry, and information technology (IT). The company has adopted contracts & agreements and new product launches as key growth strategies. In November 2016, Schneider Electric launched an integrated digital monitoring and control device used in both medium and low voltage electricity distribution networks. In March 2016, Schneider Electric was awarded a contract by Central Hudson Gas & Electric Corporation for an advanced distribution management system to improve the efficiency and reliability of their electric distribution system.
Siemens provides products and solutions for automation, electrification, and digitalization. The company offers power generation and transmission solutions, infrastructure solutions, automation solutions, and drive and software solutions for various industries. The company operates through 8 business segments such as building technologies, energy management, digital factory, financial services, mobility, power and gas, power generation services, and process industries and drives. The energy management business segment offers products used in power transmission and distribution networks. The company has a wide array of offerings such as software, systems, products, services, and solutions for the transmission, distribution, and management of electrical power. The company is focused on inorganic growth strategies such as partnerships. In February 2016, Siemens and Utilidata partnered to provide technology for distribution system efficiency and reliability through circuit reconfiguration and topology information switching.
