- The key vendors in the global dynamic Volt/VAR control architecture 2015-2019 are ABB Ltd., GE Digital Energy, Schneider Electric Corp., Siemens Energy AG, and Silver Spring Network, Inc.
London, 24 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global dynamic Volt/VAR control architecture 2015-2019. The rising need for better energy efficiency is one of the major trends observed in this market. Growing adoption of smart grids technologies and networking solutions help in increasing the effectiveness of the smart grid system. A smart grid contains a monitoring system that can track electricity usage and identify imbalances. These imbalances can be monitored and controlled by smart grid solutions like volt/ volt-ampere reactive (VAR) controls. This market is expected to grow at a CAGR of 15.7% during the forecast period of 2014-2019.
The growing need to improve grid efficiency is a major factor that promotes the prospects for growth in this market. Volt/VAR controls add flexibility to the grids by monitoring the voltage parameters in all conditions. This helps in reducing the demand for electricity, which in turn reduces the emission of greenhouse gases into the environment. It also helps in better energy management by reducing the losses incurred during distribution.
“Volt/VAR control technologies manage voltage and reactive power in a distribution network, which improves grid reliability. The improvement of grid reliability is essential as the risk and repercussions of grid failure are quite dangerous with huge loss during outages. Volt/VAR control systems help grid operators to monitor closely and regulate the voltage and power factor of the grid,” says Faisal Ghaus, Vice President of Technavio Research.
“This helps operators be alert to the trends in voltage and power factor values. Therefore they can take preventive measures to avoid any grid failure. These factors will boost the demand for Volt/VAR control, which will help the market to grow during the forecast period.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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