Markets and Markets forecasts global revenue generation for Volt/VAr management to increase by 5.73% between 2017 and 2022.
Revenue is expected to increase from $398.9 million in 2017 to $527.1 million by 2022.
According to the research firm, utilities will focus on reducing energy distribution losses by investing in volt management technologies.
A need to address rising electricity demand will drive the market growth.
The energy distribution segment will dominate the market, as energy companies increase investments in smart grids to reduce power outages and faults within networks.
Grid modernisation initiatives implemented on transmission and distribution systems in developed economies such as US, China, India, the UK, France, Spain, Norway, Denmark, Belgium, and Ireland, will play a huge role in expanding the market.
The North America region will lead other markets in terms of revenue generation as a result of investments to be made in renewable energy and Volt/VAr optimisation projects.
The hardware segment will grow at the fastest rate, according to Markets and Markets. Investments in hardware will be made to reduce system-wide losses, minimise distribution system and customer voltage variations and under efforts to automate substation processes.
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