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July 22,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Light Towers Market.
July 22,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Volt/VAr Management Market.
Volt/VAr Management Market is likely to witness an impressive CAGR of 6.0% during the forecast period. The growing demand for high voltage application and reduction in power is driving the market during forecast period.
Volt/VAr management reduces energy loss by reducing reactive power flows, keeping voltages within the limits and also limiting peak power by reducing voltage. The fault awareness of medium voltage and low voltage grid is the first step towards updated grid automation. It helps in increasing network hosting capacity and provides better voltage control.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the application type, the market is segmented as distribution, generation, and transmission. The transmission segment leads the market driven by increase in number of smart grid projects and rise in electricity demand from the residential sector and also reduction in power outages and fault in distribution feeders.
Based on the component type, the market is segregated as hardware and software & services. The hardware segment held the larger share of the market in 2020, and is expected to maintain its dominance during the forecast period. Countries such as the UK, the US, France, Ireland, Norway, India, and China are coming up with new power generation projects in the renewable and non- renewable power and transmission & distribution which is expected to drive the market during the forecast period. The rise in numbers of substation automation projects in such regions is boosting the market’s growth.
Based on the end-user type, the market is segmented as electric utility and industrial. The electric utility segment is estimated to be the larger segment of the market and is projected to capture the major share during the forecast period. The segment is driven by rising investment in power generation for renewable sources.
In terms of regions, North America is expected to dominate the volt/var management market during the forecast period. The region's growth is attributed to the increasing investment in volt/VAr and renewable energy projects in the utility sector and reduction in power loss. Countries such as the US and Canada are expected to grow at the fastest rate during the forecast period.
Key Players:
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Volt/VAr Management Market analysis report discusses the following heads in great detail:
July 21,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Industrial Gas Turbine Market.
Industrial Gas Turbine Market is likely to witness a CAGR of 1.8% during the forecast period. Shifting inclination toward energy optimization, renewable energy integration, and restructuring of electrical infrastructure are some of the key factors fueling the growth of the market over the forecast period.
Industrial gas turbine is basically the combustion of the engine, normally used for generating mechanichal energy which helps the generator in producing electrical energy.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the capacity type, the market is segmented as ≤70 MW, 70-300 MW, and ≥300 MW. The ≤70 MW segment is estimated to account for the major share of the market during the forecast period on account of its wide range of applications across power generating stations, mechanical drive coupled with oil & gas and other industrial processes. Similarly, 70-300 MW capacity is also estimated to witness significant growth in the market owing to the extensive applications across small-scale generating plants and process industries, fueling the segment’s growth during the forecast period.
Based on the product type, the market is segmented as aeroderivative and heavy duty. The aeroderivative product type is estimated to account for the major share of the market on account of the availability of highly flexible and mobile technologies. Moreover, the heavy duty segment is also estimated to witness significant growth in the market owing to the growing number of manufacturing plants along with the integration of large-scale economic zones across the emerging economies.
Based on the technology type, the market is segmented as open cycle and combined cycle. The open cycle segment is estimated to be the leading technology type in the market during the forecast period on account of its various beneficial features, such as compact size, lower warm up time, lightweight, operational versatility, and less dependency on cooling water.
Based on the application type, the market is segmented as power generation, oil & gas, and other manufacturing. Power generation is estimated to be the dominating segment of the market on account of increasing focus toward the refurbishment of traditional steam and coal-fired power stations with natural gas or any other renewable energy power generating stations, fueling the overall industry growth over the forecast period.
In terms of regions, Asia-Pacific is estimated to be the leading region in the market during the forecast period owing to its operational flexibility offered by gas fired plants as compared to coal-fired plants and modernization of infrastructure by investing in gas fired distributed energy. Further, North America is also estimated to witness significant growth in the market owing to increased focus on combined cycle gas turbine power plant capacity additions, fueling the regional market growth over the forecast period.
Key Players:
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Industrial Gas Turbine Market analysis report discusses the following heads in great detail: