Variable Speed Generator Market Overview
The Global Variable Speed Generator Market is poised to touch a valuation of USD 9,600 million by 2023, according to Market Research Future (MRFR). It stood at USD 5,370 million in 2017. The rising energy crunch faced by economies worldwide have elicited the need for alternative energy sources. Increasing demand for generators which provide high quality voltage while saving on energy expenses is likely to induce demand for variable speed generators.
Government policies committed to minimizing carbon emissions have given way for the construction of projects of renewable sources of energy. This can prove to be favorable for the market owing to rising demand for these generators to increase the rotational speed of wind turbines. Rising need for energy efficiency among products coupled with rapid urbanization can spur the Variable Speed Generator Market to grow at a staggering 9.03% CAGR from 2018 to 2023 (forecast period).
Variable Speed Generator Industry Segmental Analysis
The variable speed generator market is segmented on the basis of rating, generator type, prime mover, technology, and end user.
By generator type, the variable speed generator market is segmented into doubly fed induction generator, variable speed-self excited induction generator, permanent magnet synchronous generator, and wound rotor induction generator. Of these, the permanent magnet synchronous generator segment leads the market.
By rating type, the variable speed generator market is segmented into up to 100 KVA, 100 KVA-1MVA, 1MVA-25MVA, and above 25 MVA. Among these, the 1 MVA-25 MVA segment is predicted to generate maximum revenue due to the surging capacity of offshore wind power projects.
By technology, the market is segmented into mechanical variable speed generators and power electronics-based variable speed generators. Of these, the mechanical segment is estimated to reign in the market until the review period.
Based on prime mover, the market is bifurcated into hydro turbines, internal combustion engines, wind turbines, and steam & gas turbines. Of these, the internal combustion engine acquires the largest market share due to the increased investments in marine, shipbuilding, and aerospace industries.
End users segment comprises hydroelectric power generation, renewable power generation, marine and shipbuilding, oil & gas mining, commercial and residential, aerospace and telecommunications, and others.
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Regional Frontiers
Geographically, the variable speed generator market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, the Asia Pacific led the market globally in 2017. The region is expected to retain its growth due to the rising government mandates imposed on energy efficiency, modernization of hydropower plants, and a slew of renewable energy sources. The region acquires the lion’s share due to rapid industrialization and urbanization, which are triggering the demand for variable speed generators. To meet the increasing demand for energy, countries in the APAC region are highly focusing on power generation with the help of renewable energy sources. Consumption of clean energy will augment the development of wind power, further creating new growth opportunities in the regional market. Moreover, the rapid development in the commercial sectors like, hospitals and institutions are propelling the growth of the variable speed generator market in the APAC.
Competitive Dashboard
The players dominating the global variable speed generator market include Innovus Power Inc. (U.S.), Siemens AG (Germany), Cummins Inc. (U.S.), GENERAL ELECTRIC (U.S.), Ausonia Srl (Italy), YANMAR CO., LTD. (Japan), ABB (Switzerland), Generac Power Systems, Inc. (U.S.), Fischer Panda GmbH (Germany), HIMOINSA (Spain), WhisperPower B.V. (The Netherlands), and others.
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