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).
Rising number of applications in hybrid energy systems which can improve energy savings of industries can augur well for the market. Modernization of power grids by replacing legacy equipment in the face of development of smart cities is likely to open up new avenues for the market.
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Key Players
Prominent players in the variable speed generator market include GENERAL ELECTRIC (U.S.), Ausonia srl (Italy), Cummins Inc. (U.S.), Innovus Power Inc. (U.S.), Fischer Panda GmbH (Germany), Generac Power Systems, Inc. (U.S.), ABB (Switzerland), Siemens AG (Germany), YANMAR CO., LTD. (Japan), WhisperPower B.V. (The Netherlands), HIMOINSA (Spain), and others.
Regional Analysis
Region-wise, the variable speed generator market spans North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
The APAC region accounted for the lion’s share in 2017 and expects to grow robustly over the forecast period. Increasing industrialization and urbanization are fueling the demand for variable speed generators. The passing of energy mandates by nations to capture and store power via renewable sources of energy is likely to boost the market growth over the forecast period. This is likely to attract foreign investors and culminate in favorable schemes.
Segmentation
The variable speed generator market can be segmented on the basis of generator type, rating type, technology, prime mover, and end-user.
By generator type, the market is segmented into permanent magnet synchronous generator, variable speed self-excited induction generator, wound induction generator, and doubly fed induction generator. The permanent magnet synchronous generator segment had led the global variable speed generator market in 2017. It will continue to dominate throughout the forecast period.
By rating type, the market categorizes generators into the following segments - up to 100 KVA, 100 KVA-1 MVA, 1 MVA-25 MVA, and above 25 MVA. The 1 MVA-25 MVA segment is likely to generate the maximum revenue for the variable speed generator market owing to increased capacity of offshore wind power projects.
By technology, the market comprises mechanical and power electronics-based variable speed generators. The mechanical segment is predicted to reign in the variable speed generator market till 2023.
The various prime movers which can integrate speed generators include hydro turbines, wind turbines, internal combustion engine, and combustion engines. Among these, the internal combustion engine segment had accounted for the largest market share in 2017 owing to rising investments in shipbuilding, marine, and aerospace industries. But the wind turbines segment is predicted to grow rapidly during the assessment period.
End-users discussed in the variable speed generator market include marine and shipbuilding, renewable power generation, oil & gas mining, hydroelectric power generation, aerospace and telecommunications, commercial and residential, and others. The renewable power generation segment is expected to generate significant revenue till 2023 owing to the high use of these generators to increase the speed of wind turbines.
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