Variable Speed Generator Market Analysis
The global variable speed generator market is anticipated to surpass a valuation of USD 9,600 million, attaining a CAGR of 9.03% during the forecast period (2018-2023), Market Research Future (MRFR) unveils in a detailed report.
Variable speed generators refer to electronic devices that are capable of providing the power source energy to move at optimal speeds. The application of variable speed generator market in alternate energy producing systems can be used for the enhancement of its capacity. Variable speed generators can be defined as electronic devices, which can provide the power source energy to move at optimal speeds. The rising emphasis on alternative energy production is accelerating the growth of the market across the globe.
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Market Potential and Pitfalls
The global variable speed generator market has witnessed a tectonic surge over the past few years, mainly due to the increased energy crunch faced by economies across the globe. This has elicited the demand for alternative energy sources. The surging demand for generators, offering high-quality voltage, besides saving on energy expenses is predicted to trigger the demand for variable speed generators worldwide. Increasing applications in hybrid energy systems that can improve the energy savings of industries are likely to encourage the market growth. Moreover, the modernization of power grids by replacing legacy equipment, with the development of smart cities will generate new growth opportunities for the market. Policies made by the government on alternative energy is considered a major driver for the market. Rising operational expenditure savings due to the implementation of variable speed generators is predicted to propel the market demand in the foreseeable future.
Leading Players:
- Cummins Inc. (U.S.),
- Siemens AG (Germany),
- Ausonia srl (Italy),
- General Electric (U.S.),
- ABB (Switzerland),
- Yanmar Co., LTD. (Japan),
- Innovus Power Inc. (U.S.),
- Generac Power Systems, Inc. (U.S.),
- Himoinsa (Spain),
- Fischer Panda GmbH (Germany), and
- WhisperPower B.V. (The Netherlands).
Variable Speed Generator Market: 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.
Regional Analysis
The global variable speed generator market is analysed into the regions of North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Among these regional segments, the global variable speed generator market is dictated by the APAC region at the beginning of the assessment period. Further, this regional market is anticipated to retain its stance in the market over the forecast period. This can be accredited to the increasing government mandates on energy efficiency. Further, a slew of renewable energy sources and the modernization of hydropower plants are also supplementing the ascension in the global variable speed generator market over the review period.
Industry Update
October 2019: Domestic recently expanded its range of HVAC systems by adding VARCX variable capacity chiller to its solutions. This new chiller uses variable speed technology to automatically match the capacity of the thermal load of the vessel while maintaining a constant temperature inside the cabin.
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