Variable
Speed Generator Market Scenario
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 favourable for the market
owing to rising demand for these generators to increase the rotational speed of
wind turbines. 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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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.
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.
By technology, the
market comprises mechanical and power electronics-based variable speed
generators.
The various prime
movers which can integrate speed generators include hydro turbines, wind
turbines, internal combustion engine, and combustion engines.
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.
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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.
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.
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