Variable Speed Generator
Industry Overview
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
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.
Variable Speed Generator
Industry 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.
Variable Speed Generator
Market: Segmental Analysis
The
Variable
Speed Generator Industry 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 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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