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.
By rating type, the variable
speed generator market is segmented into up to 100 KVA, 100 KVA-1MVA,
1MVA-25MVA, and above 25 MVA.
By technology, the market is
segmented into mechanical variable speed generators and power electronics-based
variable speed generators.
Based on prime mover, the
market is bifurcated into hydro turbines, internal combustion engines, wind
turbines, and steam & gas turbines.
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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Global Variable Speed Generator
Market 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.
Competitive
Dashboard
·
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)
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.
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.
Industry Updates
The Italian shipyard in Genoa
has recently launched the impressive 50-meter Tankoa S501 hybrid. The model has
been based on the Vertige, which was the first in the boat builder's 50-meter
series. Twin MTU diesel engines have been used by the superyacht's hybrid
system, which produces two 300 kW electric motors and 895 kW, fed by two 250 kW
variable speed generators.
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