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.
- 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.
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.
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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