ID: MRFR/E&P/5195-HCR | February 2021 | Region: Global | 100 pages
The global variable speed generator market is expected to expand in size at 9.03% CAGR from 2018 to 2023 (forecast period), as per a new report by Market Research Future (MRFR).
Variable speed generators are electronic devices capable of providing the power source energy to move at optimal speeds. Its application in alternate energy producing systems can be used to enhance its capacity. This can be credited to the looming energy crisis and dire need for renewable energy sources.
Supportive government policies on alternative energy is one of the biggest drivers of the variable speed generator market. High emphasis placed on energy-efficient products coupled with increased operational expenditure savings owing to the integration of variable speed generators can augment the market demand over the forecast period. Rapid industrialization and urbanization are factors touted to augur well for the market and boost the market size to USD 9,600 million by 2023.
The variable speed generator market is segmented by generator type, rating, technology, prime mover, and end-user. By generator type, the market depends comprises variable speed self-excited induction generator, doubly fed induction generator, wound induction generator, and permanent magnet synchronous generator. Power ratings of variable speed generators are categorized into 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 renewable power generation, hydroelectric power generation, oil & gas mining, marine and shipbuilding, aerospace and telecommunications, commercial and residential, and others.
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), WhisperPower B.V. (The Netherlands), and others are prominent players profiled in the variable speed generator market report.
Geographically, the variable speed generator market covers the latest trends across four major regions – North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). Among these, the APAC region led the market in 2017 and will continue to dominate till the end of the forecast period. Increasing government mandates on energy efficiency, slew of renewable energy sources, and modernization of hydropower plants are factors driving the regional market growth.
Market Research Future offers comprehensive coverage of various industries while displaying a keen understanding of the different markets within. Our research model includes the in-depth study of every parameter that affects the variable speed generator market which allows insight into the nuances of the market while promoting consistently unique interpretations. Primary & secondary methods of data collection have been extensively utilized and include primary interviews as well as data from various credible sources. Accuracy is at the forefront of our underpinnings, which means we use both a top-down and bottom-up approach toward market estimations and validations. Additionally, our commitment to objectivity is visible in the transparency of our research methods and sources.
Global Variable Speed Generator Market by Generator Type
Global Variable Speed Generator Market by Rating Type
Global Variable Speed Generator Market by Technology
Global Variable Speed Generator Market by Prime Mover
Global Variable Speed Generator Market by End-user
Global Variable Speed Generator Market by Region
|Market Size||2023:USD 9,600 Million|
|CAGR||9.03% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Generator Type, Rating Type , Technology , Prime Mover and End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), WhisperPower B.V. (The Netherlands)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global Variable speed generator is expected to record a substantial market valuation of 9.6 billion by 2023.
The global Variable speed generator is projected to register a moderate 9.03% CAGR in the forecast period.
The permanent magnet synchronous generator segment is slated to expand as the fastest-growing segment.
The power-electronic based segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global Variable speed generator are ABB (Switzerland), Siemens AG (Germany), Ausonia srl (Italy), GENERAL ELECTRIC (U.S.), Cummins Inc. (U.S.), among others.