Variable Speed Generator Market Research Report-Global Forecast till 2030

Variable Speed Generator Market Research Report by Generator Type (Variable Speed-Self Excited Induction Generator, Doubly Fed Induction Generator, Wound Rotor Induction Generator, Permanent Magnet Synchronous Generator), Rating Type (Up to 100 KVA, 100 KVA-1MVA, 1MVA-25MVA, and Above 25 MVA), Technology (Power Electronics-based Variable Speed Generators, Mechanical Variable Speed Generators), Prime Mover (Internal Combustion Engines, Hydro Turbines, Steam & Gas Turbines, Wind Turbines), End-user ( Renewable Power Generation, Others), and R

ID: MRFR/E&P/5195-HCR | December 2022 | Region: Global | 100 Pages         

Variable Speed Generator Market

Variable Speed Generator Market share is expected to reach USD 12.7 Billion by 2028, expanding at a compound annual growth rate (CAGR) of 9.03% during the forecast period.

Segmentation

By Generator Type Variable Speed-Self Excited Induction Generator Doubly Fed Induction Generator Wound Rotor Induction Generator Permanent Magnet Synchronous Generator
By Rating Type Up to 100 KVA 100 KVA-1 MVA 1 MVA-25MVA Above 25 MVA
By Technology Power Electronics-based Variable Speed Generators Mechanical Variable Speed Generators
By Prime Mover Internal Combustion Engines Hydro Turbines Steam & Gas Turbines Wind Turbines
By End-User Hydroelectric Power Generation Renewable Power Generation Oil & Gas And Mining Aerospace And Telecommunications Marine And Shipbuilding Commercial And Residential

Key Players

  • 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)

Drivers

  • Supportive government policies on alternative energy
  • High emphasis placed on energy-efficient products
  • Rapid industrialization and urbanization
Speak to Analyst Request a Free Sample

Variable Speed Generator Market Overview


The global variable speed generator market to grow at 9.03% CAGR from 2022 to 2030, due to high emphasis placed on energy-efficient products.


Mechanical energy is converted into electrical energy using Variable Speed Generators (VSG). Variable speed generators are electronic devices that can provide the energy needed to move at ideal speeds from a power source. Power generation, motion control, robotics, and industrial automation are just a few of the applications that VSGs can be employed in. Its capacity can be increased by applying it to alternative energy-producing systems.


Due to rising demand from various sectors across various geographies, the variable speed generators market has seen substantial expansion over the last several years. This increase can be ascribed to a number of factors, including rising demand for renewable energy generation, increased industrialization, increased need for energy-efficient solutions, and supportive government policies for alternative energy. The high expense of these systems, on the other hand, is likely to be a deterrent.


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.


Segmentation


The global 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 global market include renewable power generation, hydroelectric power generation, oil & gas mining, marine and shipbuilding, aerospace and telecommunications, commercial and residential, and others.


Key Players


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 global market report.


Industry News



  • The industry for electricity generation has seen significant technological advancements as a result of increased urbanization. As an example, Cummins Inc. a global power leader has introduced the new classification of its X15 marine engine. This fuel-efficient engine will now the safety requirements of the ABS, BV, RINA, and DNV class societies. This demonstrates the X15's commitment to the societies' demanding safety features, ensuring customers' peace of mind on the water.

  • A 3GW integrated LNG-to-power project, Gás Natural Açu (GNA) in Brazil has granted Siemens Energy, a German energy company, a €1 billion turnkey construction contract to establish the UTE GNA II combined cycle power plant. The facility will be built near Rio de Janeiro's Port of Açu and will be equipped with a Siemens Energy power island that will include three HL-class gas turbines, four electric generators, one steam turbine, and three heat recovery steam generators (HRSG), as well as measurement and control systems.


Regional Analysis


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.


Research Methodology


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 industry 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



  • Variable Speed-Self Excited Induction Generator

  • Doubly Fed Induction Generator

  • Wound Rotor Induction Generator

  • Permanent Magnet Synchronous Generator


Global Variable Speed Generator Market by Rating Type



  • Up to 100 KVA

  • 100 KVA-1 MVA

  • 1 MVA-25 MVA

  • Above 25 MVA


Global Variable Speed Generator Market by Technology



  • Mechanical Variable Speed Generator

  • Power Electronics-Based Variable Speed Generator


Global Variable Speed Generator Market by Prime Mover



  • Hydro Turbines

  • Combustion Engines

  • Wind Turbines

  • Internal Combustion Engine


Global Variable Speed Generator Market by End-user



  • Hydroelectric Power Generation

  • Renewable Power Generation

  • Oil & Gas Mining

  • Aerospace and Telecommunications

  • Marine and Shipbuilding

  • Commercial and Residential

  • Others


Global Variable Speed Generator Market by Region



  • North America

    • The U.S.

    • Canada





  • Europe

    • Germany

    • Italy

    • Spain

    • K.

    • Rest of Europe





  • Asia Pacific (APAC)

    • China

    • India

    • Japan

    • Australia

    • Rest of APAC





  • Rest-of-the-World (RoW)

    • Latin America

    • The Middle East & Africa





Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2023:USD 9,600 Million
  • 2030 : Significant value
  •   CAGR   9.03% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      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

  • Supportive government policies on alternative energy
  • High emphasis placed on energy-efficient products
  • Rapid industrialization and urbanization


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    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.

    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.

    The global Variable speed generator is expected to record a substantial market valuation of 9.6 billion during forecast period.