Industry Insight
The study on the variable speed generator market 2020 by Market Research Future has been conducted with current proceeding within the energy & power industry. The report also refers to the influence of the novel COVID-19 pandemic on the market. The study offers a transparent assessment of the projected market fluctuations during the forecast period (2018-2023) at a towering pace while anticipating a valuation surpassing USD 9,600 million by 2023.
Top Players
Top players profiled in the report include 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.), Innovus Power Inc. (U.S.), Fischer Panda GmbH (Germany), HIMOINSA (Spain), and WhisperPower B.V. (The Netherlands).
Variable Speed Generator Market: Top Impacting Factors
A variable speed generator is specially engineered to work over a wide range of rotor speeds. The reason to vary the rotor speed is to confine the maximum input from diverse driver sources. This arrangement is suitable for alternate energy systems, such as wind turbines, where the power source is not invariable. The wind turbine can be tuned for maximum energy capture and is not limited by a narrow generator speed range.
Fast industrialization and urbanization are factors touted to predict the variable speed generator market to boost. The variable speed generator market is likely to expand in the forecast period owing to motivating factors such as the escalating need for energy efficiency. The escalating demand for renewable power generation is further expected to sponsor market growth for the future. Deficiency of fuel efficiency and managing variable loads is driving the variable speed generator market. Intensifying energy requirements and growing dependency on imported fossil fuel have paved the way for innovation in the variable speed generator domain.
Furthermore, technology has developed an innovative variable speed generator technology (patent pending) that enable applications where power demand varies widely to profit from the new technology that maintains constant voltage and frequency while adjusting the generator stator speed to power demand. The recently launched variable speed generator is now installed with lithium battery combined with the latest technology which offers performance, operational savings, and reliability.
On the contrary, the factor of declining Greenfield investments is a chief challenge for the variable speed generator market in the forecast period. At the same time, robust growth in HVAC systems is possible to offer outstanding opportunities for the variable speed generator market in the coming years to expand.
Regional Analysis
Asia Pacific is likely to inflate at a substantial CAGR during the assessment period. Factors such as rise in power consumption, surging influx of renewable sources in the energy mix, government mandates on energy efficiency and up-gradation, renovation and modernization of ageing hydropower plants are liable to drive the global market in the region. The APAC region led the market in 2017 and will continue to lead until the end of the forecast period.
Leading Segments
The variable speed generator market is segmented by segments of generator type, rating, technology, prime mover, and end-user.
In terms of the generator type segment, the market comprises variable speed self-excited induction generator, wound induction generator, doubly-fed induction generator, and permanent magnet synchronous generator.
In terms of the technology segment, the market comprises mechanical and power electronics-based variable speed generators.
In terms of various prime movers segment, variable speed generators market include internal combustion engine, wind turbines, hydro turbines, and combustion engines.
The end-user segment in the variable speed generator market includes hydroelectric power generation, renewable power generation, marine and shipbuilding, oil & gas mining, commercial and residential, aerospace and telecommunications, and others.
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