Variable Speed Generator Market Size (volume & value), Explosive Growth, Business Development, Updated Trends by 2023

Market Overview

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. 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). This can be credited to the looming energy crisis and dire need for renewable energy sources.

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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 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.

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.

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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 variable speed generator market report.

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This release was published on openPR.