Global Variable Speed Generator Market Size to Grow at a CAGR of 6.2% in the Forecast Period of 2022-2027
Variable Speed Generator Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 6.2%
Variable speed generators are applied in vessels to optimise fuel consumption and speeding operations, and to improve the grid compliance. Hence, the increasing sale of maritime vessels to bolster international trade is driving the demand for variable speed generators. Meanwhile, the increasing application of variable speed generators in commercial vessels is further propelling the global variable speed generator market growth.
The growing demand for oil and gas is fuelling the growth of the oil and gas industry which is in turn bolstering the demand for variable speed generators. This equipment can improve the transportation operations by altering the speed of the vessels carrying minerals.
The increasing defence expenditure across the developing sovereign nations is expected to increase the induction of war vessels and naval ships which are in turn likely to improve the variable speed generator market dynamics in the forecast period. Further, the increasing investments towards shipbuilding, in order to improve the naval capabilities, are being witnessed.
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Moreover, the thriving renewable power generation sector, owing to the global increase in demand for electricity across the industrial sector, is another major market driving trend.
Variable Speed Generator Industry Definition and Major Segments
A variable speed generator is defined as an electrical equipment which makes the vehicle movement more economical by regulating the engine as per the electric load to which it is connected. These generators can be of low or high voltage with various speed ranges. Variable speed generators work efficiently at all speeds, which is a crucial driving factor of the global variable speed generator market.
Based on generator type, the market can be segmented into:
• Variable Speed Self Excited Induction Generator
• Wound Rotor Induction Generator
• Permanent Magnet Synchronous Generator
• Doubly Fed Induction Generator
On the basis of technology type, the market has been classified into:
• Power Electronics-Based
Based on prime mover type, the market can be categorised into:
• Hydro Turbines
• Wind Turbines
• Steam and Gas Turbine
• Internal Combustion Engine
By end use, the market has been divided into:
• Renewable Power Generation
• Marine and Shipbuilding
• Oil, Gas, and Mining
• Hydroelectric Power Generation
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Variable Speed Generator Market Trends
The key trends in the global variable speed generator market include the rapid transition towards using engine components with lower noise pollution, constant speed units, and affordable costs. Meanwhile, the increasing awareness pertaining to the advantages offered by hydroelectric power generation is expanding the market opportunities.
The technological advancements in the electrical and electronics industry are expected to bolster the innovation and product development of power-electronics based variable speed generators.
In terms of region, Asia Pacific accounts for a significant share in the variable speed generator market owing to the rapid industrialisation and increasing investments in commercial vessel development infrastructure across strong economies such as India and China.
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Key Market Players
The major players in the variable speed generator market report are:
• ABB Ltd
• General Electric Company
• Siemens Energy
• Wärtsilä Corporation
• Innovus Power, Inc.
• Cummins Inc.
• Atlas Copco
• Yanmar Holdings Co., Ltd
• Whisper Power Bv
• Fischer Panda GmbH
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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