The variable speed generator market is growing rapidly. Variable speed generators offer attributes, such as rugged built, lightweight, cost efficiency & work efficiency, and reliably low after-sale maintenance, increasing the market demand.
With the continual rise in end-use industries, such as renewable power generation and others, the market is projected to witness significant traction over the next few years. According to Market Research Future (MRFR), the global variable speed generator market is estimated to grow to USD 9,600 MN by 2023, registering a 9.03% CAGR during the forecast period (2018-2023).
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The introduction of innovative technologies that can enhance safety & performance while declining component prices has exponentially increased the sales of variable speed generators. Conversely, non-suitable applications where these motors need a high load to start are major applications projected to impede the market growth. Nevertheless, future technological upgrades would support market growth throughout the forecast period.
Global Variable Speed Generator Market – Segments
The report is segmented into generator types, rating types, technologies, prime mover, end-user, and regions. The generator type segment is sub-segmented into variable speed-self excited induction generators, doubly-fed induction generators, wound rotor induction generators, and permanent magnet synchronous generators.
The rating type segment is sub-segmented into up to 100 KVA, 100 KVA-1 MVA, 1 MVA-25 MVA, and above 25 MVA. The technology segment is sub-segmented into mechanical variable speed generators, power electronics-based variable speed generators, and others.
The prime mover segment is sub-segmented into hydro turbines, combustion engines, wind turbines, internal combustion engines, and others. The end-user segment is sub-segmented into hydroelectric power generation, renewable power generation, oil & gas mining, aerospace & telecommunications, marine & shipbuilding, commercial & residential, and others.
Variable Speed Generator Market – Regional Analysis
The Asia Pacific region dominates the global variable speed generator market. Factors such as increasing government mandates to propel energy efficiency, a slew of renewable energy sources, and modernization of hydropower plants drive the market growth. Besides, the high demand and production rate of variable speed generators substantiate the market size.
Global Variable Speed Generator Market – Competitive Analysis
Highly competitive, the variable speed generator market appears to be fragmented due to several well-established players accounting for a substantial market share. Players incorporate strategic approaches such as mergers & acquisitions, collaborations, expansions, and product & technology launches to gain substantial competitive advantage.
Major Players
Players leading the global variable speed generator market are Siemens AG (Germany), Cummins Inc. (US), Ausonia Srl. (Italy), ABB (Switzerland), General Electric (US), Yanmar Co., Ltd. (Japan), Generac Power Systems, Inc. (US), Innovus Power Inc. (US), HIMOINSA (Spain), WhisperPower B.V. (The Netherlands), and Fischer Panda GmbH (Germany), among others.
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Industry/ Innovation/ Related News
June 07, 2021 — Indar (Spain), a world leader in rotating electrical machines, motors, and generators, announced signing a contract from Iberdrola to modernize two generator units at a 132MW Torrejon pumped-storage hydroelectric plant in Spain. As part of the modernization, the plant would be converted to full power variable-speed operation.
INDAR, with its high level of operating flexibility, is making an important contribution to the more flexible use of hydropower plants and increasing the stability of electric power networks in Europe.
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