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  • Variable Speed Generator Market Growth Analysis | 2023-2028

    Variable Speed Generator Market Growth Analysis | 2023-2028

    Variable Speed Generator Market Growth Analysis | 2023-2028
    Report code - SRCE118 Delivery - 2 Weeks
    Variable Speed Generator Market Size, Share, Trend, Dynamics, Forecast, & Growth Analy See more...

    Market Insights

    The variable speed generator market was estimated at USD 6.18 billion in 2022 and is likely to grow at a CAGR of 8.89% during 2023-2028 to reach USD 10.35 billion in 2028.

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    What is a variable speed generator?

    A variable speed generator is used in optimizing turbine design. It helps in tuning the wind turbine for maximum energy without getting limited by the speed range of the narrow generator. The generator also can store energy with the help of the battery is there in the inverter.

    Variable speed generators can be of various types such as variable speed self-excited induction generators, doubly-fed induction generators, wound rotor induction generators, and permanent magnet synchronous generators. The generator works based on two types and these are power electronics and mechanical variables. Hydroelectric power generation, oil, gas & mining, renewable power generation, marine & shipbuilding, and commercial are some of the industries where variable speed generators are being used.

    Variable Speed Generator Market Highlights

    Market Size in 2022

    USD 6.18 billion

    Market Size in 2028

    USD 10.35 billion

    Market Growth (2023-2028)

    8.89% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the variable speed generator manufacturers are-

    • ABB Group
    • Siemens AG
    • Yanmar Co., Ltd.
    • General Electric Company
    • Wartsila
    • Cummins
    • Atlas Copco

    Market Dynamics

    The growth of the variable speed generator market is primarily driven by

    • Rapid industrialization and urbanization.
    • Growing cognizance of renewable energy.
    • Imposing government directives on energy efficiency.

    Variable-Speed-Generator-Market-Dynamics

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    Segments Analysis

    By Power Rating Type 

    Based on the power rating type, the market is segmented as up to 100 KVA, 100 KVA-1 MVA, 1-25 MVA, and above 25 MVA. The 1-25 MVA segment is estimated to register the highest growth in the coming five years. The growing capacity addition in offshore wind projects is likely to drive the growth of this segment.

    By Prime Mover Type

    Based on the prime mover type, the market is segmented into hydro turbines, wind turbines, steam & gas turbines, and internal combustion engines. The internal combustion engines is expected to have the highest growth during the forecast period. The extensive use of variable speed generators in aerospace and marine applications is the major factor that drives the growth of this segment.

    By End-User Type

    Based on the end-user type, the market is segmented as renewable power generation, hydroelectric power generation, marine & shipbuilding, oil, gas, & mining, commercial & residential, and others. The commercial & residential segment is projected to have the highest growth in the coming five years. This growth is owing to the use of variable speed gensets for commercial & residential purposes.

    Regional Insights

    In terms of regions, Asia-Pacific is expected to depict the highest growth in the variable speed generator market in the coming five years. China and India are the growth engines of the region. The market is sustained by increasing power consumption and government directives on energy efficiency. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

    Variable-Speed-Generator-Market-Regional-Insights

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories.

    By Generator Type

    • Variable Speed Self-Excited Induction Generator (SEIG)
    • Doubly Fed Induction Generator (DFIG)
    • Wound Rotor Induction Generator (WRIG)
    • Permanent Magnet Synchronous Generator (PMSG)

    By Technology Type

    • Power Electronics-Based Variable Speed Generators
    • Mechanical Variable Speed Generators

    By Power Rating Type

    • Up to 100 KVA
    • 100 KVA–1 MVA
    • 1–25 MVA
    • Above 25 MVA

    By Prime Mover Type

    • Hydro Turbines
    • Wind Turbines
    • Steam & Gas Turbines
    • Internal Combustion Engines

    By End-User Type

    • Renewable Power Generation
    • Hydroelectric Power Generation
    • Marine & Shipbuilding
    • Oil, Gas, & Mining
    • Commercial & Residential
    • Others

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Variable-Speed-Generator-Market-Segmentation

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    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Variable Speed Generator Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the technology types by end-user type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The variable speed generator market was estimated at USD 6.18 billion in 2022.

    The variable speed generator market is likely to reach USD 10.35 billion in 2028.

    The variable speed generator market is expected to witness an impressive growth of 8.89% CAGR in the foreseeable future.

    A variable Speed Generator is used in optimizing turbine design. It helps in tuning the wind turbine for maximum energy without getting limited by the speed range of the narrow generator. The generator also can store energy with the help of the battery is there in the inverter. Variable Speed Generators can be of various types such as variable speed self-excited induction generators, doubly-fed induction generators, wound rotor induction generators, and permanent magnet synchronous generators. The generator works based on two types and these are power electronics and mechanical variables. Hydroelectric power generation, oil, gas & mining, renewable power generation, marine & shipbuilding, and commercial are some of the industries where variable speed generators are being used.

    ABB Group, Siemens AG, Yanmar Co., Ltd., General Electric Company, Wartsila, Cummins, and Atlas Copco are among the key players in the market.

    Asia-Pacific is expected to witness the highest growth in the market.

    The commercial & residential segment is projected to have the highest growth in the coming five years.