Variable Speed Generator Market Growth Analysis | 2023-2028

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.

Want to have a closer look at this market report? Register Here

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.

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.

Want to have a closer look at this market report? Click Here

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.

Know the high-growth countries in this report. Click Here

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)

Click Here, to know the market segmentation details.

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?

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.