Variable Speed Generator Market Size to Grow at a CAGR of 6.2% in the Forecast Period of 2023-2028

The ‘Global Variable Speed Generator Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global variable speed generator market, assessing the market on the basis of its segments like generator type, technology type, prime mover type, end use, and major regions.

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.

Variable Speed Generator Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 6.2%

Introduction of various regulation by several governments in order to address the rising environmental concerns is driving the growth of the global variable speed generator market as variable speed generators reduce fuel consumption. Application of variable speed generators in internal combustion engines also reduces maintenance and operation costs. The rising applications of internal combustion engines powered by variable speed generators is expected to have a positive impact on the growth of the market for variable speed generators.

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Rapid industrialisation and urbanisation have created increasing demands for energy. This demand has result in increased utilisation of variable speed generators as they offer reduced operation costs as well as improve energy efficiency. Furthermore, the increased demand for renewable energy among the environment conscious has further contributed towards increased adoption of variable speed generators.

Growing demands for reliable and uninterrupted power supply in accordance with rising population and standards of living has increased in the recent years, with urbanisation and rural development also contributing to this increase. Such demands are driving the growth of the variable speed generator market as they have increased the application of variable generators to ensure that constant energy is provided unlike their conventional fixed speed counterparts.

Variable Speed Generator Industry Definition and Major Segments

A variable speed generator is a device which adjusts and regulates the speed of an engine in accordance with the electrical load connected to it; this makes the entire running process more economical. Variable speed generators offer several advantages over traditional constant speed generators such as reduced fuel consumption, and noise emission, among others.

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Based on generator type, the market is divided into:

• Variable Speed Self Excited Induction Generator
• Permanent Magnet Synchronous Generator
• Wound Rotor Induction Generator
• Doubly Fed Induction Generator

On the basis technology type, the market is bifurcated into:

• Mechanical
• Power Electronics-Based

Based on prime mover type, the market is segmented into:

• Hydro Turbines
• Wind Turbines
• Steam and Gas Turbine
• Internal Combustion Engine

On the basis of end use, the market is classified into:

• Renewable Power Generation
• Marine and Shipbuilding
• Oil, Gas, and Mining
• Hydroelectric Power Generation
• Others

Based on region, the market is categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Variable Speed Generator Market Trends

The key trends in the global variable speed generator market include initiatives taken by major players in order to eliminate several risks associated with the utilisation of variable speed generators such as increased carbon build up, and fuel waste, among others. The rising demands for commercial operators and OEMs for hybrid systems that are smarter, more efficient and provide decreased fuel consumption and noise by regulating the speed of the generator is propelling the growth of the market.

Cost optimisation efforts of ship operators are further propelling the growth of the variable speed generator market as more commercial ship operators are exploring these generators to reduce their operating costs. Variable speed technology ensures engine speed is adjusted and regulated in accordance with the connected load, which in turns make the operation cost efficient. They are also advantageous in operating nodes that have high proportions of low loads and such advantages are further expected to offer growth opportunities to the variable speed generator market.

In regional terms, Asia Pacific is expected to witness significant growth over the forecast period. This can be attributed to the increased energy consumption among emerging economies, rising application of renewable energy sources, and initiatives by governments in the region to regulate energy efficiency.

Key Market Players

The major players in the global 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
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.