USD 6.2 billion
Global Variable Speed Generator Market Size, Share, Growth Analysis, By Type(Variable Speed-Self Excited Induction Generators, Doubly Fed Induction Generators), By Rating Type(100 KVA, 100 KVA to 1 MVA), By Technology(Power Electronics-Based Variable Speed Generators, and Mechanical Variable Speed Generators), By Prime Mover(Internal Combustion Engines, Hydro Turbines), By End User(Hydroelectric Power Generation, Renewable Power Generation) - Industry Forecast 2024-2031
Report ID:
SQMIG20E2084 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
152 |
Figures:
73
Global Variable Speed Generator Market Insights
Global variable speed generator market size was valued at USD 6.2 billion in 2022 and is poised to grow from USD 6.75 billion in 2023 to USD 13.35 billion by 2031, growing at a CAGR of 8.9% in the forecast period (2024-2031).
A variable speed generator is a type of electrical generator that can adjust its rotational speed to produce electricity at varying frequencies. Variable speed generators can adapt to changes in load demand, making them more efficient in certain applications. These generators are often used in renewable energy systems, such as wind turbines and hydroelectric plants, where the input energy source (wind or water flow) can vary.
The ability to adjust the generator's speed allows for better control and optimization of power output. High emphasis on sustainability is promoting the adoption of renewable energy sources, such as wind and hydroelectric power, thereby driving market growth as well. These generators are integral to harnessing the variable nature of these energy inputs efficiently. Rapid industrialization, urbanization, and expanding world population have all led to increased demand for energy and this is also slated to favor sales of variable speed generators over the coming years. The integration of variable speed generators with smart grid systems is also a notable trend that could create lucrative business opportunities in the long run.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Power Electronics-Based Variable Speed Generators
Fastest Growth
Mechanical Variable Speed Generators
Growth Rate
8.9% CAGR
Global Variable Speed Generator Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Variable Speed Generator Market By Technology ($ Bn)
Global Variable Speed Generator Market By Technology (%)
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Global Variable Speed Generator Market Segmental Analysis
The global variable speed generator market is segmented based on type, rating type, technology, prime mover, end user, and region. In terms of type, the market is segmented into variable speed-self excited induction generators, double-fed induction generators, wound rotor induction generators, and permanent magnet synchronous generators. Based on rating type, the market is bifurcated into up to 100 KVA, 100 KVA to 1 MVA, 1 MVA to 25MVA, and above 25 MVA. Based on technology, the market is bifurcated into power electronics-based variable speed generators and mechanical variable speed generators. Based on prime mover, the market is bifurcated into internal combustion engines, hydro turbines, steam & gas turbines, and wind turbines. Based on end user, the market is bifurcated into hydroelectric power generation, renewable power generation, oil & gas, mining, aerospace, telecommunications, marine & shipbuilding, commercial & residential, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
The doubly fed induction generator (DFIG) holds a dominant share in the global variable speed generator market due to several key advantages and features that make it a preferred choice in various applications. DFIGs are designed to be grid-friendly, allowing them to easily synchronize with the grid frequency. Doubly fed induction generator’s grid compatibility, variable speed operation, advanced control features and cost-effectiveness are key prospects that allow it to hold a dominant market share.
Variable speed self-excited induction generators are pegged for substantial growth in the global market across the forecast period. Advancements in variable generator technology coupled with supportive government initiatives for renewable energy adoption are contributing to the rapid growth of this segment. Variable speed self-excited induction generators offer enhanced efficiency and energy optimization. Their ability to adjust rotational speed in response to varying loads and conditions allows for better matching of the generator output to the required power, minimizing energy losses and improving overall efficiency.
Analysis by Technology
The power electronics-based variable speed generator segment holds a prominent share in the global variable speed generator marketplace. Superior efficiency, flexibility, and compatibility as compared to other technologies allows power electronics-based variable speed generators to account for a high market share. Advancements in power electronics and increasing demand for better power generators around the world is contributing to the high market share of this segment.
Mechanical variable speed generator sales are expected to increase at a rapid pace over the coming years. Rapid industrialization and proven efficacy of mechanical variable speed generators for industrial applications will allow this segment to grow prosperously across the forecast period and beyond. High demand for durable industrial power equipment will also favor market growth via this segment going forward.
Global Variable Speed Generator Market By Technology, 2022 (%)
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Global Variable Speed Generator Market Regional Insights
Rapid industrialization and urbanization coupled with growing energy demand make the Asia Pacific region a dominant regional space for variable speed generator companies. Rising adoption of renewable energy, supportive government policies, investments in infrastructure development are also forecasted to bolster the sales of variable speed generators in this region going forward. India and China are slated to be the leading countries for variable speed generator companies in this region. Efforts to improve energy grid performance are also slated to allow this region to hold a massive market share.
The variable speed generator sales are foreseen to increase at a high pace in Europe during the study period due to a combination of factors, including the global transition to renewable energy, technological advancements, increasing awareness of energy efficiency, and supportive government policies. These dynamics create a conducive market environment for the widespread adoption of variable speed generators across diverse applications and industries in Europe. The shift towards cleaner and more sustainable energy sources in European countries such as the United Kingdom and Germany is driving the demand for variable speed generators, particularly in renewable energy applications such as hydroelectric and wind power. Variable speed generators are well-suited to harness the variable nature of renewable resources, providing efficient energy conversion and meeting the increasing demand for green energy solutions.
Global Variable Speed Generator Market By Region, 2024-2031
- Largest
- Fastest
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Global Variable Speed Generator Market Dynamics
Drivers
Rising Use of Renewable Energy
- Variable speed generators play a crucial role in renewable energy generation and increasing focus on sustainability is pushing the adoption of renewable energy sources, which in turn, is slated to bolster the variable speed generator market growth across the forecast period. Large scale adoption of renewable energy will bolster sales of variable speed generators going forward.
Restraints
Grid Integration Issues
- Integrating variable speed generators with existing grids or even new grids could be a complex task that requires expertise as well as advanced technologies. Variability and different standards of electricity around the world are slated to add up to challenges in the integration of variable speed generators and limit market growth potential in the future.
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Global Variable Speed Generator Market Competitive Landscape
Variable speed generator companies are focusing on bolstering their market share through product innovation and product portfolio expansion. Market players can also focus on developing custom variable speed generators designed for specific applications in different industry verticals. The emphasis on increasing the reliability, efficiency, and performance of variable speed generators is projected to be high over the coming years and this is where companies could innovate and stand out from the competition. High investments in research and development of new products will be crucial for new and established variable speed generator providers worldwide.
Top Player’s Company Profiles
- ABB (Switzerland)
- HIMOINSA (Spain)
- WhisperPower B.V. (The Netherlands)
- GENERAL ELECTRIC (U.S.)
- ABB Ltd.
- Siemens AG (Germany)
- Mitsubishi Electric Power Products Inc.
- Generac Power Systems Inc. (U.S.)
- YANMAR CO. LTD. (Japan)
- Cummins Inc. (U.S.)
- Atlas Copco
- Rolls-Royce Holdings PLC
- Fischer Panda GmbH (Germany)
- Ausonia srl (Italy)
- Innovus Power Inc. (U.S.)
Recent Developments
- Volvo Penta, a renowned supplier of marine and industrial engines based in Sweden, announced the launch of its new variable speed generators for marine applications in September 2022. Increasing adoption of electric propulsion systems in marine vessels is forecasted to bolster the demand for these newly launched variable speed generators.
- In September 2022, Rolls-Royce Holdings PLC, a name in the power unit's business signed a contract with Damen Naval to supply variable speed gen sets for the German navy. The gen sets are intended to be used in the construction of F126 frigates being made in Germany.
- In May 2023, ABB, a renowned Swedish multinational organization, announced that it had completed the acquisition of NEMA motor business from Siemens.
Global Variable Speed Generator Key Market Trends
- Adoption of Smart Grid Tech: Energy infrastructure around the world is changing rapidly and this is why governments around the world are pushing the adoption of smart grid technologies to optimize energy usage and minimize wastage. Variable speed generators could be used in advanced grid technologies to improve efficiency of grids and thereby create new opportunities for variable speed generator companies in the future.
Global Variable Speed Generator Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, surging demand for energy around the world and increasing adoption of renewable energy sources are slated to bolster the demand for variable speed generators over the coming years. Advancements in power generation and supply technologies are also slated to bolster the variable speed generator market development going forward. However, challenges associated with grid integration could impede variable speed generator market growth in the long run. The Asia Pacific region is forecasted to account for a substantial chunk of the global variable speed generator market share owing to rising adoption of renewable energy. Rapid industrialization and urbanization are also slated to play a crucial role in promoting variable speed generator sales. Meanwhile, adoption of smart grid technology will also offer new opportunities for variable speed generator suppliers through 2031.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.2 billion |
| Market size value in 2031 | USD 13.35 billion |
| Growth Rate | 8.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Variable Speed Generator Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Variable Speed Generator Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Variable Speed Generator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Variable Speed Generator Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Variable Speed Generator Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Variable Speed Generator Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Variable Speed Generator Market Report Snapshots
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