Global Variable Speed Generator Market

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

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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).

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. '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.)'

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.

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.

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.

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Global Variable Speed Generator Market

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