Energy and Power Variable Speed Generator Industry

Market Overview
The global variable speed generator market is anticipated to surpass a valuation of USD 9,600
million, attaining a CAGR of 9.03% during the forecast period (2018-2023), Market Research
Future (MRFR) unveils in a detailed report. Variable speed generators can be defined as electronic
devices, which can provide the power source energy to move at optimal speeds. The rising
emphasis on alternative energy production is accelerating the growth of the market across the
globe.
Market Potential and Pitfalls
The global Variable Speed Generator Industry has witnessed a tectonic surge over the past few
years, mainly due to the increased energy crunch faced by economies across the globe. This has
elicited the demand for alternative energy sources. The surging demand for generators, offering
high-quality voltage, besides saving on energy expenses is predicted to trigger the demand for
variable speed generators worldwide. Increasing applications in hybrid energy systems that can
improve the energy savings of industries are likely to encourage the market growth. Moreover, the
modernization of power grids by replacing legacy equipment, with the development of smart cities
will generate new growth opportunities for the market. Policies made by the government on
alternative energy is considered a major driver for the market. Rising operational expenditure
savings due to the implementation of variable speed generators is predicted to propel the market
demand in the foreseeable future.
Variable Speed Generator Market: Segmental Analysis
The variable speed generator market is segmented on the basis of rating, generator type, prime
mover, technology, and end user.
By generator type, the variable speed generator market is segmented into doubly fed induction
generator, variable speed-self excited induction generator, permanent magnet synchronous
generator, and wound rotor induction generator. Of these, the permanent magnet synchronous
generator segment leads the market.
By rating type, the variable speed generator market is segmented into up to 100 KVA, 100 KVA-
1MVA, 1MVA-25MVA, and above 25 MVA. Among these, the 1 MVA-25 MVA segment is
predicted to generate maximum revenue due to the surging capacity of offshore wind power
projects.
By technology, the market is segmented into mechanical variable speed generators and power
electronics-based variable speed generators. Of these, the mechanical segment is estimated to reign
in the market until the review period.
Based on prime mover, the market is bifurcated into hydro turbines, internal combustion engines,
wind turbines, and steam & gas turbines. Of these, the internal combustion engine acquires the
largest market share due to the increased investments in marine, shipbuilding, and aerospace
industries.