The Global Variable Speed Generator Market was worth US$ 6.08 billion in 2022 and is anticipated to reach a valuation of US$ 9.46 billion by 2028 and is predicted to register a CAGR of 7.88% during 2023-2028.
Market Overview:
Variable speed generators (VSGs) are electronic devices that allow the energy source to shift at ideal speeds. Its capacity can be increased by using it in alternative energy production systems. Independent of engine speed, a variable speed generator delivers exactly 230VAC electrical voltage directly from a boat or vehicle engine. The engine's speed determines the power output. It maintains a steady power output even when the engine speed is lowered. The permanent magnet generator is paired with an electronic inverter in these generating systems, making them more compact and efficient than wound-rotor or induction generators. There is no exciter, therefore space and electricity are saved.
The high-frequency design allows for shorter end windings on the stator, resulting in lower winding losses and less space required for output power filters. Cooling requirements can be lowered due to minor losses, resulting in higher power and packaging savings. It optimizes the turbine design while ensuring steady power production with lower engine speed.
Market Growth:
The global variable speed generators market size is expected to expand due to rising demand for renewable energy sources and rising energy demand.
Market Drivers:
The global demand for uninterrupted electricity supply has expanded in recent years as the world's population and living standards have risen. Rural electrification and urbanization have been the primary drivers of rising electricity demand. Fixed-speed turbines resulted in a loss of generated power; hence variable-speed generators were designed to combat this. Variable speed generators extend the range of operation of turbines at varying rotor speeds and allow energy to be transferred at the most efficient speeds.
Other advantages given by these generators include operation near the turbine's optimal efficiency point, resulting in higher plant efficiency. The sudden voltage disturbances are canceled out by instantaneous output power adjustments. Variable speed generators are becoming more widely used in wind and hydropower turbines.
The increase in emphasis on alternative energy production, government regulations on energy efficiency, and advances in industrialization and urbanization are all contributing to the expansion of the market for variable speed generators. The internal combustion engine's operation and maintenance costs are reduced by using a variable-speed generator. With increased engine efficiency, fuel consumption lowers.
Market Restraints:
The variable speed generator's high initial cost and limited reinvestment have been major market limitations. Variable speed generators have faced a hurdle since greenfield investment has decreased.
Because many production units and retail establishments were shut down during the COVID-19 epidemic, lower power demand, primarily from institutional clients (industrial and commercial), had a detrimental impact on the global variable speed generator business.
Market Recent Developments:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023 - 2028 |
CAGR |
7.88% |
Segments Covered |
By Generator Type, Technology, Prime Mover Type, End User, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
ABB Ltd., Atlas Copco AB, Ausonia Srl, Cummins, Inc., Fischer Panda GmbH, Generac Holdings Inc., General Electric Company, Innovus Power, Inc., Rolls-Royce Holdings PLC, Siemens AG, and Others. |
Market Segmentation:
In the provided forecast period, 2022 to 2027, doubly-fed induction generators will have a leading position in the worldwide variable speed generator market based on generator type due to the low power rating devices employed and the significantly low cost of the control system.
The global variable speed generator market is likely to be dominated by power electronics-based variable speed generators. These variable speed generators are commonly used in wind turbines. These generators are appropriate for alternative energy systems with intermittent power sources, such as wind turbines. The wind turbine or other sources can be adjusted for maximum energy acquisition, and the generator speed range is not limited.
The global variable speed generator market is likely to see significant growth from internal combustion engines. A common DC bus is an excellent choice for constructing an energy system. Several energy sources and storage systems can be easily combined in parallel with the use of a DC bus, and an electronic DC/AC converter can provide the AC grid with optimal conditions. An internal-combustion engine is used as an energy source in this system, and it is not required to run at a speed synced with the AC grid frequency.
During the forecast period, the commercial and residential category is expected to develop at an outstanding CAGR. The growing demand for efficient variable speed standby gensets for commercial and residential applications is driving this segment.
Market Regional Analysis:
The Global Variable Speed Generator Market Report includes the segmentation of regions:
The Asia Pacific region would dominate the worldwide variable speed generator market in the forecast period due to the rising demand for continuous and reliable electricity. In addition, the region's continued development and increased acceptance of renewable energy sources such as wind power is boosting the worldwide variable speed generator market. The region's primary players are China and India.
The growing demand for reliable power and industrialization in European countries would aid the growth of the worldwide variable speed generator market in Europe.
The market in North America and Latin America will be driven by rising demand for power backup facilities.
One of the primary development factors for the Middle East's variable speed generator industry is the easy availability of fossil fuels.
Market Key Players:
Frequently Asked Questions
The Global Variable Speed Generator Market is expected to grow at a CAGR of 7.88%.
For the forecast period, the 2023-2028 Asia-Pacific region will have the largest market share of the global Variable Speed Generators market.
Doubly-fed induction generators are expected to dominate the generator type segment.
The power electronics-based segment is expected grow rapidly the worldwide Variable Speed Generators market.
Rural electrification and urbanisation have been the primary drivers of rising electricity demand and thus, increasing the Variable Speed Generators market size.
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