Variable Speed Generator Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

The Variable Speed Generator market is predicted to witness significant growth owing to expanding government investments in its existing electricity transmission and distribution systems to cater to the rising electricity demand due to rapid urbanization and industrialization. Furthermore, a rise in average electricity consumption is anticipated to account for the steady growth of the market. In addition, increasing consumption of electricity and a growing emphasis on renewable electricity generation are the key factors driving the market's growth. In addition, major players in the market are continuously testing and launching VSG suitable for various applications including renewable energy power plants. For instance, a Full variable speed generator by ABB ltd. for wind turbines. In the full converter (FC) concept, using a standard high-speed drivetrain with PM generators enables the smallest generator size and a very high generator efficiency at all speeds.
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According to ‘UnivDatos Market Insights (UMI)’ research report “Variable Speed Generator Market Analysis, 2020”, the Variable Speed Generator market is projected to grow at a CAGR of ~8% during 2021-27F. This is mainly due to the rapid industrialization and urbanization, growing cognizance of renewable energy, and imposing government directives on energy-efficient power generation systems. Furthermore, the growing implementation of variable speed generators in aerospace and marine applications is expected to drive the market. In recent years, interest in variable speed units as a driver of certain commercial vessels has gained interest. Variable speed technology allows the speed of an engine to be regulated and adjusted according to the electrical load that is connected, which makes it more economical to run. For instance, as per mtu (Rolls-Royce Solutions GmbH) - Compared to traditional, constant speed units, variable units can offer several advantages, such as up to 15 percent reduction in fuel consumption; up to 20 percent increase in time between overhauls; lower noise emissions; and increased power density with less installation space.

With industries, schools, offices, and factories closed across the globe as a result of the coronavirus pandemic, the energy requirements of most countries fell lower than usual. Even though residential energy consumption grew slightly, there was a decline in the overall energy consumption, especially due to industrial usage. During the lockdown, there was the curtailment of many activities, e.g. mobility, economic activity, construction, and manufacturing, which has dropped the global energy demand. The latest data from July 2020 shows that, as compared to the same period in 2019, the peak reduction rates of electricity consumption in France, Germany, Italy, Spain, the U.K., China, and India were more than 10%. The weekly energy demand was estimated to be cut by approximately 9% under limited restriction, 17% under partial lockdown, and approximately 24% under full lockdown. However, the market has witnessed positive growth since the opening of the lockdown.

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Based on Generator Type, the market is bifurcated into SEIG, DFIG, WRIG, and PMSG. During the forecast period, Permanent Magnet Synchronous Generator (PMSG) to witness significant growth during the forecast period. Synchronous generators are the majority source of commercial electrical energy. They are commonly used to convert the mechanical power output of steam turbines, gas turbines, reciprocating engines, and hydro turbines into electrical power for the grid.

On the basis of Technology, the market is categorized into power electronics and mechanical. Among the two, power electronics category to witness a significant increase in the overall share during the forecast period owing to the technological advancements in the sector. VSG using a power converter reduces fuel consumption by 20 to 50%. Accordingly, this increases system efficiency reduces GHG emissions and improves fuel combustion. Thus, creating demand for power electronics in VSG.

Based on Application, the Variable Speed Generator Market has been bifurcated into renewable power generation, hydroelectric power generation, marine and shipbuilding, oil & gas and mining, commercial and residential, and others. Among these, renewable power generation category witnessed the highest demand for VSG and is expected to witness the fastest growth during the forecast period.

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APAC to witness Significant Growth

For a better understanding of the market adoption of Variable Speed Generator Industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. During the forecast period, APAC is expected to witness highest CAGR owing to the growing focus on renewable power generation coupled with modernization, and upgradation of aging power infrastructure across applications and end-use verticals.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Variable Speed Generator Market are ABB Ltd., Siemens AG, Yanmar Co. Ltd., GE Renewable Energy, Ausonia S.r.l., Caterpillar Inc., Wärtsilä Corporation, Innovus Power Inc., Cummins Inc., and Rolls-Royce (mtu), among others. The players are focused on launching new solutions and services, partnerships, and collaborations with major companies expanding their geographical reach to get a competitive edge in the industry.

 “Variable Speed Generator Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Variable Speed Generator providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:

1.      By Generator Type (Variable Speed-Self Excited Induction Generator {SEIG}, Doubly Fed Induction Generator {DFIG}, Wound Rotor Induction Generator {WRIG}, Permanent Magnet Synchronous Generator {PMSG})

2.      By Technology (Power Electronics and Mechanical)

3.      By Application (Renewable Power Generation, Hydroelectric Power Generation, Marine and Shipbuilding, Oil & Gas and Mining, Commercial and Residential, and Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (ABB Ltd., Siemens AG, Yanmar Co. Ltd., GE Renewable Energy, Ausonia S.r.l., Caterpillar Inc., Wärtsilä Corporation, Innovus Power Inc., Cummins Inc., and Rolls-Royce (mtu))

Key questions answered in the study:

1.      What are the current and future trends of the Variable Speed Generator industry?

2.      How the industry has been evolving in terms of technology and application areas?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the Variable Speed Generator industry?

5.      What is the customer orientation, purchase behavior, and expectations from the Variable Speed Generator firms across various regions?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 IMPACT OF COVID-19 ON THE VARIABLE SPEED GENERATOR MARKET

6 VARIABLE SPEED GENERATOR MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY GENERATOR TYPE

8 MARKET INSIGHTS BY TECHNOLOGY

9 MARKET INSIGHTS BY APPLICATION

10 MARKET INSIGHTS BY REGION

11 VARIABLE SPEED GENERATOR MARKET DYNAMICS

12 VARIABLE SPEED GENERATOR MARKET OPPORTUNITIES

13 VARIABLE SPEED GENERATOR MARKET TRENDS

14 VALUE CHAIN ANALYSIS

15 DEMAND AND SUPPLY SIDE ANALYSIS

16 COMPETITIVE SCENARIO

17 COMPANY PROFILED

18 DISCLAIMER

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