The global variable speed generator market is projected to reach USD 8.36 Billion by 2022, growing at a CAGR of 7.63%, from an estimated USD 5.79 Billion in 2017.
This growth can be attributed to the increasing emphasis on alternative energy production across the globe, increasing government mandates over energy efficiency, and growing industrialization and urbanization.
On the basis of end user, the variable speed generator market is segmented into renewable power generation, hydroelectric power generation, marine and shipbuilding, oil & gas and mining, commercial and residential, defense, aerospace, co-generation, telecommunications, and industrial standby power. The commercial and residential segment is expected to grow at the highest CAGR during the forecast period. This segment is primarily driven by the growing demand for efficient variable speed standby gensets for commercial and residential applications in Europe, Asia Pacific, and North America.
The variable speed generator market, by prime mover, is segmented into wind turbine, hydro turbine, gas and steam turbine, and internal combustion (IC) engine. The IC engine segment is expected to grow at the highest CAGR during the forecast period. The increasing implementation of variable speed generators for aerospace and marine applications is expected to drive the market.
The variable speed generator market, by power rating, is segmented 100 kVA, 100 kVA-1 MVA, 1 MVA-25 MVA, and above 25 MVA. The 1 MVA-25 MVA segment is expected to grow at the highest CAGR from 2017 to 2022. The increasing capacity addition in offshore wind projects and commercialization of high power rated permanent magnet synchronous generators will create new revenue pockets for this segment.
In this report, the variable speed generator market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Asia Pacific is estimated to grow at the highest CAGR during the forecast period. Factors such as increased power consumption; government mandates on energy efficiency; rising influx of renewable sources in the energy mix; and renovation, modernization, and upgradation of aging hydropower plants are to drive the variable speed generator market in the region.
High capital investment and limited re-investment could act as restraints for the variable speed generator market. The leading players in the market include ABB (Switzerland), GE (US), Siemens (Germany), Wartsila (Finland), Cummins (US), and Rolls Royce (UK). Contracts & agreements was the most commonly adopted strategy by the top players. This was followed by new product launches, expansions and investments, and mergers & acquisitions.
Key Topics Covered:
1. Introduction 1.1 Objectives Of The Study 1.2 Definition 1.3 Market Scope 1.4 Currency 1.5 Stakeholders
2. Research Methodology 2.1 Research Data 2.2 Market Size Estimation 2.3 Data Triangulation 2.4 Limitations 2.5 Research Assumptions
3. Executive Summary
4. Premium Insights 4.1 Attractive Opportunities In The Variable Speed Generator Market 4.2 Asia Pacific Variable Speed Generator Market Size, By Plant Type & By Country 4.3 Variable Speed Generator Market, By Country 4.4 Variable Speed Generator Market, By Power Rating 4.5 Variable Speed Generator Market, By Generator
5. Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 188.8.131.52 Growing Share Of Renewable Power Generation And Increasing Government Mandates 184.108.40.206 Rising Need For Energy Efficiency 220.127.116.11 Increasing Urbanization And Industrialization 5.2.2 Restraints 18.104.22.168 Reluctance To Spend On Distributed Generation 5.2.3 Opportunities 22.214.171.124 Robust Growth In Hvac Systems 126.96.36.199 Renovation, Modernization And Uprating Of Outdated Power Infrastructure 188.8.131.52 Applications In Hybrid Energy Systems 5.2.4 Challenges 184.108.40.206 Decreasing Greenfield Investments In Mining And Oil & Gas Industry