This growth is primarily due to the increasing emphasis on alternative energy production, increasing government mandates over energy efficiency, and growing industrialization and urbanization.
The report "Variable Speed Generator Market by Type (Permanent Magnet, Doubly Fed Induction, Self-Excitation Induction, Wound Rotor Induction), Prime Mover (Wind, Hydro, Steam & Gas Turbine, Ic Engine), Technology, Power, End-User, Region – Global Forecast to 2022 " The global variable speed generator market is projected to reach USD 8.36 billion by 2022. The variable speed generator market is expected to grow from an estimated USD 5.79 billion in 2017 to USD 8.36 billion by 2022, registering a CAGR of 7.63% during the forecast period.
Browse 69 market data Tables and 36 Figures spread through 154 Pages and in-depth TOC on ,"Variable Speed Generator Market – Global Forecast to 2022"
On the basis of end user, the renewable power generation segment is expected to hold the largest share of the market
The renewable power generation segment dominated the market in 2016 and is projected to grow at the highest CAGR during the forecast period.
The most important advantage of variable speed generators in wind power generation is that they allow the turbine to increase or decrease speed as the wind speed varies as the actual power available in the wind increases three times with a single-fold increase in wind speed. Turbines, which operate within a narrow speed range, cannot effectively use wind speeds, causing the generator to exceed the synchronous speed.
Therefore, in such cases, the range within which the wind power can be effectively harnessed is reduced. Variable speed generators can be loaded to maximum wind energy conversion over a wide speed range.
The wind speed cube law can be used to an advantage by allowing the turbine to achieve maximum power points at various wind speeds, optimizing the turbine-generator efficiency. In concentrated solar power generation (solar thermal), the use of variable speed generators results in achieving greater plant efficiency and an expanded operating range.
Above the threshold pressure, a steam turbine can produce sufficient torque to drive the rotor of the variable speed generator, increasing the capacity utilization factor of the solar thermal plant and making the project cost-effective.
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The internal combustion engine segment is expected to be the fastest-growing segment of the market
With regards to the prime mover segment, internal combustion engine driven variable speed generators are expected to constitute the fastest growing market from 2017 to 2022. The market is primarily driven by the increasing investments in aerospace, marine, and shipbuilding industry.
The implementation of variable speed gensets reduces the operation and maintenance cost of the internal combustion engines. These gensets have 20-30% less fuel consumption and optimal running efficiency at variable load.
Asia Pacific: A leading market for variable speed generators
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 and Africa. Asia Pacific is expected to account for the largest market share of the global variable speed generator market in 2017.
Increasing urbanization and industrialization in this region are leading to the higher demand for power. To cater to this demand and meet the energy efficiency mandates, the countries are focusing on power generation through renewable energy sources.
Offshore wind forms an integral part of the renewable-based power generation. Moreover, favorable supportive schemes, investments in grid infrastructure to maximize power generation from wind, and foreign direct investment would attract investors to the wind power industry.
Hence, increasing consumption of energy followed by an increase in investments in renewable energy, rapid growth of data centers, and growth of IT hubs and commercial sectors such as malls and hospitals are driving the variable speed generator market in Asia Pacific.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the variable speed generator market. These players include ABB (Switzerland), GE (US), Siemens (Germany), Wartsila (Finland), Cummins (US), and Rolls Royce (UK).
The leading players are trying to make inroads in the markets in the developed economies and are adopting various strategies to increase their market shares.
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