A comprehensive overview of the Variable Speed Generator market is recently added by UnivDatos Market Insights to its humongous database. The Variable Speed Generator market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Variable Speed Generator market. The Variable Speed Generator market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Variable Speed Generator market at the global and regional levels. Variable Speed Generator market is expected to grow at a CAGR of ~8% between 2021-2027.
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Market Overview
Variable speed generator market is likely to witness an impressive CAGR of ~8% during the forecast period. 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.
COVID-19 Impact
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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Variable Speed Generator market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Generator Type, the market is primarily categorized into
· Variable Speed-Self Excited Induction Generator (SEIG)
· Doubly Fed Induction Generator (DFIG)
· Wound Rotor Induction Generator (WRIG)
· Permanent Magnet Synchronous Generator (PMSG)
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.
By Technology, the market is primarily classified into
· Mechanical
· Power Electronics
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.
By Application, the market is primarily bifurcated into
· Renewable Power Generation
· Hydroelectric Power Generation
· Marine and Shipbuilding
· Oil & Gas and Mining
· Commercial and Residential
· Others
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.
Variable Speed Generator Market Geographical Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of the World
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.
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The major players targeting the market includes
· ABB Ltd.
· Siemens AG
· Yanmar Co. Ltd.
· GE Renewable Energy
· Ausonia S.r.l.
· Caterpillar Inc.
· Wärtsilä Corporation
· Innovus Power Inc.
· Cummins Inc.
· Rolls-Royce (mtu)
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Variable Speed Generator market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Variable Speed Generator market?
· Which factors are influencing the Variable Speed Generator market over the forecast period?
· What are the global challenges, threats, and risks in the Variable Speed Generator market?
· Which factors are propelling and restraining the Variable Speed Generator market?
· What are the demanding global regions of the Variable Speed Generator market?
· What will be the global market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by global companies?
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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
