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Variable Speed Generator Market Projections, Future Opportunities Recorded For The Period Until 2022
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. The growth of this market is majorly driven by rising alternative energy programs, increasing government mandates over energy efficiency, and growing industrialization and urbanization.
The leading players in the variable speed generator market 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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Europe is expected to be the fastest-growing market for variable speed generators from 2017 to 2022. According to the European Wind Energy Association (EWEA), Europe accounts for more than 90% of the world’s installed offshore wind capacity. This is supported by the European Wind Initiative (EWI), a wind energy research and development program developed to take the wind industry to the next level in Europe. The countries in the EU are primarily focusing on upgrading their aging electrical infrastructure. Furthermore, the governments of these countries are promoting power generation through renewable energy sources. The tender volumes in Europe are set to increase at a faster pace with 5 GW being auctioned in Germany, the UK, and France. Construction activity in 2017 is also set to increase in terms of installed wind capacity. According to WindEurope, the association for wind energy in Europe, an installation of more than 3.5 GW of offshore wind capacity is expected in the region in 2017, with maximum installations in Germany, the UK, Belgium, and Denmark. This would contribute to the target of reaching 25 GW of offshore wind capacity by 2020. The growing number of alternative energy programs, along with the European Union’s proposed stage V emission standards to further tighten emission norms for non-road engines, will drive the market for variable speed generators for wind power and diesel and gas-based variable speed gensets.
The report segments the variable speed generator market, by generator type, into doubly fed induction generator (DFIG), permanent magnet synchronous generator (PMSG), variable speed-self excited induction generator (SEIG), and wound rotor induction generator (WRIG). The permanent magnet synchronous generator (PMSG) segment is expected to grow at the highest CAGR during the forecast period. The increasing adoption of the PMSG technology for wind power generation as well as diesel-electric gensets is driving the growth of the PMSG segment.
The variable speed generator market, by end user, 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 demand for efficient variable speed standby gensets for commercial and residential applications in Europe, Asia Pacific, and North America.
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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 engines 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 into up to 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 the commercialization of high power rated permanent magnet synchronous generators will create new revenue pockets for this segment.
Portable Generator Market by Fuel Type (Gasoline, Diesel, Gas), Application (Emergency, Continuous), Power Rating ( 10 kW), End-User (Residential, Commercial, Industrial), and Region - Global Forecast to 2022
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