Variable Speed Generator Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Generator Type (Variable Speed-Self Excited Induction Generator {SEIG}, Doubly Fed Induction Generator {DFIG}, Wound Rotor Induction Generator {WRIG}, Permanent Magnet Synchronous Generator {PMSG}); Technology (Power Electronics and Mechanical); Application (Renewable Power Generation, Hydroelectric Power Generation, Marine and Shipbuilding, Oil & Gas and Mining, Commercial and Residential, and Others);and Region/Country

Detailed Analysis of COVID-19 Impact on the Variable Speed Generator Market

Pages:

228

Table:

47

Figure:

129

Report ID:

UMEP21752

Geography:

Clear
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Report Description

Variable Speed Generator Market 1
Variable Speed Generator Market 1

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The Variable Speed Generator market is predicted to grow at a CAGR of ~8% between 2021 and 2027. It is mainly due 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.

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) are some of the prominent players operating in the Variable Speed Generator market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Generator Type, PMSG Category to Witness Significant Growth”

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. PMSGs are increasingly used in various applications owing to their high efficiency and high torque-to-volume ratio.

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In addition, DFIG is also expected to witness strong growth during 2021–2027F. DFIG is a generating principle widely used in wind turbines. DFIG system is a popular system in which the power electronic interface controls the rotor currents to achieve the variable speed necessary for maximum energy capture in variable winds.

“Amongst Technology, Power Electronics Higher Incremental Gain During the Forecast Period”

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.

Furthermore, Variable speed generators are commonly found in wind turbine applications. These generators are ideal for alternative energy systems, such as wind turbines, where the power source is intermittent. The wind turbine or other energy source can be adjusted for maximum energy capture and is not limited by a limited generator speed range.

“Amongst Application, Renewable Power Generation Category to Witness Higher CAGR”

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. The increasing awareness in emerging nations to support the development and deployment of renewable energy power sources are positively driving the market. The surging investment to develop the infrastructure and robust portfolio of research development is also accentuating the market. For instance: The U.S. Department of Energy’s Wind Energy Technologies Office (WETO) funds research nationwide for the deployment of offshore wind technologies that can capture wind resources off the coasts of the United States and convert that wind into electricity.

“APAC to is expected to be the Fastest-Growing Region in Global Variable Speed Generator Market During 2021–2027F”

APAC region has been witnessing some of the largest T&D expansions due to rapidly increasing demand in countries such as India and China. In addition, an upsurge in renewable power generation projects is expected to positively influence the market demand for VSG. For instance, in 2021, China’s total renewable energy capacity increased 10.2 percentage points as compared to 2015. The capacity exceeded 1,000 GW in 2021, according to the National Energy Administration, accounting for 43.5% of the country’s total power generation capacity.

Similarly, in July 2021, the Ministry of New and Renewable Energy (MNRE) of India gave the go-ahead to NTPC Renewable Energy Ltd. to build a 4,750 MW renewable energy park at the Rann of Kutch in Khavada, Gujarat. This will be India’s largest solar park, to be developed by the country’s leading power producer. With the increased support of the government and improved economics, the sector has become attractive from an investor’s perspective, which is further expected to drive the market in the region.

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Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry


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1.1.Market Definitions
1.2.Limitation
1.3.Stakeholders
1.4.Currency used in Report
2.1.Research Process of the Variable Speed Generator Market
2.2.Research Methodology of the Variable Speed Generator Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Variable Speed Generator Market Study
3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5IMPACT OF COVID-19 ON THE VARIABLE SPEED GENERATOR MARKET
6VARIABLE SPEED GENERATOR MARKET REVENUE (USD BN), 2019-2027F
7.1.Variable Speed-Self Excited Induction Generator (SEIG)
7.2.Doubly Fed Induction Generator (DFIG)
7.3.Wound Rotor Induction Generator (WRIG)
7.4.Permanent Magnet Synchronous Generator (PMSG)
8.1.Mechanical
8.2.Power Electronics
9.1.Renewable Power Generation
9.2.Hydroelectric Power Generation
9.3.Marine and Shipbuilding
9.4.Oil & Gas and Mining
9.5.Commercial and Residential
9.6.Others
10.1.North America Variable Speed Generator Market
 10.1.1.U.S.
 10.1.2.Canada
 10.1.3.Rest of North America
10.2.Europe Variable Speed Generator Market
 10.2.1.Germany
 10.2.2.U.K.
 10.2.3.France
 10.2.4.Italy
 10.2.5.Spain
 10.2.6.Rest of Europe
10.3.Asia-Pacific Variable Speed Generator Market
 10.3.1.China
 10.3.2.Japan
 10.3.3.India
 10.3.4.South Korea
 10.3.5.Rest of Asia-Pacific
10.4.Rest of World Variable Speed Generator Market
11.1.Market Drivers
11.2.Market Challenges
11.3.Impact Analysis
12VARIABLE SPEED GENERATOR MARKET OPPORTUNITIES
13VARIABLE SPEED GENERATOR MARKET TRENDS
14VALUE CHAIN ANALYSIS
15.1.Demand Side Analysis
15.2.Supply Side Analysis
16.1.Competitive Landscape
 16.1.1.Porter’s Five Forces Analysis
17.1.ABB Ltd.
17.2.Siemens AG
17.3.Yanmar Co. Ltd.
17.4.GE Renewable Energy
17.5.Ausonia S.r.l. 
17.6.Caterpillar Inc.
17.7.Wärtsilä Corporation
17.8.Innovus Power Inc.
17.9.Cummins Inc.
17.10.Rolls-Royce (mtu)
18DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Variable Speed Generator market were the three major steps undertaken to create and analyze the adoption of Variable Speed Generator in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Variable Speed Generator market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Variable Speed Generator through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Variable Speed Generator market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Generator Type, Technology, and Application. Further country-level analyses were conducted to evaluate the overall adoption of Variable Speed Generator in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Variable Speed Generator. Further, we conducted factor analysis using dependent and independent variables such as increasing digitalization of industries and urbanization in developing countries. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Variable Speed Generator sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Variable Speed Generator market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Variable Speed Generator across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Variable Speed Generator market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market


Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Variable Speed Generator Market 2
Variable Speed Generator Market 2

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Variable Speed Generator market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Generator Type, Technology, and Application of the Variable Speed Generator market.

The main objective of the Variable Speed Generator Market Study

The current & future market trends of Variable Speed Generator were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Variable Speed Generator in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of Generator Type, Technology, and Application.
  • Define and analysis of the regulatory framework for the Variable Speed Generator industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Variable Speed Generator market for the major region
  • Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Others), and the Rest of the World
  • Company profiles of the Variable Speed Generator market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry