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.
Market Ecosystem:
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.
