The global Variable Speed Generators Market size is set to reach USD 8.5 billion in 2023 and USD 14.2 billion by 2033. Over the assessment period, global variable speed generator sales are predicted to soar at 5.3% CAGR.
As per the latest analysis, the worldwide variable speed generators industry valuation totaled USD 8.0 billion at the end of 2022. The same market is anticipated to create an absolute $ growth of USD 5.7 billion during the assessment period.
Variable speed generator demand is expected to remain high in renewable power generation sector owing to their ability to increase efficiency, besides providing other benefits.
According to Future Market Insights (FMI), renewable power generation segment is forecast to progress at a CAGR of about 5.0% through 2033. Hence, it is expected to create lucrative growth opportunities for variable speed generator manufacturers.
Key Market Shaping Factors:
Electrical generators that can produce variable output frequencies and, consequently, variable speeds are called variable speed generators or variable-frequency generators. These generators can adjust their rotational speed based on the desired output frequency. They are designed to work over a wide range of rotor speeds.
Variable speed generators are becoming ideal replacements for fixed speed generators in diverse applications. This is because of their several advantages including increased efficiency, better control, reduced mechanical stress, and improved grid integration.
Rapid transition towards renewable energy sources due to increasing energy demand, growing environmental concerns, and favorable government support is expected to boost the variable speed generators market.
Over the years, rising energy demand & costs and growing environmental concerns have compelled people and governments to rigorously invest in renewable energy sources such as wind.
For instance, as per the Global Wind Energy Council (GWEC), about 93.6 GW of new wind power capacity was added globally in 2021. Further, to achieve net zero by 2050, global wind power sectors’ growth needs to quadruple by the end of the decade.
The robust growth of wind power sector is likely to present lucrative growth opportunities for variable speed generator manufacturers and boost the overall market through 2033.
Variable speed generators are ideal for alternate energy systems including wind turbines where the power source is not constant. They are being widely used in renewable energy applications such as hydroelectric power plants and wind turbines. This is due to their ability to allow efficient power conversion across a range of rotational speeds.
By adjusting their speed to match the output of the renewable energy source, variable speed generators ensure a stable and reliable power supply to the grid. As a result, they are becoming more viable for large-scale integration into the grid.
Increasing government regulations and incentives aimed at promoting renewable energy adoption is set to provide a strong thrust for the growth of the target market.
Surging usage of variable speed generators in marine & shipbuilding sector is likely to foster market development during the assessment period.
Variable speed generators are becoming essential devices to drive electric propulsion motors. They allow the ship’s power system to adapt to changing load demand efficiently.
Another key factor that is expected to bolster variable speed generator sales is their usage in industrial applications.
Variable speed generators are being increasingly employed in several industrial processes and systems such as compressors and pumps to optimize efficiency and reduce energy consumption.
| Attributes | Key Insights |
|---|---|
| Variable Speed Generators Market Estimated Size (2023) | USD 8.5 billion |
| Projected Market Value (2033) | USD 14.2 billion |
| Value-based CAGR (2023 to 2033) | 5.3% |
| United States CAGR (2023 to 2033) | 5.3% |
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As per the latest analysis by Future Market Insights (FMI), global sales of variable speed generators increased at about 7.0% CAGR historically from 2018 to 2022. Total market value in 2022 reached around USD 8.0 billion.
Looking forward, the worldwide variable speed generators market is poised to exhibit a CAGR of 5.3% through 2033. It is projected to generate an absolute $ opportunity of USD 5.7 billion during the assessment period.
Rising adoption of variable speed generators across diverse sectors including renewable power generation, oil & gas, mining, marine, and residential is driving the target market.
There has been a rising interest in renewable energy sources such as wind and solar over the last few years. Adoption of these renewable energy sources is creating high demand for variable speed generators and other equipment.
Variable speed generators help end users in harnessing energy from intermittent sources and ensuring smooth grid integration. As a result, they are expected to witness a high demand amid rapid expansion of the renewable power generation sector.
Variable speed generators are gaining immense popularity due to rising environmental concerns and a push for sustainable energy solutions. This is due to their ability to reduce fuel consumption, optimize energy production, and lower greenhouse gas emissions.
Growing need for reliable and flexible power solutions across sectors such as manufacturing, oil & gas, mining, and marine is expected to fuel variable speed generator sales. Variable speed generators offer improved fuel efficiency, reduced mechanical stress, and better load management which makes them suitable for usage in these sectors.
Development of microgrid systems is also expected to boost growth in the global variable speed generators industry during the projection period.
Continuous advancements in generator technology and power electronics are allowing manufacturing to improve performance & efficiency of variable speed generators. This might expand the application area of these generators and boost the target market.
| Country | United States |
|---|---|
| Projected CAGR (2023 to 2033) | 5.3% |
| Market Value (2033) | 5.1% |
| Historical CAGR (2018 to 2022) | 6.9% |
| Country | United Kingdom |
|---|---|
| Projected CAGR (2023 to 2033) | 5.1% |
| Market Value (2033) | USD 2.5 billion |
| Historical CAGR (2018 to 2022) | 6.5% |
| Country | China) |
|---|---|
| Projected CAGR (2023 to 2033) | 5.2% |
| Market Value (2033) | USD 2.8 billion |
| Historical CAGR (2018 to 2022) | 8.6% |
| Country | Japan |
|---|---|
| Projected CAGR (2023 to 2033) | 5.2% |
| Market Value (2033) | USD 2.1 billion |
| Historical CAGR (2018 to 2022) | 6.7% |
| Country | South Korea |
|---|---|
| Projected CAGR (2023 to 2033) | 5.0% |
| Market Value (2033) | ~USD 0.751 billion |
| Historical CAGR (2018 to 2022) | 6.5% |
According to Future Market Insights (FMI), China is expected to remain at the top of the ladder in the global variable speed generators industry through 2033. This is due to growing renewable energy integration, favorable government policies & incentives, and advancements in power electronics.
China variable speed generators market registered a CAGR of 6.8% historically from 2018 to 2022. For the assessment period, demand for variable speed generators in China is set to increase at 5.2% CAGR.
By 2033, China variable speed generators industry is anticipated to reach a massive valuation of USD 2.8 billion, making it a highly lucrative market. It is expected to generate an absolute $ opportunity of USD 1.1 billion over the assessment period.
Future projections indicate China to remain a highly lucrative market for variable speed generator manufacturers during the forecast period.
For the last few years, China has been actively promoting renewable energy sources such as solar and wind power to achieve national decarbonization commitments and international targets including the UN’s net-zero by 2050 goal. This has triggered growth of the wind power sector as well as the overall renewable power generation sector.
According to the National Energy Administration (NEA), around 71.7 GW of new wind capacity was installed in China in 2020. Expansion of wind power sector in turn is expected to fuel variable speed generator demand in China during the assessment period.
Variable speed generators are being widely used in wind turbines. They help in efficiently harnessing energy from fluctuating sources such as wind, and incorporating them into the grid.
Government mandates on energy efficiency, rising environmental concerns, and advancements in power electronics are other factors expected to boost the variable speed generators industry in China.
Development of sophisticated power electronics & control systems is facilitating the integration of variable generators into power generation and industrial applications in China.
Similarly, growing environmental awareness is encouraging adoption of sustainable and eco-friendly solutions such as variable speed generators.
The United States variable speed generators market is predicted to exceed USD 2.5 billion by 2033. It is set to generate an absolute $ growth of USD 1.0 billion during the assessment period.
Historically, the United States variable speed generators industry grew at 6.9% CAGR. Over the assessment period, sales of variable speed generators in the United States are likely to soar at 5.3% CAGR.
Growth in the United States market is driven by several factors. These include booming renewable energy and oil & gas sectors, penetration of industrial automation, and advancements in variable speed generator technologies.
Oil & gas exploration activities have been on the rise in the United States during the last few years due to rising energy demand and increasing petroleum consumption.
As per the USA Energy Information Administration (EIA), petroleum consumption reached an average of around 20.28 million barrels per day in 2022 across the United States. This in turn is positively impacting variable speed generator sales.
Variable speed generators are being used in several applications such as drilling operations and pumping systems in the oil & gas sector. This is due to their ability to provide precise control over power generation and improve overall efficiency.
Similarly, rising adoption of variable speed generators in thriving renewable energy sector is expected to boost the United States market.
Thanks to expanding renewable power sector, the United States has become the second leading producer of renewable electricity globally, and the trend is expected to continue through 2033.
According to the International Trade Administration, renewable energy sources are estimated to provide 42% of the United States’ electricity by 2050, thanks to investments in cost-effective wind and solar plants. Driven by this, demand for variable speed generators is set to rise rapidly.
Variable speed generators have become essential devices for optimizing energy production and improving efficiency of renewable energy systems.
Growing demand for clean energy, advancements in renewable energy technologies, and robust incentives are all expected to help the United States renewable energy sector to grow by leaps and bounds during the assessment period. This will present high growth opportunities for variable speed generator manufacturers.
Principal Consultant
| Top Segment (Technology) | Mechanical |
|---|---|
| Historical CAGR (2018 to 2022) | 6.8% |
| Projected CAGR (2023 to 2033) | 5.2% |
| Top Segment (End Use) | Renewable Power Generation |
|---|---|
| Historical CAGR (2018 to 2022) | 6.7% |
| Projected CAGR (2023 to 2033) | 5.0% |
Based on technology, the global variable speed generators industry is segmented into mechanical and power electronics. Among these, mechanical segment is expected to dominate the target market. This is due to growing popularity of mechanical-based variable speed generators.
According to Future Market Insights (FMI), mechanical segment is anticipated to progress at 5.2% CAGR through 2033, in comparison to 6.8% CAGR registered during the historical period.
Mechanical variable speed generators are devices that can produce electrical power at a variable or adjustable rotational speed. These generators provide improved flexibility and efficiency in several applications. They have the ability to operate at different speeds which makes them ideal for several applications.
For instance, mechanical variable-speed generators are being widely used in wind turbine applications. Adoption of mechanical variable speed generators in wind turbines allows the rotor to spin at a speed that optimizes power production based on wind direction & speed.
Growing usage of mechanical variable-speed generators such as doubly-fed induction generators (DFIG) in several applications including wind turbines and hybrid vehicles is expected to boost the target segment.
Improvements in mechanical-based variable speed generators and expansion of their application areas are likely to further boost the target segment.
Based on end use, renewable power generation segment is expected to create a plethora of growth opportunities for the variable speed generators industry. This is attributable to rising usage of variable speed generators in the thriving renewable power generation sector.
As per Future Market Insights (FMI), renewable power generation segment experienced a CAGR of 6.7% during the historical period. Over the assessment period, variable speed generator demand in the renewable power generation segment is likely to rise at 5.0% CAGR.
Variable speed generators play a key role in renewable power generation sector. They allow renewable energy systems to optimize efficiency, adapt to varying conditions, and contribute to grid stability. This is due to their ability to vary rotational speed.
The exponential growth of renewable power energy segment is expected to create a high demand for variable speed generators during the assessment period.
Variable speed generators are being increasingly used in modern wind turbines and marine renewable energy systems such as tidal & wave energy converters. Subsequently, they find usage in certain concentrated solar power (CSP) applications.
Increasing investments in renewable power generation infrastructure is likely to bolster variable speed generator sales through 2033.
Adoption of variable speed generators in renewable power generation sector is expected to help the world to transit towards a more sustainable & resilient energy future.
Leading manufacturers of variable speed generators listed in the report include Atlas Copco AB, ABB Ltd., Ausonia srl, Fischer Panda GmbH, Cummins, Inc, Generac Holdings Inc, Innovus Power, Inc, General Electric Company, Rolls-Royce Holdings PLC, and Siemens AG among others.
Introducing new solutions with enhanced features has been a key focus of leading variable speed generator manufacturing companies. Subsequently, top players are inclined towards adopting strategies such as acquisitions, partnerships, mergers, distribution agreements, etc. to improve sales and expand their global footprint.
Recent developments:
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| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 8.5 billion |
| Projected Market Value (2033) | USD 14.2 billion |
| Anticipated Growth Rate (2023 to 2033) | 5.3% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume in Units, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Technology, End Use, and Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled | ABB Ltd.; Atlas Copco AB; Ausonia srl; Cummins, Inc; Fischer Panda GmbH; Generac Holdings Inc; General Electric Company; Innovus Power, Inc; Rolls-Royce Holdings PLC; Siemens AG |
The projected CAGR of the variable speed generators market by 2033 is 5.3%.
The projected market value by 2033 is USD 14.2 billion.
The market is estimated to secure a valuation of USD 8.5 billion in 2023.
The renewable energy industry is the key consumer of the variable speed generators market.
We need variable speed generators to optimize power output and efficiency.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 5.1. Mechanical 5.2. Power Electronics 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Renewable Power Generation 6.2. Hydroelectric Power Generation 6.3. Marine & Shipbuilding 6.4. Oil & Gas and Mining 6.5. Commercial & Residential 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. ABB Ltd. 17.2. Atlas Copco AB 17.3. Ausonia srl 17.4. Cummins, Inc 17.5. Fischer Panda GmbH 17.6. Generac Holdings Inc 17.7. General Electric Company 17.8. Innovus Power, Inc 17.9. Rolls-Royce Holdings PLC 17.10. Siemens AG 18. Assumptions & Acronyms Used 19. Research Methodology
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Variable Speed Generators Market
