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With the growing population and living standards of people, the global demand for uninterrupted and reliable power supply has increased in recent years. The rural electrification and urbanization have been the driving forces for the increasing demand for electricity. The fixed speed turbines resulted in the loss of generated power and to tackle this variable speed generator were introduced. Variable speed generators increase the range of operation of the turbines at various rotor speeds and enable energy change at optimal speeds.
Other advantages offered by variable-speed generators include operation close to optimal efficiency point of the turbine and therefore resulting in increased plant efficiency. Instantaneous output power adjustments done by variable speed generators cancel out the sudden voltage disruptions. Variable speed generators are increasingly adopted in wind turbine and hydroelectric turbines applications.
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On the basis of the generator type, the global variable speed generator market can be segmented into Permanent Magnet Synchronous Generator; Variable Speed Self exited Induction Generator, Wound Rotor Induction Generator, and Doubly Fed Induction Generator. Owing to the low power rating devices used and considerably low cost of the control system, the doubly-fed induction generators will hold a dominant position in the global variable speed generator market in the given forecast period.
On the basis of technology, the global variable speed generator market is segmented into mechanical and power electronics. The technological advancements will propel the growth of power electronics segment during the given forecast period. On the basis of application, the global variable speed generator market can be segmented into renewable power generation, hydroelectric power generation, oil & gas, mining, commercial & residential, and others. The increasing drift towards the utilization of renewable sources of energy for power generation will see renewable power generation hold a larger market share in the coming years.
The key market driver for the global variable speed generator market is the growing demand for uninterrupted and a reliable source of power supply from various sectors. Favorable government policies, growth of the renewable industry, specifically wind power, and expansion of the oil and gas sector are also key market drivers for the global variable speed generator market.
Key market restraint for the global variable speed generator market is the high cost involved during the installation and maintenance of the variable speed generator. Also, the drift towards other sources of energy such as solar, fuel cells, and others which cancel out the requirement for variable speed generators are the factors hindering the growth of the global variable speed generator market.
Key players operating in the global variable speed generator market are AKSA Power Generation, Caterpillar Inc., Cooper Corporation Pvt Ltd., Cummins Inc, Mitsubishi Electric Power Products Inc., GE Renewable Energy, Honda Power Equipment, Kirloskar Oil Engines Limited, ABB, Fischer Panda USA, Himoinsa, Kohler Co., Generac Power Systems, and Innovus Power Inc.
By Generator Type
The global variable speed generator market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. With the increasing demand for continuous and stable energy, the Asia Pacific region will dominate the global variable speed generator market in the given forecast period. Also, the ongoing industrialization and growing adoption of renewable sources like wind power are helping the global variable speed generator market to grow in the region. China and India are the major players in the region. Easy availability of fossil fuel in the Middle East region is one of the key growth factors for variable speed generators market in this region. The growing need for steady power supply and industrialization in European countries will help the global variable speed generator market to grow in the Europe region. Similarly, the increasing demand for power backup facility will drive the market in North America and Latin America region.