NEWARK, Del, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global Variable Speed Generators Market value is expected to reach US$ 8.5 Billion in 2023. Over the assessment period, global sales of Variable Speed Generators are likely to surge at 5.3% CAGR. By 2033, total Market size is anticipated to reach US$ 14.2 Billion.
In 2022, the global Variable Speed Generators industry totaled a valuation of US$ 8.0 Billion. Looking forward, the target Market is set to create an absolute $ growth of US$ 5.7 Billion during the forecast period.
The renewable power generation sector is expected to create a higher demand for Variable Speed Generators during the assessment period. This is due to growing importance of these generators in the thriving renewable power generation sector.
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As per the latest analysis, variable speed generator demand in the renewable power generation segment is forecast to increase at 5.0% CAGR through 2033, in comparison to 6.7% CAGR recorded during the historical period from 2018 to 2022.
Increasing investments in renewable energy projects and rising demand for reliable power supply sources are prominent factors driving the global Variable Speed Generators industry.
Growing usage of Variable Speed Generators in diverse sectors including renewable energy sector, oil & gas, mining, and manufacturing is expected to boost sales through 2033.
Variable Speed Generators are gaining wider traction due to their ability to operate over a variety of speeds. They are being widely used to optimize engine consumption, improve system efficiency, reduce fuel consumption, and minimize greenhouse emissions.
Rising energy requirements and depletion of fossil fuels are forcing people to shift towards renewable energy sources such as wind power. This in turn is expected to uplift variable energy speed generator demand during the assessment period.
Variable Speed Generators allow companies to enhance the efficiency, stability, and overall performance of the energy conversion process. Their ability to adjust rotational speed over a wide range makes them ideal for renewable energy systems and applications.
Increasing applications of Variable Speed Generators in commercial & residential sectors is another key factor expected to fuel Market expansion.
In commercial & residential sectors, Variable Speed Generators are being used in air conditioning systems/refrigeration units to optimize energy consumption and reduce overall electricity costs. This is due to their ability to adjust output to match actual power demand & prevent unnecessary energy waste.
Key Takeaways from the Variable Speed Generators Market Report:
- The global Variable Speed Generators industry is predicted to cross a valuation of US$ 14.2 Billion by the end of 2033.
- Based on technology, the mechanical segment is expected to thrive at 5.2% CAGR during the forecast period.
- By end use, the renewable power generation segment is projected to progress at a CAGR of 5.0% through 2033.
- The United States Variable Speed Generators Market value is forecast to reach US$ 2.5 Billion by 2033.
- Demand for Variable Speed Generators in Japan is set to rise at 5.2% CAGR during the forecast period.
- China Variable Speed Generators industry is forecast to reach a valuation of US$ 2.8 Billion by 2033.
- Sales in South Korea Market are likely to rise at 5.0% CAGR over the projection period
- The United Kingdom Market is poised to exhibit a CAGR of 5.1% CAGR through 2033.
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Top Companies in Access Control and Authentication Market:
- 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
These key companies are concentrating on developing novel solutions with improved features such as energy efficiency. They are also implementing strategies such as mergers, agreements, acquisitions, partnerships, etc. to gain a competitive edge in the Market. For instance,
Recent developments:
- In September 2022, Volvo Penta launched new variable speed generator sets for marine vessels.
- In May 2023, Siemen’s low-voltage NEMA motor business was acquired by ABB.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the Variable Speed Generators industry presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals Market projections based on technology (mechanical and power electronics), end use (renewable power generation, hydroelectric power generation, marine & shipbuilding, oil & gas and mining, commercial & residential, and others), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
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Variable Speed Generators Market Segmentation
By Technology:
- Mechanical
- Power Electronics
By End Use:
- Renewable Power Generation
- Hydroelectric Power Generation
- Marine & Shipbuilding
- Oil & Gas and Mining
- Commercial & Residential
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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