Excitation Systems Market: By Type (Static, and Brushless), By Application (Synchronous Motors, Synchronous Generators), By Controller Type (Digital, Analog), and By Geography

Excitation Systems Market was valued at USD 2,939.4 million in 2022 and is expected to grow at a 4.3% CAGR from 2023 to 2029. The excitation system is an internal part of the synchronous machine which performs protection and control functions as a supplementary input by a flux production and passing the current to the rotor winding of the synchronous machine. There are two types of excitation systems, static and rotating excitation ssystems Excitation systems are used to maintain constant terminal voltage in synchronous generators and constant power factor in synchronous motors.Growing popularity and Increasing demand for synchronous machines to provide reliable operations is expected to drive the market growth over the forecast period. In addition, growing various renewable energy sources like hydro power plant, solar power plant, wind power plant is expected to increase the demand for excitation systems. However, difficulty in maintenance of excitation systems due to its complex design is anticipated to hinder the growth of excitation systems market. Whereas the increasing demand for synchronous machines in the HVDC network, and increasing investments in renewable energy sources especially hydro power plants is expected to provide opportunities to the market key players in the forecast years. For instance, according to IEA renewable energy resources will overtake the conventional energy resources to become largest electricity generation by 2025. by that time, renewable energy is expected to supply about 40 % of world’s electricity. Whereas shortage in equipment or spare parts used in the manufacturing of excitation systems is anticipated to challenge the growth of excitation systems market over the forecast period. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global excitation systems market in the forecast years.

Excitation Systems Market Key Developments:

• In October 2021, Basler Electric Company acquired Segrity LLC. This acquisition led to rise in the product portfolio and surge in the electrical services of the company.