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

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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.

Excitation Systems Market Summary

Study Period

2023 – 2029

Base Year

2022

CAGR

4.3%

Largest Market

North America

Fastest Growing Market

Asia Pacific
Excitation Systems Market Dynamics

Excitation systems market is expected to grow over the forecast period due to the increasing demand for excitation systems to provide reliable operations. The increasing adoption and growing renewable energy sources like hydro power plant, wind power plant, and solar power plants are expected to increase the demand for excitation systems over the forecast period. The excitation systems are the key components in various power generating units used in the power plants in order to achieve stability, reliability of operations, and fast transient response based on the grid requirements. Hence, this will drive the global market growth at a significant rate.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2018 to 2022) and forecast (2023 to 2029)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startup’s details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market

Excitation Systems Market Segmentation

By Type
  • Static
  • Brushless
By Application
  • Synchronous Motors
  • Synchronous Generators
By Controller Type
  • Digital
  • Analog
By Geography
  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • MEA
LOCATION

Geography

Frequently Asked Questions

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

Increasing adoption and growing renewable energy resources is expected to provide opportunity to the key market players in the forecast period.

The leading players in the global Excitation Systems market are ABB, Andritz AG, Basler Electric Company, Fuji Electric Co., Ltd., General Electric, Mitsubishi Electric Corporation, Siemens AG, Tenel, Voith GmbH & Co. KGaA, and WEG Group, Nidec Leroy-Somer.

The maintenance of excitation systems is difficult due to its complex design is anticipated to hinder the growth of excitation systems market over the forecast period.

  • ABB
  • Andritz AG
  • Basler Electric Company
  • Fuji Electric Co. Ltd.
  • General Electric
  • Mitsubishi Electric Corporation
  • Siemens AG
  • Tenel
  • Voith GmbH & Co. KGaA
  • WEG Group.
  • Nidec Leroy-Somer.