With the emergence and long-term Impact of COVID-19, Global Excitation Systems Market to reach USD 3.3 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Excitation Systems Market points towards a potential rise to USD 3.3 billion by 2030. Excitation systems are an integral part of synchronous generators (alternators) used in power systems. They control the field current and voltage of the generator’s rotor, which in turn regulates the output voltage and reactive power of the generator. The main function of an excitation system is to maintain the generator’s terminal voltage within acceptable limits, regardless of the load or system conditions.
By regulating the field current, the excitation system ensures that the generator produces the desired voltage and reactive power to support the stability and reliability of the power system. The key factors driving the market growth is rise in demand for synchronous machines by industrial users to ensure uninterrupted power supply for efficient production, increasing demand for uninterrupted and reliable power supply in several industries, and growing investment toward power infrastructure projects is anticipated to support the market growth.
Geographically, the global Excitation Systems market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the rising investment in building and refurbishing hydroelectric generation stations, surging demand for synchronous machines, and booming industrial sectors in the region. Whereas, the Asia Pacific is anticipated to grow with the highest CAGR during the forecast period, owing to factors such as the government reforms and policies to speed up clean energy transformation, high demand for synchronous machines in marine industry, increased requirement for high-efficiency equipment to reduce carbon emissions, and massive investment in mining industry.
The global Excitation Systems market is highly competitive owing to the presence of several key players such as Weg Group, Voith Gmbh & Co. Kgaa, Basler Electric Company, Siemens AG Mitsubishi Electric Corporation, ABB Ltd, Fuji Electric Co., Ltd, Andritz AG Tenel, S.R.O. General Electric, and others.
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Global Excitation Systems Market Size study & Forecast, by Type (Static, Rotational) by Controller Type (Analog, Digital), by Application (Synchronous Generator, Synchronous Motor), by End User (Power Generation, Other Industrial) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Excitation Systems Market is anticipated to grow with a healthy growth rate of more than 4.6% over the forecast period 2023-2030.
- In the Controller Type segment, Digital emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to rising investment in building and refurbishing hydroelectric generation stations in the region.
- Asia Pacific is expected to grow at higher rate owing to high demand for synchronous machines in marine industry in the region
Bizwit Research & Consulting has considered following segments for the study:
By Controller Type:
- Synchronous Generator
- Synchronous Motor
By End User:
- Power Generation
- Other Industries
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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