Excitation Systems Market 2022 | Covid19 Impact Analysis | Growth, Revenue, Trends and Forecasts 2030 | General Electric (US), Amtech Power Ltd (India), KON?AR (Croatia)
Research Reports
Apr 13, 2022
According to Market Research Future (MRFR), the global Excitation system Market size is projected to reach USD 3.30 billion, with a 3.24% CAGR between forecast period. The study report summarizes the impact of COVID-19 on current/future market situations. The report outlines some of the crucial market factors that will influence the growth of this sector, such as market share, main region, and key players.
An excitation system is used to produce the flux by passing the current in the windings, thus supplying field current to the rotor winding of a synchronous machine. These systems provide stability and reliability in the operation of synchronous machines. In addition, the amount of excitation needed for synchronous machines depends on the load power factor, the load current, and the speed of the machine.
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Key Players
The industry giants identified by MRFR in the Global Excitation System Market are General Electric (US), Amtech Power Ltd (India), KON?AR (Croatia), Nidec (Japan), Voith (Germany), Siemens (Germany), Basler Electric (US), Tenel, s.r.o. (Czech Republic), Andritz (Austria), Reivax (Canada), VEO (Finland), Automation Electronics (India), ABB (Switzerland), and others.
Market Dynamics
Significant factors pushing the growth of the global market for excitation systems include increasing demand for synchronous machines and the capability to provide reliable operation of synchronous machines. In addition, the increasing need for synchronous machines in renewable energy generates opportunities for the global excitation system industry. For example, in November 2019, Reivax (Canada) and General Electric (US) signed a contract with Seattle City Light (US) to supply static excitation systems for boundary dam power stations. These factors are expected to provide an opportunity for the global market for excitation systems during the forecast period.
The global excitation system market is likely to see high growth during the forecast period due to the ability to ensure long-term, stable operation for synchronous machines and increasing global demand for synchronous machines.
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Market Segmentation
The global market for excitation system has been segmented based on type, controller type, and end-use.
By type, the global excitation system market has been segmented into DC excitation system, AC excitation system, and static excitation system. AC excitation system is further divided into rotating thyristors excitation system and brushless excitation system. The AC excitation System segment is anticipated to hold a larger share due to its numerous benefits like low maintenance cost of rotor excitation system compared to other types of excitation systems and low contact resistance.
On the basis of the controller type, the global excitation system market has been segmented into analog and digital. The digital segment is projected to grow with the highest CAGR during the projected period as it improves the transient and dynamic stability, thereby enhances the performance of the generator.
On the basis of application, the global excitation system market has been segmented into synchronous generators and synchronous motors. The synchronous generators segment is projected to hold the largest share within the global excitation system market due to the increasing demand for synchronous generators in hydropower generating stations.
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Regional Analysis
By region, the global excitation system market has been segmented into Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
The Asia Pacific is set to be the largest and fastest-growing region in the global excitation system market due to the rising share of renewable energy that will boost the excitation system in the region during the assessment period.
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