ID: MRFR/E&P/7148-HCR | February 2021 | Region: Global | 111 pages
An excitation system is used to produce the flux by passing current in the windings and thus provides field current to the rotor winding of a synchronous machine. Such systems provide stability and reliability of the working operation of the synchronous machines. Moreover, the amount of excitation required for the synchronous machines depends on the load power factor, load current, and speed of the machine.
The Global Excitation System Market size is projected to reach USD 3.30 Billion by 2025, with 3.24% CAGR between 2019 and 2025.
The major factors driving the growth of the global excitation system market include the rising demand for synchronous machines and the ability to provide reliable operations for synchronous machines. Additionally, the growing need for synchronous machines in renewable energy creates opportunities for the global excitation system industry. For instance, in November 2019, Reivax (Canada) along with the partnership of General Electric (US) contracted with Seattle City Light (US) to supply static excitation systems for boundary dam power station. Such factors are expected to create an opportunity for the global excitation systems market during the forecast period.
Many Major Players such as ABB, Siemens, and others are focusing on the development of the excitation system that is highly competitive and provides greater efficiency with efficient excitation voltage. Such players are actively focusing on new product development as a key strategy in order to offer the best suitable excitation system. For instance, in August 2019, ABB introduced a Unitrol 1000 series, the world’s first excitation system that is compliant with the new European grid code to provide benefits to consumers as well as helps minimize the risks associated with the grid networks. However, the process complexity is expected to restrain the growth of the excitation systems market.
The Global Excitation System Market has been segmented based on type, controller type, end-use, and region. By type, the global market includes DC excitation system, AC excitation system, and static excitation system. AC excitation system is further segmented into rotating thyristors excitation system and brushless excitation system. The AC excitation System segment is expected to hold a larger share due to its various benefits including low maintenance cost of rotor excitation system as compared to other types of excitation systems and low contact resistance. On the basis of controller type, the global market is segmented into analog and digital. The digital segment is expected to grow with the highest CAGR during the forecast period as it improves the transient and dynamic stability, thus enhances the performance of the generator. By application, the global excitation system market has been segmented into synchronous generators and synchronous motors. The synchronous generators segment is expected to hold the largest share within the global excitation system market owing to the increasing demand for synchronous generators in hydropower generating stations.
The Global Excitation System Market is expected to grow at 3.24% CAGR during the forecast period.
Excitation System Market Segmentation
The Global Excitation System Market is expected to witness high growth during the forecast period owing to the ability to ensure long-term reliable operations for synchronous machines and rising demand for synchronous machines, globally.
By region, the Global Excitation System Market is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. Asia-Pacific is expected to be the largest and fastest-growing region in the global excitation system market, owing to the increasing share of renewable energy supporting the excitation system in the region during the forecast period.
The Key Players operating in the Global Excitation System Market are General Electric (US), VEO (Finland), Amtech Power Ltd (India), KONČAR (Croatia), Voith (Germany), Siemens (Germany), Basler Electric (US), Tenel, s.r.o. (Czech Republic), Nidec (Japan), Andritz (Austria), Reivax (Canada), Automation Electronics (India), ABB (Switzerland) and others.
Frequently Asked Questions (FAQ) :
The excitation systems market can surge at 3.24% CAGR by 2025.
By 2025, the excitation systems market can value at USD 3.30 Bn.
Nidec (Japan), Reivax (Canada), Andritz (Austria), and Automation Electronics (India) are some notable companies in the excitation systems market.
AC excitation system, DC excitation system, and static excitation system are types of excitation systems.
Synchronous motors and generators are applications of excitation systems.