Excitation Systems Market to Witness Steady Growth during the Forecast Period 2021-2027

The rapid urbanization and the technological advancements have introduced several innovations in the industries. Today, there is a rise in demand for synchronous machines in the manufacturing sector. The surge in popularity of synchronous machines is due to their highly optimized way of using energy, low maintenance costs, and high durability. Moreover, there is also a rise in applications for examination systems in the renewable energy sector as well. Several key players including ABB are focusing on innovating new excitation systems having higher efficiency and better excitation voltage to gain competitive advantage in the market.

For example, in August 2019, ABB introduced their Unitrol 1000 series. It is one of a kind excitation system with modern European grid code that helps the consumers to minimize the risks associated with the grid networks. Such developments are expected to boost the global excitation systems market in near future. However, the complexity in the installation process of the excitation systems limits the market growth.

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The Asia-Pacific region accounts for the major share of the global excitation systems market owing to the rapid industrial developments in the growing number of projects in the renewable energy sector in the emerging economies of the region such as India and China. The market in Europe and North America regions is also expected significant pace owing to the high demand for excitation systems in this sophisticated electric grids and the power generation plants in the developed nations.

Key benefits of the report:

• This study presents the analytical depiction of the global excitation systems industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global excitation systems market share.

• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global excitation systems market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed global excitation systems market analysis based on competitive intensity and how the competition will take shape in coming years.

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COVID-19 scenario analysis:

The outbreak of the COVID-19 pandemic has severe impacts on the global excitation systems market.

• With the imposition of lockdown by the governments of different nations, a fall in the demand for electricity is observed mainly in the commercial sectors. This is because of the restrictions imposed upon different business activities and has eventually affected the growth of the excitation systems market.

• China is a major market for the excitation systems market. Thus, the complete shutdown of the nation since the advent of the pandemic has caused severe damage to the global excitation systems market.

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