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Excitation Systems Market Key Trends And Competitor Analysis Report 2024-2033
Excitation Systems Market Trends
According to The Business Research Company's, The excitation systems market size has grown strongly in recent years. It will grow from $2.53 billion in 2023 to $2.67 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to demand for electricity, industrialization, urbanization, grid stability concerns, and energy crisis.
The excitation systems market size is expected to see steady growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to grid modernization initiatives, energy storage integration, renewable energy integration, smart grid evolution, climate change mitigation. Major trends in the forecast period include digitalization and remote monitoring, optimized control algorithms, modular and scalable designs, plug-and-play compatibility, asset management, renewable energy sources.
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Market Drivers and Trends:
Increasing popularity of solar and wind power is expected to propel the growth of the excitation system market going forward. Solar and wind power refer to renewable energy sources that harness the energy of sunlight and wind, respectively, to generate electricity. Growing awareness of climate change and the environmental impacts of fossil fuel combustion has led to a shift towards cleaner energy sources like solar and wind power, which produce minimal greenhouse gas emissions and reduce air pollution. Synchronous generators are commonly used in solar and wind power plants to convert mechanical energy from wind turbines or steam turbines (in concentrated solar power plants) into electrical energy. For instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China's annual PV installations surged by 57%, accounting for 42% of global demand, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. Therefore, increasing popularity of solar and wind power is driving the excitation system market.
Major companies operating in the excitation system market are adopting strategic collaboration approaches to modernize power generation infrastructure to drive efficiency, reliability, and sustainability in electricity production. This collaboration approach involves the replacement of e-excitation systems to upgrade and improve power generation facilities. For instance, in October 2022, Reivax North America Inc., a US-based provider of excitation systems, partnered with Siemens AG, a Germany-based technology company, to replace the UNITROL F static excitation system for a Siemens steam turbine. This turbine is supplied with steam by two GE LM6000 turbines. Reivax North America secured the contract through competitive bidding, offering a comprehensive design-build-install solution that prioritized technical excellence, reliability, safety, and cost-effectiveness. The REIVAX RTX Power static excitation system, known for its versatility in hydro and non-hydro generating stations, as well as synchronous motor excitation systems, was selected for the project.
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Major Key Players of the Market:
General Electric Company, Mitsubishi Electric Corporation, Siemens Energy AG, ABB Ltd., Nidec Corporation, Rolls-Royce Holdings plc, Emerson Electric Co., Melrose Industries PLC, ANDRITZ AG, Fuji Electric Co. Ltd., WEG S.A. (WEG Industries), Voith Group, KONČAR - Electrical Industry Inc., Basler Electric Company, Veo Oy Ltd., L & S Electric Inc., Reivax Inc., F & S PROCESS AUTOMATION GmbH, Amtech Power Limited, Tenel s.r.o., PLUTON Group, NR Electric Co. Ltd. (NARI Group), Excitation & Engineering Services Ltd., SVEA Power AB, Automation Electronics India Pvt. Ltd., Birr Machines AG, Nelumbo Icona Controls Pvt. Ltd., Altex Electric GmbH
Excitation Systems Market 2024 Key Insights:
• The Excitation Systems Market is expected to grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Solar And Wind Power Growth Driving The Excitation System Market
• Strategic Collaboration In Modernizing Power Generation Infrastructure
• North America was the largest region in the excitation systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the excitation systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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