Press release
Shaping the Excitation Systems Market in 2025: Strategic Collaboration In Modernizing Power Generation Infrastructure
Excitation Systems Market Report
The excitation systems market has experienced strong growth in recent years. It will grow from $2.67 billion in 2024 to $2.81 billion in 2025, with a CAGR of 5.1%. This growth is attributed to the rising demand for electricity, industrialization, urbanization, concerns about grid stability, and the ongoing energy crisis.
The excitation systems market is projected to experience steady growth in the coming years, reaching $3.29 billion by 2029 with a compound annual growth rate (CAGR) of 4.0%. This growth is driven by grid modernization efforts, energy storage integration, renewable energy adoption, smart grid development, and climate change mitigation. Key trends during the forecast period include digitalization, remote monitoring, optimized control algorithms, modular and scalable designs, plug-and-play compatibility, asset management, and the use of renewable energy sources.
What Are the Primary Growth Drivers for the Excitation Systems Market?
The increasing popularity of solar and wind power is likely to accelerate the growth of the excitation system market. Solar and wind power, renewable energy sources harnessing sunlight and wind to generate electricity, are becoming more popular due to growing awareness of climate change and the environmental harm caused by fossil fuels. These energy sources produce minimal greenhouse gas emissions and reduce air pollution. Synchronous generators are typically used in solar and wind power plants to convert mechanical energy into electricity. For example, in January 2024, the U.S. Energy Information Administration projected a 75% increase in U.S. solar power generation, from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025, with wind power generation expected to grow by 11%. Therefore, the growing use of solar and wind power is fueling the excitation system market.
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Who Are the Dominant Companies Influencing Excitation Systems Market Trends?
Major companies operating in the excitation systems market are 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, KONCAR - 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
How Is the Excitation Systems Market Evolving?
Leading players in the excitation system market are forming strategic collaborations to modernize power generation infrastructure, improving efficiency, reliability, and sustainability in electricity production. This strategy often involves replacing e-excitation systems to upgrade and enhance power generation facilities. For example, in October 2022, Reivax North America Inc., a US-based excitation systems provider, partnered with Siemens AG, a German technology company, to replace the UNITROL F static excitation system for a Siemens steam turbine, which is powered by two GE LM6000 turbines. Reivax secured the contract through competitive bidding, offering a comprehensive design-build-install solution focused on technical excellence, reliability, safety, and cost-effectiveness. The REIVAX RTX Power static excitation system, known for its versatility in both hydro and non-hydro generating stations, was chosen for the project.
What Are the Different Segmentations in the Excitation Systems Market?
The excitation systems market covered in this report is segmented -
1) By Type: Rotational, Static, Brushless
2) By Controller Type: Analog, Digital
3) By Application: Synchronous Generator, Synchronous Motor
4) By End User: Power Generation Industry, Heavy Industries, Original Equipment Manufacturer (OEMs), Other End Users
Subsegments:
1) By Rotational: Synchronous Rotational Exciters, Permanent Magnet Rotational Exciters
2) By Static: Thyristor-Controlled Static Exciters, Capacitor-Excited Static Exciters
3) By Brushless: Brushless Alternators, Self-Excited Brushless Systems
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Which Region Is at the Forefront of the Excitation Systems Market?
North America was the largest region in the excitation systems market in 2024. 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.
What Is Covered In The Excitation Systems Global Market Report?
- Market Size Analysis: Analyze the Excitation Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Excitation Systems Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Excitation Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Excitation Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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The excitation systems market is anticipated to gain a good growth-share during the forecast period of 2020-2030 on the back of the rising popularity of synchronous machines. These machines assure uninterrupted power supply for the systematic operation of plants and factories. Hence, these functionalities serve as prominent growth factors for the excitation systems market.
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