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Global Excitation Systems Market Analysis 2025-2030: Growth Drivers, Challenges, And Opportunities
Excitation Systems Market
How Big Is the Excitation Systems Market Size Expected to Be by 2034?
The market size for excitation systems has seen robust growth in the past few years. It is projected to increase from $2.67 billion in 2024 to $2.81 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. This surge during the historical period can be associated with factors like electricity demand, industrial growth, urbanization, concerns over grid stability, and energy crises.
The market worth of excitation systems is projected to witness consistent expansion in the upcoming years, surging to $3.29 billion by 2029 with a compound annual growth rate (CAGR) of 4.0%. This projected growth in the forecasted timeline can be associated with factors such as grid modernization efforts, integration of energy storage and renewable energy, progression of smart grids, and climate change countermeasures. Key trends identified for this predicted timeline include the transition to digitalization and remote monitoring, improved control algorithms, versatile and adaptable blueprints, ease of installation and compatibility along with asset management, and tapping into renewable energy resources.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Excitation Systems Market Trends?
The excitation system market is anticipated to thrive on the back of the rising fame of solar and wind energy. Solar and wind energy are renewable sources that exploit the sun and wind's power to create electricity. There is an increasing consciousness about climate change and the detrimental effects of burning fossil fuels, prompting a transition to cleaner energy alternatives like solar and wind energy. These sources emit negligible greenhouse gases and decrease air pollution. Synchronous generators are frequently employed in solar and wind energy plants to transform mechanical energy from wind or steam turbines (found in concentrated solar power plants) into electrical energy. For example, the U.S. Energy Information Administration predicted in January 2024 that U.S. solar power production would surge by 75%, leaping from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025. Similarly, wind power production is anticipated to escalate by 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. Hence, the escalating prominence of solar and wind energy is catalyzing the excitation system market growth.
Who Are the Top Competitors in Key Excitation Systems Market Segments?
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
What Excitation Systems Market Trends Are Gaining Traction Across Different Segments?
Leading corporations in the excitation system market are strategically collaborating to transform the infrastructural framework of power generation, aiming to enhance efficiency, reliability, and ecological sustainability in the process of electricity production. This method of collaboration includes the substitution of old e-excitation systems to advance and optimize power generation plants. For instance, Reivax North America Inc., an American excitation systems company, joined hands with Germany's Siemens AG, a technological firm, in October 2022, to replace the UNITROL F static excitation system for a Siemens steam turbine, powered by two GE LM6000 turbines. Reivax North America was awarded this contract after winning a competitive bid, providing a complete design-build-install solution that put emphasis on technical superiority, dependability, safety, and economic feasibility. The project opted for the REIVAX RTX Power static excitation system, appreciated for its adaptability in both hydro and non-hydro power stations, as well as synchronous motor excitation systems.
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Which Regions Are Becoming Hubs for Excitation Systems Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Excitation Systems Market?
2. What is the CAGR expected in the Excitation Systems Market?
3. What Are the Key Innovations Transforming the Excitation Systems Industry?
4. Which Region Is Leading the Excitation Systems 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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