Press release
2025-2034 Excitation Systems Market Roadmap: Insights for Competitive Advantage
Excitation Systems
How Large Will the Excitation Systems Market Size By 2025?
In recent years, the market size of excitation systems has seen significant growth. The projected expansion is from $2.67 billion in 2024 to $2.81 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. The substantial growth during the historic period is due to factors such as the demand for electricity, industrialization, urbanization, worries about grid stability, and the energy crisis.
How Big Is the Excitation Systems Market Size Expected to Grow by 2029?
Over the forthcoming years, a stable growth is projected in the excitation systems market, with an estimated value of $3.29 billion in 2029, corresponding to a Compound Annual Growth Rate (CAGR) of 4.0%. The escalation in the projected period is ascribed to grid modernization endeavours, incorporation of energy storage and renewable energy, the progression of smart grids, and efforts towards mitigating climate change. Key trends forecasted for the aforementioned period encompass digitalization coupled with remote monitoring, fine-tuned control algorithms, modular and flexible design construct, plug-and-play compatibility, superior asset management, and renewable energy sources.
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Which Key Market Drivers Powering Excitation Systems Market Expansion and Growth?
The escalating preference for solar and wind power is anticipated to fuel the excitation system market's expansion in future. These are renewable energy sources that utilize sunlight and wind energy to produce electricity. The growing consciousness regarding climate change and the detrimental effects of fossil fuel burning has prompted a move towards cleaner power sources like wind and solar energy. These energy sources emit significantly less greenhouse gases and decrease air pollution. Synchronous generators, which convert mechanical energy from wind or steam turbines (in the case of concentrated solar power plants) into electrical energy, are commonly employed in wind and solar power plants. For example, the U.S. Energy Information Administration, a government agency in the US, projected that U.S. solar power generation will surge by 75%, from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025, in January 2024. Simultaneously, wind power generation is predicted to rise by 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. As a result, the rising popularity of wind and solar power is spearheading the growth of the excitation system market.
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Which Fast-Growing Trends Are Poised to Disrupt the Excitation Systems Market?
Leading corporations functioning in the excitation system market are utilizing strategic partnerships as a method to refurbish power generation infrastructure with the intention of enhancing efficiency, dependability, and sustainability in the production of electricity. This approach typically involves the substitution of outdated e-excitation systems with newer technologies to revamp power generation facilities. For example, in October 2022, Reivax North America Inc., an American excitation system provider, engaged in a key collaboration with Siemens AG, a technology enterprise based in Germany. The partnership aimed to substitute the UNITROL F static excitation system for a Siemens steam turbine which is powered by two GE LM6000 turbines. Reivax North America won the agreement through a competitive bid, proposing an inclusive design-construct-install solution that accentuated technical proficiency, dependability, safety, and financial prudence. For the venture, the REIVAX RTX Power static excitation system was chosen, recognized for its adaptability in both hydro and non-hydro power stations, along with synchronous motor excitation systems.
What Are the Emerging Segments 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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Who Are the Global Leaders in the Excitation Systems Market?
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
Which are the Top Profitable Regional Markets for the Excitation Systems Industry?
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.
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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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Excitation systems attract huge demand due to…
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Excitation systems attract huge demand due to…
