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Top Market Shifts Transforming the Excitation Systems Market Landscape: Key Insights
Excitation Systems
What Is the Expected CAGR for the Excitation Systems Market Through 2025?
In the past few years, there has been a consistent increase in the size of the excitation systems market. This market is projected to experience growth from $2.67 billion in 2024 to $2.76 billion in 2025, with a compound annual growth rate (CAGR) of 3.4%. The surge in market size in the past period is linked to an increased demand for electricity, industry expansion, urban growth, issues of grid stability, and the energy crisis.
What's the Projected Size of the Global Excitation Systems Market by 2029?
The market size for excitation systems is predicted to continuously expand in the foroming years, reaching a value of $3.18 billion by 2029, with a compound annual growth rate (CAGR) of 3.6%. This anticipated surge during the forecast period is largely due to grid modernization initiatives, the incorporation of energy storage, the integration of renewable energy, the progression of smart grid technology, and measures aiming to mitigate climate change. Key trends expected in this period comprise of digitalization and remote monitoring, optimized control algorithms, the development of modular and scalable designs, plug-and-play compatibility, asset management, and reliance on renewable energy sources.
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Top Growth Drivers in the Excitation Systems Industry: What's Accelerating the Market?
The surge in acceptance of solar and wind energy is anticipated to fuel the expansion of the excitation system market. Solar and wind energy make use of renewable energy resources, tapping into sunlight and wind energy to produce electricity. A heightened awareness of climate change along with the harmful environmental effects of burning fossil fuels have led to a shift towards eco-friendlier energy options like solar and wind power, that emit very little greenhouse gas and lower air pollution. In solar and wind energy plants, synchronous generators are typically used to transform mechanical energy from wind turbines or steam turbines (utilized in concentrated solar power plants) into electrical power. For example, in January 2024, as stated by the U.S. Energy Information Administration, a government agency in the US, it is predicted that solar power generation in the US will soar by 75%, from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025. Likewise, wind power generation is forecasted to rise by 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. Hence, the escalating popularity of solar and wind energy is impelling the growth of the excitation system market.
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What Trends Will Shape the Excitation Systems Market Through 2029 and Beyond?
Major firms in the excitation system market, such as Reivax North America Inc. and Siemens AG, are progressively adopting the strategy of partnership to revolutionize the power generation infrastructure. The approach is specifically aimed to enhance the effectiveness, dependability, and sustainability of power production. This strategy includes swapping e-excitation systems to refurbish and boost power generating facilities. For example, in October 2022, Reivax North America Inc., from the US, and Siemens AG, a German technology establishment, teamed up to replace the UNITROL F static excitation system for a Siemens steam turbine, powered by two GE LM6000 turbines. Via competitive bidding, Reivax North America was able to clinch the contract, presenting a holistic solution that prioritized outstanding technical excellence, dependability, safety, and affordability. The versatile REIVAX RTX Power static excitation system, known for its adaptability in hydro and non-hydro power stations, as well as synchronous motor excitation systems, was picked for this project.
What Are the Main Segments in the Excitation Systems Market?
The excitation systemsmarket 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 Top Companies are Driving Growth 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 Regions Will Dominate the Excitation Systems Market Through 2029?
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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