Excitation System Market Size (2024 - 2029)

The excitation systems market is anticipated to experience growth driven by the increasing demand for reliable operations of synchronous machines and the rising investments in renewable energy, particularly in solar and wind applications. Despite challenges such as complex maintenance requirements, the market is poised for expansion, with brushless excitation systems emerging as a rapidly growing segment due to their reduced maintenance needs and power loss benefits. The market's potential is further enhanced by the growing demand for synchronous machines in HVDC networks and the significant opportunities in the Asia-Pacific region, fueled by the industrial sector's expansion.

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Market Size of Excitation System Industry

excitation systems market size
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 4.35 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

excitation systems market major players

*Disclaimer: Major Players sorted in no particular order

Excitation Systems Market Analysis

The excitation system market is expected to record a CAGR of over 4.35% during the forecast period (2022 - 2027). The COVID-19 outbreak impacted the power industry globally. Due to the current scenario, various excitation system manufacturers worldwide shut down their manufacturing facilities and services as countries like the United States, China, and India practiced partial or full lockdown to deal with the pandemic. This factor resulted in the declination of excitation system sales worldwide. The ability to ensure reliable long-term operations for synchronous machines is one of the major factors expected to drive the market's growth. Growing investments in renewable energy plans, i.e., growing demand for excitation systems in solar and wind power applications, are expected to drive the market during the forecast period. However, difficulty in maintenance due to complex design is a major factor hindering the growth of the market studied.

  • Brushless excitation systems are expected to be the fastest-growing segment due to their advantages, including less maintenance and power loss reduction due to the absence of brushes and slip rings.
  • Increasing demand for synchronous machines in the HVDC network is expected to provide immense opportunities for the market in the coming years.
  • Asia-Pacific is expected to be the fastest-growing market during the forecast period, owing to the expansion of the industrial sector, especially in China and India.

Excitation Systems Industry Segmentation

The scope of the excitation system market report includes:

Type
Static
Brushless
Application
Synchronous Generators
Synchronous Motors
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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Excitation System Market Size Summary

The excitation systems market is poised for growth, driven by the increasing demand for reliable long-term operations of synchronous machines and the rising investments in renewable energy sources such as solar and wind power. The market experienced a temporary setback due to the COVID-19 pandemic, which led to manufacturing shutdowns and a decline in sales. However, the market is expected to recover, with brushless excitation systems emerging as a key segment due to their reduced maintenance needs and efficiency benefits. The demand for synchronous machines in high-voltage direct current (HVDC) networks presents significant opportunities for market expansion. The Asia-Pacific region is anticipated to be the fastest-growing market, fueled by industrial sector growth in countries like China and India.

The market landscape is characterized by a fragmented structure with major players such as ABB Ltd, Andritz AG, General Electric Company, Voith Group, and Siemens AG. The increasing need for continuous and reliable power supply in industries like healthcare, pharmaceuticals, and manufacturing is driving the demand for generators, thereby boosting the need for excitation systems. The Asia-Pacific region, particularly Indonesia, is witnessing a surge in adoption due to frequent power blackouts, further propelling market growth. Recent product launches and contracts by key players, such as ABB's contract for hydropower plant enhancements and ANDRITZ's modernization projects, underscore the ongoing advancements and strategic initiatives shaping the market's future.

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Excitation System Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Static

      2. 2.1.2 Brushless

    2. 2.2 Application

      1. 2.2.1 Synchronous Generators

      2. 2.2.2 Synchronous Motors

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Asia-Pacific

      3. 2.3.3 Europe

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Excitation System Market Size FAQs

The Excitation System Market is projected to register a CAGR of greater than 4.35% during the forecast period (2024-2029)

Andritz AG, General Electric Company, Voith Group, Siemens Energy and ABB Ltd are the major companies operating in the Excitation System Market.

Excitation Systems Market Report Snapshots

Excitation Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)