Excitation Systems Market by Type, Controller Type, Application, and End User : Global Opportunity Analysis and Industry Forecast, 2021–2030

Excitation Systems Market by Type (Static and Rotational), Controller Type (Analog and Digital), Application (Synchronous Generator and Synchronous Motor), and End User (Power Generation and Other Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030

The global excitation systems market was valued at $2.1 billion in 2020, and is projected to reach $3.4 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
Excitation system is an electrical system which provides DC current to the synchronous machine for performing control and protective functions of power system. This device is used to adjust the stability conditions that occur on electrical utilities such as generation, transmission, and distribution networks by adjusting the output voltage reactive power of the system. The control of electric field of synchronous machine is done with the help of voltage regulator in excitation systems to generate or absorb the reactive power in improving power factor of grid.
Rise in demand for power factor correction and power system stability from power consumers across the globe is a key factor driving the growth of the global excitation systems market during the forecast period. In addition, rapid increase in renewable power integration significantly contributes toward the growth of the global excitation systems market from 2021 to 2030. However, difficulty in maintenance of excitation systems owing to complex design is expected to hamper the growth of the market, globally. Conversely, technological advancements in excitation systems along with increase in demand for synchronous machines from HVDC network and rapid growth of renewable energy sector are expected to create potential growth opportunities for the key players operating in this market.
The global excitation systems market is segmented on the basis of type, controller type, application, end user, and region. Depending on type, the market is bifurcated into static and rotational. On the basis of controller type, it is categorized into analog and digital. As per application, it is classified into synchronous generator and synchronous motor. The end users covered in the study include power generation and other industrial users. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
- The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
- A comprehensive analysis of the factors that drive and restrict the growth of the global excitation systems market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the global excitation systems market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.


KEY MARKET SEGMENTS

By Type
• Static
• Rotational

By Controller type
• Analog
• Digital

By Application
• Synchronous Generator
• Synchronous Motor

By End User
• Power Generation
• Other Industrial

By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe

• Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia-Pacific
• LAMEA
o Latin America
o Middle East
o Africa

KEY MARKET PLAYERS
• ABB, Ltd.
• Andritz AG
• Basler Electric Company
• Fuji Electric Co., Ltd.
• General Electric
• Mitsubishi Electric Corporation
• Siemens AG
• Tenel, s.r.o.
• Voith GmbH & Co. KGaA
• WEG Group.
Other companies operating in the excitation systems market are Nidec Corporation, Melrose Industries, Amtech Power, Reivax, and others.