Global Excitation Systems Market is valued approximately USD 2.3 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.6% over the forecast period 2023-2030. Excitation systems are an integral part of synchronous generators (alternators) used in power systems. They control the field current and voltage of the generator's rotor, which in turn regulates the output voltage and reactive power of the generator. The main function of an excitation system is to maintain the generator's terminal voltage within acceptable limits, regardless of the load or system conditions. By regulating the field current, the excitation system ensures that the generator produces the desired voltage and reactive power to support the stability and reliability of the power system. The key factors driving the market growth is rise in demand for synchronous machines by industrial users to ensure uninterrupted power supply for efficient production, increasing demand for uninterrupted and reliable power supply in several industries, and growing investment toward power infrastructure projects is anticipated to support the market growth.
Moreover, the growth of power generation directly supports the growth of the excitation systems market. As the global demand for electricity continues to rise, there is a need for increased power generation capacity. This demand is driven by population growth, urbanization, and industrial development. To meet the growing power requirements, new power plants, both conventional and renewable, are being constructed. Excitation systems are essential components of power generators, ensuring stable and reliable power output. As the number of power generation installations increases, so does the demand for excitation systems. According to Statista, in 2018, the global electricity generation was 26,746 terawatt-hours and the demand for power generation is increased significantly and the electricity generation reached 29,165 terawatt-hours in 2022. Additionally, growing investments in renewable energy projects, especially in hydropower sector is anticipated to create the lucrative opportunity for the market during forecasted period. However, the complex design leading to difficulty in maintenance of excitation systems stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Excitation Systems Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising investment in building and refurbishing hydroelectric generation stations, surging demand for synchronous machines, and booming industrial sectors in the region. Whereas, the Asia Pacific is anticipated to grow with the highest CAGR during the forecast period, owing to factors such as the government reforms and policies to speed up clean energy transformation, high demand for synchronous machines in marine industry, increased requirement for high-efficiency equipment to reduce carbon emissions, and massive investment in mining industry.
Major market player included in this report are:
- Weg Group
- Voith Gmbh & Co. Kgaa
- Basler Electric Company
- Siemens AG
- Mitsubishi Electric Corporation
- ABB Ltd
- Fuji Electric Co., Ltd.
- Andritz AG
- Tenel, S.R.O.
- General Electric
Recent Developments in the Market:
- In Nov. 2020, ABB received a contract to deliver excitation systems and speed regulation for four generator units at the Governador Jose Richa hydropower plant on the Iguazu River. Predictive diagnostics were used by the solution to help Copel (Companhia Paranaense de Energia) improve the visibility of its operational data.
Global Excitation Systems Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Type, Controller Type, Application, End User, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
By Controller Type:
By Application:
- Synchronous Generator
- Synchronous Motor
By End User:
- Power Generation
- Other Industrial
By Region:
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Excitation Systems Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Excitation Systems Market, by Type, 2020-2030 (USD Billion)
- 1.2.3. Excitation Systems Market, by Controller Type, 2020-2030 (USD Billion)
- 1.2.4. Excitation Systems Market, by Application, 2020-2030 (USD Billion)
- 1.2.5. Excitation Systems Market, by End User, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Excitation Systems Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Excitation Systems Market Dynamics
- 3.1. Excitation Systems Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing demand for uninterrupted and reliable power supply in several industries
- 3.1.1.2. Growing investment toward power infrastructure projects
- 3.1.2. Market Challenges
- 3.1.2.1. Complex design leading to difficulty in maintenance of excitation systems
- 3.1.3. Market Opportunities
- 3.1.3.1. Growing investments in renewable energy projects, especially in hydropower sector
Chapter 4. Global Excitation Systems Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Excitation Systems Market, by Type
- 5.1. Market Snapshot
- 5.2. Global Excitation Systems Market by Type, Performance - Potential Analysis
- 5.3. Global Excitation Systems Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
- 5.4. Excitation Systems Market, Sub Segment Analysis
- 5.4.1. Static
- 5.4.2. Rotational
Chapter 6. Global Excitation Systems Market, by Controller Type
- 6.1. Market Snapshot
- 6.2. Global Excitation Systems Market by Controller Type, Performance - Potential Analysis
- 6.3. Global Excitation Systems Market Estimates & Forecasts by Controller Type 2020-2030 (USD Billion)
- 6.4. Excitation Systems Market, Sub Segment Analysis
- 6.4.1. Analog
- 6.4.2. Digital
Chapter 7. Global Excitation Systems Market, by Application
- 7.1. Market Snapshot
- 7.2. Global Excitation Systems Market by Application, Performance - Potential Analysis
- 7.3. Global Excitation Systems Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
- 7.4. Excitation Systems Market, Sub Segment Analysis
- 7.4.1. Synchronous Generator
- 7.4.2. Synchronous Motor
Chapter 8. Global Excitation Systems Market, by End User
- 8.1. Market Snapshot
- 8.2. Global Excitation Systems Market by End User, Performance - Potential Analysis
- 8.3. Global Excitation Systems Market Estimates & Forecasts by End User 2020-2030 (USD Billion)
- 8.4. Excitation Systems Market, Sub Segment Analysis
- 8.4.1. Power Generation
- 8.4.2. Other Industrial
Chapter 9. Global Excitation Systems Market, Regional Analysis
- 9.1. Top Leading Countries
- 9.2. Top Emerging Countries
- 9.3. Excitation Systems Market, Regional Market Snapshot
- 9.4. North America Excitation Systems Market
- 9.4.1. U.S. Excitation Systems Market
- 9.4.1.1. Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.2. Controller Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.3. Application breakdown estimates & forecasts, 2020-2030
- 9.4.1.4. End User breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Excitation Systems Market
- 9.5. Europe Excitation Systems Market Snapshot
- 9.5.1. U.K. Excitation Systems Market
- 9.5.2. Germany Excitation Systems Market
- 9.5.3. France Excitation Systems Market
- 9.5.4. Spain Excitation Systems Market
- 9.5.5. Italy Excitation Systems Market
- 9.5.6. Rest of Europe Excitation Systems Market
- 9.6. Asia-Pacific Excitation Systems Market Snapshot
- 9.6.1. China Excitation Systems Market
- 9.6.2. India Excitation Systems Market
- 9.6.3. Japan Excitation Systems Market
- 9.6.4. Australia Excitation Systems Market
- 9.6.5. South Korea Excitation Systems Market
- 9.6.6. Rest of Asia Pacific Excitation Systems Market
- 9.7. Latin America Excitation Systems Market Snapshot
- 9.7.1. Brazil Excitation Systems Market
- 9.7.2. Mexico Excitation Systems Market
- 9.8. Middle East & Africa Excitation Systems Market
- 9.8.1. Saudi Arabia Excitation Systems Market
- 9.8.2. South Africa Excitation Systems Market
- 9.8.3. Rest of Middle East & Africa Excitation Systems Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. Weg Group
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Recent Developments
- 10.3.2. Voith Gmbh & Co. Kgaa
- 10.3.3. Basler Electric Company
- 10.3.4. Siemens AG
- 10.3.5. Mitsubishi Electric Corporation
- 10.3.6. ABB Ltd
- 10.3.7. Fuji Electric Co., Ltd.
- 10.3.8. Andritz AG
- 10.3.9. Tenel, S.R.O.
- 10.3.10. General Electric
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption