PUBLISHER: The Business Research Company | PRODUCT CODE: 1465775
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465775
An excitation system is a control system designed to supply the required field current to the rotor winding of a synchronous generator. This process generates the necessary magnetic field for the production of electrical power. The excitation system plays a crucial role in regulating the output voltage and reactive power of the generator, ensuring reliable operation, stability, and a rapid response to transients during power generation. It is a fundamental component in power plants, contributing to the efficient and precise control of electrical output.
The primary types of excitation systems are rotational, static, and brushless. Rotational excitation systems rely on rotating components, such as a generator or motor, to generate the necessary magnetic field for power generation. This type is commonly employed in traditional synchronous generators to regulate voltage output. The controller type for excitation systems is categorized into analog and digital, and these systems find applications in various equipment such as synchronous generators and synchronous motors. End-users of excitation systems include the power generation industry, heavy industries, original equipment manufacturers (OEMs), and other sectors where precise control of voltage output is crucial.
The excitation systems research report is one of a series of new reports from The Business Research Company that provides excitation systems market statistics, including the excitation systems industry's global market size, regional shares, competitors with an excitation systems market share, detailed excitation systems market segments, market trends and opportunities, and any further data you may need to thrive in the excitation systems industry. This excitation systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The excitation systems market size has grown strongly in recent years. It will grow from $2.53 billion in 2023 to $2.67 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth observed in the historical period can be attributed to several factors, including the increasing demand for electricity, the ongoing process of industrialization, rapid urbanization, concerns related to grid stability, and challenges associated with energy crises. These factors collectively contributed to the development and utilization of excitation systems to address the needs of power generation and distribution during the historic period.
The excitation systems market size is expected to see steady growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period can be attributed to various factors, including grid modernization initiatives, the integration of energy storage systems, the incorporation of renewable energy sources, the evolution of smart grids, and efforts towards climate change mitigation. Key trends expected in the forecast period encompass digitalization and remote monitoring capabilities, optimized control algorithms for enhanced efficiency, the adoption of modular and scalable designs, plug-and-play compatibility for ease of integration, asset management practices, and a continued emphasis on utilizing renewable energy sources in excitation systems.
The increasing popularity of solar and wind power is set to drive the growth of the excitation system market. Solar and wind power, renewable energy sources harnessing sunlight and wind to generate electricity, have gained prominence due to heightened awareness of climate change and the environmental impacts of fossil fuel combustion. These cleaner energy sources minimize greenhouse gas emissions and reduce air pollution. Synchronous generators, commonly used in solar and wind power plants, convert mechanical energy into electrical energy. According to a report by the National Renewable Energy Laboratory (NREL) in April 2023, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc) in 2022, with China accounting for 42% of global demand. The increasing popularity of solar and wind power, reflected in growing PV installations, is a key driver for the excitation system market.
Major companies in the excitation system market are adopting strategic collaboration approaches to modernize power generation infrastructure, enhancing efficiency, reliability, and sustainability in electricity production. This collaboration involves replacing e-excitation systems to upgrade and improve power generation facilities. For example, in October 2022, Reivax North America Inc. collaborated with Siemens AG to replace the UNITROL F static excitation system for a Siemens steam turbine. Reivax North America secured the contract through competitive bidding, offering a comprehensive design-build-install solution prioritizing technical excellence, reliability, safety, and cost-effectiveness. The selected REIVAX RTX Power static excitation system is known for its versatility in various generating stations, contributing to the modernization of power generation facilities.
In January 2022, AFRY AB, an engineering and consulting company based in Sweden, acquired Swedish Electrical and Power Control AB (Svea Power) to bolster its support for clients in their energy transition and develop end-to-end solutions for the hydropower of the future. Swedish Electrical and Power Control AB (Svea Power) is a solar energy company in Sweden that provides excitation systems for electrical production plants, aligning with AFRY's strategy to strengthen its position in the evolving energy landscape.
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
North America was the largest region in the excitation systems market in 2023. 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.
The countries covered in the excitation systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The excitation systems market consists of sales of voltage regulators, automatic voltage regulators, excitation transformers, field discharge resistors, control systems, and sensors and feedback devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Excitation Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on excitation systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for excitation systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The excitation systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.