The excitation systems market is valued at USD 2.64 Billion in 2018 and is expected to grow at a CAGR of 3.38% during the forecast period, to reach a market size of USD 3.12 Billion by 2023.
Synchronous machines, which are used for fixed speed as well as variable speed applications, provide optimized energy use and reduce maintenance costs. Maintenance cost savings are much higher in case of brushless DC generators. Energy saving and power factor correction abilities are the key advantages offered by synchronous machines and have played a key role in their increasing popularity. The rising popularity of synchronous machines has, in turn, driven the growth of excitation systems.
The excitation systems market has been segmented, by type, into static and brushless. Brushless excitation systems segment held the largest share of the excitation systems market in 2017. In brushless excitation systems, the field current is supplied to synchronous machines without using slip rings and carbon brushes. As these systems do not require carbon brushes, losses due to contact resistance are low, thus resulting in low maintenance as compared to static excitation systems.
The report segments the excitation systems market by controller type into analog control and digital control. Digital control is estimated to be the largest segment. Digital control systems provide a significant improvement in generator performance by improving transient as well as dynamic stability. Easy conversion of analog to digital controls is another key factor that is expected to foster the demand for digital control systems during the forecast period.
By application, the excitation systems market has been segmented into synchronous generators and synchronous motors. Synchronous generators are expected to be the largest and fastest growing segment during the forecast period. Rising demand for generators in hydropower generation is expected to support the demand for excitation systems.
In this report, the excitation systems market has been analyzed with respect to six regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific is expected to be the largest and fastest-growing market for excitation systems during the forecast period. Also, rapidly growing renewable energy based capacity additions are expected to support the demand for excitation systems for synchronous machines in the coming years.
Some of the major players in the excitation systems market are Basler Electric (US), ABB (Switzerland), GE (US), ANDRITZ AG (Austria), and Rolls Royce Holdings plc (UK). These players have adopted growth strategies such as new product launches, mergers and acquisitions, contracts & agreements, and expansions to capture a larger share of the excitation systems market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Excitation Systems Market, 2018-2023 4.2 Excitation Systems Market, By Region 4.3 Excitation Systems Market, By Type 4.4 Excitation Systems Market, By Controller Type 4.5 Excitation Systems Market, By Application 4.6 Asia Pacific Excitation Systems Market, By Country and Type
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 22.214.171.124 Ability to Ensure Long-Term Reliable Operations for Synchronous Machines 126.96.36.199 Rising Demand for Synchronous Machines 5.2.2 Restraints 188.8.131.52 Complex Design Leading to Difficulty in Maintenance 5.2.3 Opportunities 184.108.40.206 Solar and Wind Power Applications to Provide Future Opportunities 220.127.116.11 Demand for Synchronous Machines in the HVDC Network 5.2.4 Challenges 18.104.22.168 Development of Voltage Source Converter Excitation Systems as A Substitute for Conventional Thyristor-Based Static Excitation Systems
6 Excitation Systems Market, By Type 6.1 Introduction 6.2 Static Excitation Systems 6.3 Brushless Excitation Systems
7 Excitation Systems Market, By Controller Type 7.1 Introduction 7.2 Analog Control 7.3 Digital Control
8 Excitation Systems Market, By Application 8.1 Introduction 8.2 Synchronous Generators 8.3 Synchronous Motors
9 Excitation Systems Market, By Region
10 Competitive Landscape
11 Company Profiles 11.1 Benchmarking 11.2 ABB 11.3 Rolls Royce 11.4 Voith 11.5 Tenel 11.6 Basler Electric 11.7 Konar Inem 11.8 Altex Electric 11.9 Automation Electronics India 11.10 Amtech Power 11.11 Andritz 11.12 Siemens 11.13 GE 11.14 VEO OY