(EnergyIndustry.Net, July 01, 2020 ) The global excitation systems market is expected to grow from an estimated USD 2.64 Billion in 2018 to USD 3.12 Billion by 2023, at a CAGR of 3.38% from 2018 to 2023. Rising demand for synchronous machines in end-use applications such as hydro as well as thermal power plants is expected to drive the global excitation systems market during the forecast period. Furthermore, the ability of excitation systems to ensure reliable long-term operation for synchronous machines is likely to support the market growth.
Regional governments are promoting the use of energy-efficient equipment to save electricity. Synchronous motors are expected to play an important role in meeting energy efficiency targets as they are highly efficient in comparison to the induction motor. High efficiency is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems during the forecast period. Furthermore, rising demand for synchronous machines in renewable power generation is also expected to support the market growth of excitation systems.
The excitation systems market, by controller type, has been segmented into digital and analog control type segments. Digital control type is expected to emerge as the largest and fastest growing segment. Digital control systems help to improve 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, synchronous generators are expected to emerge as the largest and fastest growing segment during the forecast period. Excitation protects the generator stator and rotor, controls the stability of the power system and adjusts the plant voltage and reactive power level automatically. It also enhances communication and offers fast and reliable information on how to direct and control the network.
Asia Pacific is expected to be the fastest-growing market for excitation systems from 2018 to 2023, followed by North America and Europe. Countries such as the US, China, Canada, Russia, and India are the largest markets for excitation systems. In the Asia Pacific, regional governments are focusing on promoting the use of energy-efficient equipment to save electricity. Synchronous motors are expected to play an important role in meeting energy efficiency targets as they are highly efficient in comparison to the induction motor. This factor is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems in the region.
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).
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