According to the new market research report "Excitation Systems Market by Type (Static and Brushless), Controller Type (Analog and Digital), Application (Synchronous Generators and Synchronous Motors), End User (Power Generation, Heavy Industries, and OEMs) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Excitation Systems Market is expected to grow from an estimated USD 2.7 billion in 2021 to USD 3.4 billion by 2026, at a CAGR of 4.4%. Key factors projected to drive the growth of the Excitation Systems Market are their ability to ensure long-term reliable operations and increasing demand for synchronous machines to ensure optimal reactive power flow in power distribution plants.
Increasing concerns related to global warming, carbon emissions, and rising pollution have motivated countries to move toward clean energy sources. Governments are implementing strategies to tackle these environmental issues. According to the IEA, renewables will overtake coal to become the largest source of electricity generation worldwide in 2025. By that time, renewables are expected to supply one-third of the world’s electricity. Hydropower will continue to supply almost half of the global renewable electricity. It is the largest source of renewable electricity worldwide, followed by wind and solar PV. Thus, these investments create opportunities for the excitation systems market.
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Digital excitation systems is expected to be the fastest growing market segment for Excitation Systems Market
Digital excitation 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 excitation systems during the forecast period. Digital excitation systems provide enhanced performance, and diagnostic capabilities in turbine generator excitation systems. Digital excitation systems are highly reliable too. New product launches with major focus on developing digital control systems is another factor which is anticipated to foster the demand for digital excitation systems during the forecast period.
Asia Pacific is expected to lead the Excitation Systems Market during the forecast period
In this report, the Excitation Systems Market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The Asia Pacific region is expected to lead the Excitation Systems Market during the forecast period. Rapid industrialization and infrastructural developments in the region offer growth opportunities for the Excitation Systems Market in Asia Pacific. According to the World Bank, Asia Pacific is the fastest-growing region in the world, experiencing continued economic growth. In addition, regional governments in the Asia Pacific 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. This factor is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems in the region. Also, rapidly growing hydropower-based capacity additions are expected to support the demand for synchronous machines in the coming years.
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Some of the key players in Excitation Systems Market are ABB (Switzerland), Siemens Energy (Germany), General Electric (US), ANDRITZ Group (Austria), and Emerson (US). The leading players are adopting various strategies to increase their share in the excitation systems market. Contracts & agreements, and new product launches have been a widely adopted strategy by the major players in the Excitation Systems Market.
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