Market Size of Excitation System Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.35 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Excitation Systems Market Analysis
The excitation system market is expected to record a CAGR of over 4.35% during the forecast period (2022 - 2027). The COVID-19 outbreak impacted the power industry globally. Due to the current scenario, various excitation system manufacturers worldwide shut down their manufacturing facilities and services as countries like the United States, China, and India practiced partial or full lockdown to deal with the pandemic. This factor resulted in the declination of excitation system sales worldwide. The ability to ensure reliable long-term operations for synchronous machines is one of the major factors expected to drive the market's growth. Growing investments in renewable energy plans, i.e., growing demand for excitation systems in solar and wind power applications, are expected to drive the market during the forecast period. However, difficulty in maintenance due to complex design is a major factor hindering the growth of the market studied.
- Brushless excitation systems are expected to be the fastest-growing segment due to their advantages, including less maintenance and power loss reduction due to the absence of brushes and slip rings.
- Increasing demand for synchronous machines in the HVDC network is expected to provide immense opportunities for the market in the coming years.
- Asia-Pacific is expected to be the fastest-growing market during the forecast period, owing to the expansion of the industrial sector, especially in China and India.
