The worldwide excitation systems market is expected to be worth roughly US$3.1 billion in 2023. FMI projects that the market will grow at a 4.6% CAGR between 2023 and 2033, reaching a value of $4.8 billion by 2033.
Excitation systems are in high demand because to the continued growth of end-use sectors such as oil and gas, power, mining, chemicals, and others. Furthermore, the increasing deployment of synchronous machines is expected to drive up sales of excitation systems in the future days.
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Many market trends and opportunities are also surging with the demand for excitation systems in synchronous machines of electric utilities in developing nations. However, the design of complex excitation systems, which makes maintenance tasks challenging, is a notable factor impeding the growth of the worldwide market.
Key Takeaways from this Market Study:
- As per the report, the sales of exciting systems in the United System are predicted to register an average of 4.6% CAGR through 2033. The country’s sizable supplier, as well as client base, is the main factor contributing to its supremacy in the global excitation systems industry.
- China held a leading position in 2022, and it is anticipated that it may continue to do so during the projected period. The country has a significant market presence and potential for future expansion that could render its exciting systems industry a 4.5% CAGR until 2033.
- As per the FMI market report, the brushless product segment is anticipated to witness a high CAGR of 4.4% through 2033. The market demand for brushless excitation systems is growing by the combination of their benefits like quick systems, minimal losses, and great performance. However, the static segment is anticipated to continue a dominant position with the demands of sectors looking for stable and effective power-generating solutions.
- Until the year 2022, more than 50% of the overall market revenue on average was captured by the digital controller type segment. With a predicted CAGR of 4.2%, this segment is expected to witness gradual expansion during the years between 2023 and 2033.
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Recent Developments by the Industry Players:
The report provides in-depth information about the key excitation system industry players like ABB, Andritz, Basler, Fuji, General Electric, Mitsubishi, Siemens, and others.
- ANDRITZ completed the modernization and digitization of the Sobradinho hydropower plant in Brazil as part of an agreement with CHESF in May 2020. ANDRITZ agreed to deliver a variety of products like transformers, cooling and ventilation systems, excitation systems, and turbine governors to improve factory operations.
- A brand-new alternator named TAL 0473 was released by Nidec Leroy-Somer in March 2020 that intends to provide nominal power at 50 Hz. It comes with a SHUNT excitation system for the rotor and an R150 regulator as standard equipment to manage the alternator’s voltage output. Nidec Leroy-Somer seeks to offer a full and integrated solution for power-generating needs by including these two standard pieces of equipment.
- Sun Paper placed two separate drive contracts with ABB Ltd in January 2020, to obtain driving solutions for certain machines in its various facilities. The first purchase comprised drivers for PM1 and PM2 paper machines for the Sun Paper mill in Laos. Another synchronous motor and drive project for a pulp production line in Shandong, China, made up Sun Paper’s second order.
Key Segmentation Covered:
By Product Type:
- Brushless Exciters
- Static Exciters
By Controller Type:
- Digital Controllers
- Analogue Controllers
By Application:
- Synchronous Generators
- Synchronous Motors
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- The Middle East and Africa (MEA) Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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