Increase in demand for power factor correction and power system stability from power users around the globe is expected to drive the global excitation systems market. Lockdown restrictions imposed due to the COVID-19 pandemic caused a temporary restrictions on import & export and production & processing projects across multiple sectors and electrical utilities. This decreased the demand for excitation systems.
The global excitation systems market generated $2.1 billion in 2020, and is expected to reach $3.4 billion by 2030, manifesting a CAGR of 4.6% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Excitation Systems Market Segment Review
The report segments the global excitation systems market on the basis of type, end-user, application, controller type, and region.
Depending on the type, the static segment held the highest market share of about 68.3% in 2020, and is expected to maintain its dominance during the excitation systems market forecast period. This is owing to various advantages of static excitation systems such as good reliability, operation flexibility, excellent system response, small size, lower losses, and high performance which resulted in fueling the demand during the analyzed time frame. Moreover, rise in demand for electricity from developing economies resulted in increase in investment toward the power generation, transmission, and distribution infrastructure which in turn is expected to fuel the growth of the excitation systems market from 2021 to 2030.
On the basis of controller type, the digital segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for excitation systems to provide reliable and stable operation of synchronous machines such as synchronous generator and synchronous motor. In addition, rise in research &development activities toward improving digital controllers for its use in excitation systems is anticipated to fuel the growth of the market during the analyzed timeframe.
Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/A10794
On the basis of application, the synchronous generator segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for synchronous generator from various power plants including nuclear, thermal, wind &hydropower and industrial applications. In addition, rise in usage of synchronous generator from constant speed applications and power factor correction applications is anticipated to fuel the growth of the excitation systems market from 2021 to 2030.
Based on region, Asia-Pacific, followed by North America, contributed to the highest share in 2020, holding more than one-third of the total share, and is anticipated to maintain dominance throughout the forecast period. On the other hand, Europe is anticipated to portray the fastest CAGR of 5.7% during the forecast period.
Excitation Systems Market Key Players
Key players of the global excitation systems market analyzed in the research include Andritz AG, Basler Electric Company, ABB, Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, General Electric, Siemens AG, s.r.o., Voith GmbH & Co. KGaA, Tenel, and WEG Group.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A10794
The report provides a detailed analysis of these key players of the global market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]
