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The excitation systems market is valued at USD 2.64 Billion in 2018 and is expected to grow at a CAGR of 3.38% during the forecast period, to reach a market size of USD 3.12 Billion by 2023. Synchronous machines, which are used for fixed speed as well as variable speed applications, provide optimized energy use and reduce maintenance costs. Maintenance cost savings are much higher in case of brushless DC generators. Energy saving and power factor correction abilities are the key advantages offered by synchronous machines and have played a key role in their increasing popularity. The rising popularity of synchronous machines has, in turn, driven the growth of excitation systems.
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Excitation Systems Market worth 3.12 Billion USD by 2023 The excitation systems market is valued at USD 2.64 Billion in 2018 and is expected to grow at a CAGR of 3.38% during the forecast period, to reach a market size of USD 3.12 Billion by 2023. Synchronous machines, which are used for fixed speed as well as variable speed applications, provide optimized energy use and reduce maintenance costs. Maintenance cost savings are much higher in case of brushless DC generators. Energy saving and power factor correction abilities are the key advantages offered by synchronous machines and have played a key role in their increasing popularity. The rising popularity of synchronous machines has, in turn, driven the growth of excitation systems. Browse 67 market data Tables and 34 Figures spread through 117 Pages and in-depth TOC on "Excitation Systems Market" https://www.marketsandmarkets.com/Market-Reports/excitation-system-market- 157025549.html Brushless excitation segment is expected to be the largest market segment for excitation systems market, by type, during the forecast period. In brushless excitation systems, the field current is supplied to synchronous machines without using slip rings and carbon brushes. As these systems do not require carbon brushes, losses due to contact resistance are low, thus resulting in low maintenance as compared to static excitation systems. Thus, low maintenance cost as compared to static excitation systems is expected to support the market growth for brushless excitation systems. Digital control is expected to be the fastest growing market segment for excitation systems market, by controller type, in 2017 Digital control 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 control systems during the forecast period. New product launches with major focus on developing digital control systems is another factor which is anticipated to foster the demand for digital controls 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. 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 renewable energy based capacity additions are expected to support the demand for synchronous machines in the coming years. Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownload.asp?id=157025549 For an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players operating in the excitation systems market. These include Basler Electric (US), ABB (Switzerland), GE (US), ANDRITZ AG (Austria), and Rolls Royce Holdings plc (UK).
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