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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.

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