Excitation Systems Market to exceed $3.12 Billion by 2023
Added: (Mon Jan 07 2019)
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According to the new market research report "Excitation Systems Market by Type (Static and Brushless), Controller Type (Analog and Digital), Application (Synchronous Generators and Synchronous Motors), and Region (North America, Asia Pacific, Europe) - Global Forecast to 2023", published by MarketsandMarkets™, The excitation systems market is expected to grow from an estimated USD 2.64 Billion in 2018 to USD 3.12 Billion by 2023, at a CAGR of 3.38% from 2018 to 2023. Asia Pacific is estimated to be the largest market for excitation systems, followed by North America, in 2018. This trend is expected to continue till 2023. The growth of excitation systems market is driven by an increase in demand for synchronous machines in hydro, thermal, and nuclear power plants.
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Regional governments 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. High efficiency is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems during the forecast period. Furthermore, rising demand for synchronous machines in renewable power generation is also expected to support the market growth of excitation systems.
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The excitation systems market, by type, has been broadly classified into static excitation systems and brushless excitation systems. Brushless excitation systems are expected to emerge as the largest as well as the fastest growing segment. 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, resulting in low maintenance as compared to static excitation systems.
Asia Pacific is expected to be the fastest-growing market for excitation systems from 2018 to 2023, followed by North America and Europe. Countries such as the US, China, Canada, Russia, and India are the largest markets for excitation systems. In the Asia Pacific, regional governments are focusing on 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.
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The excitation systems market is dominated by a few major players that have a wide regional presence and are established brand names. Basler Electric (US), ABB (Switzerland), GE (US), ANDRITZ AG (Austria), and Rolls Royce plc (UK) are the leading players in excitation systems market.
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