Excitation Systems Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033 | General Electric Company, Mitsubishi Electric Corporation, Siemens Energy AG, ABB Ltd., Nidec Corporation

Overview and Scope
An excitation system refers to a control system that provides the necessary field current to the rotor winding of a synchronous generator, producing the magnetic field required to generate electrical power. It is essential for regulating the generator’s output voltage and reactive power, ensuring reliable operation, stability, and quick transient response during power generation.

Sizing and Forecast
The excitation systems market size has grown strongly in recent years. It will grow from $2.53 billion in 2023 to $2.67 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%.  The growth in the historic period can be attributed to demand for electricity, industrialization, urbanization, grid stability concerns, and energy crisis.

The excitation systems market size is expected to see steady growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.  The growth in the forecast period can be attributed to grid modernization initiatives, energy storage integration, renewable energy integration, smart grid evolution, climate change mitigation. Major trends in the forecast period include digitalization and remote monitoring, optimized control algorithms, modular and scalable designs, plug-and-play compatibility, asset management, renewable energy sources.

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Segmentation & Regional Insights
The excitation systems market covered in this report is segmented –
1) By Type: Rotational, Static, Brushless
2) By Controller type: Analog, Digital
3) By Application: Synchronous Generator, Synchronous Motor
4) By End User: Power Generation Industry, Heavy Industries, Original Equipment Manufacturer (OEMs), Other End Users

Top 5 Major Players:

• General Electric Company
• Mitsubishi Electric Corporation
• Siemens Energy AG
• ABB Ltd.
• Nidec Corporation,

North America was the largest region in the excitation systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the excitation systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing popularity of solar and wind power is expected to propel the growth of the excitation system market going forward. Solar and wind power refer to renewable energy sources that harness the energy of sunlight and wind, respectively, to generate electricity. Growing awareness of climate change and the environmental impacts of fossil fuel combustion has led to a shift towards cleaner energy sources like solar and wind power, which produce minimal greenhouse gas emissions and reduce air pollution. Synchronous generators are commonly used in solar and wind power plants to convert mechanical energy from wind turbines or steam turbines (in concentrated solar power plants) into electrical energy. For instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China’s annual PV installations surged by 57%, accounting for 42% of global demand, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. Therefore, increasing popularity of solar and wind power is driving the excitation system market.

Key Industry Players
Major companies operating in the excitation systems market are General Electric Company, Mitsubishi Electric Corporation, Siemens Energy AG, ABB Ltd., Nidec Corporation, Rolls-Royce Holdings plc, Emerson Electric Co., Melrose Industries PLC, ANDRITZ AG, Fuji Electric Co. Ltd., WEG S.A. (WEG Industries), Voith Group, KONČAR – Electrical Industry Inc., Basler Electric Company, Veo Oy Ltd., L & S Electric Inc., Reivax Inc., F & S PROCESS AUTOMATION GmbH, Amtech Power Limited, Tenel s.r.o., PLUTON Group, NR Electric Co. Ltd. (NARI Group), Excitation & Engineering Services Ltd., SVEA Power AB, Automation Electronics India Pvt. Ltd., Birr Machines AG, Nelumbo Icona Controls Pvt. Ltd., Altex Electric GmbH

The excitation systems market report table of contents includes:
1. Executive Summary
2. Excitation Systems Market Characteristics
3. Excitation Systems Market Trends And Strategies
4. Excitation Systems Market – Macro Economic Scenario
5. Global Excitation Systems Market Size and Growth

….

32. Global Excitation Systems Market Competitive Benchmarking
33. Global Excitation Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Excitation Systems Market
35. Excitation Systems Market Future Outlook and Potential Analysis
36. Appendix

List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Excitation Systems Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Excitation Systems Market, Segmentation By Controller type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Excitation Systems Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 75: General Electric Company Financial Performance
Table 76: Mitsubishi Electric Corporation Financial Performance
Table 77: Siemens Energy AG Financial Performance
Table 78: ABB Ltd Financial Performance
Table 79: Nidec Corporation Financial Performance

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