The excitation systems market is estimated at USD 2.64 billion in 2018 and is projected to reach USD 3.12 billion by 2023, at a CAGR of 3.38% from 2018 to 2023

LONDON, April 5, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5370332

The excitation systems market is estimated at USD 2.64 billion in 2018 and is projected to reach USD 3.12 billion by 2023, at a CAGR of 3.38% from 2018 to 2023. Rapid growth in the power sector is the key to the economic development of a country.

Electricity is a key ingredient for the growth of various industries such as oil & gas, mining, utilities, chemicals, cement, and manufacturing. The increasing demand for power requires the upgrading and expansion of transmission and distribution infrastructure. This has increased the demand for synchronous machines in various end-use applications such as hydro, thermal, and nuclear power plants.

Energy saving and power factor correction abilities are the advantages provided by synchronous machines, which have a played a key role in their increasing popularity.The rising popularity of synchronous machines has, in turn, driven the growth of excitation systems.

Synchronous machines require excitation systems as they play a key role in controlling the voltage output, protect the stator and rotor, and adjust plant voltage and reactive power automatically. Complex design that creates difficulty in maintenance is expected to restrain the market growth.

The brushless excitation systems segment is expected to grow at the highest CAGR from 2018 to 2023
Brushless excitation systems are expected to emerge as the largest growing market.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.

Digital controls are expected to emerge as the largest segment based on control type
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.

Asia Pacific is expected to grow at the highest CAGR from 2018 to 2023
The Asia Pacific region is estimated to be the largest and fastest growing market for excitation systems, followed by North America and Europe.China, which accounted for a major share of the Asia Pacific market in 2017, is projected to grow at the highest CAGR from 2018 to 2023.

The increase in demand for excitation systems in the Asia Pacific region can be attributed to the growing demand for uninterrupted and reliable power supply in the region. The increasing investments in renewable energy projects are also anticipated to support the growth of excitation systems market in the region.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 50%, Tier 2- 32%, Tier 3- 18%
• By Designation: C-Level- 40%, Director Level- 30%, Others- 30%
• By Region: North America-35%, APAC- 21%, Europe-24%, Middle East and Africa-11%, South America-9%

Note: The tier of the companies has been defined based on their total revenue, as of 2016: Tier 1 = >USD 5 billion, Tier 2 = > USD 0.5 billion to USD 1 billion, and Tier 3 =

Source: Industry Experts and MarketsandMarkets Analysis
Leading players in this industry have been profiled with their recent developments and other strategic activities. These include Basler Electric (US), ABB (Switzerland), GE (US), ANDRITZ AG (Austria), and Rolls Royce Holdings plc (UK) among others.

Research Coverage:
From an insight perspective, this research report has focused on various levels of analysis, namely industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments, high-growth regions, and market drivers, restraints & opportunities.

The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on products and integrated solutions & services offered by the top players in the global excitation systems market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the excitation systems market.
• Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for excitation systems across regions
• Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global excitation systems market

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