How Has the Excitation Systems Market Size Evolved in Recent Years?
The excitation systems market has seen considerable growth due to a variety of factors.
• The market size for excitation systems has witnessed robust growth in the recent past. The market which was valued at $2.67 billion in 2024 is forecasted to ascend to $2.81 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.1%.
The historic period growth can largely be credited to higher electricity demand, industrialization, urbanization, concerns over grid stability, and energy crises.
What are the Market Size and Expected Growth Rates for the Excitation Systems Market?
The excitation systems market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for excitation systems is predicted to experience consistent growth in the forthcoming years, reaching $3.29 billion by 2029 with a compound annual growth rate (CAGR) of 4.0%.
This growth over the forecast period can be credited to initiatives for grid modernization, the integration of energy storage and renewable energy, the progression of smart grids, and efforts to mitigate climate change. The forecast period will also witness key trends such as digitalization and remote monitoring, improved control algorithms, modular and scalable frameworks, plug-and-play compatibility, asset management, and the use of renewable energy sources.
Which Key Drivers Are Propelling The Excitation Systems Market's Growth?
The anticipated rise in popularity of renewable energy sources like solar and wind power is believed to significantly spur the growth of the excitation system market. The growing awareness about climate change and the detrimental environmental effects of burning fossil fuels has encouraged a move towards cleaner energy alternatives such as wind and solar power. These sources contribute minimally to greenhouse gas emissions and help curb air pollution. In these renewable energy plants, synchronous generators are frequently employed to transform mechanical energy from wind turbines or steam turbines (as seen in concentrated solar power plants) into electrical power. As reported by a US government agency, U.S. Energy Information Administration, in January 2024, the U.S. solar power generation is predicted to witness a 75% increase, escalating from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025. Similarly, wind power generation is forecasted to surge by 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. This expected rise in the use of solar and wind power consequently propels the excitation system market forward.
What Are The Key Segments Within The Global Excitation Systems Market?
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
Subsegments:
1) By Rotational: Synchronous Rotational Exciters, Permanent Magnet Rotational Exciters
2) By Static: Thyristor-Controlled Static Exciters, Capacitor-Excited Static Exciters
3) By Brushless: Brushless Alternators, Self-Excited Brushless Systems
Pre-Book The Excitation Systems Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The Excitation Systems Market?
Leading companies in the excitation system market are moving toward strategic collaborations as a means to upgrade power generation infrastructure. This collaborative strategy is centered on enhancing efficiency, reliability, and sustainability in electricity generation. It includes the substitution of e-excitation systems to enhance and upgrade power generation facilities. For example, in October 2022, US-based excitation systems provider Reivax North America Inc., collaborated with Siemens AG, a German technology firm, to supplant the UNITROL F static excitation system for a Siemens steam turbine, powered by two GE LM6000 turbines. Winning through a competitive bidding process, Reivax North America provided an all-inclusive design-build-install approach, which emphasized on technical expertise, dependability, safety, and fiscal viability. The project selected the REIVAX RTX Power static excitation system, notable for its adaptability in both hydro and non-hydro power stations, as well as synchronous motor excitation systems.
Who Are the Key Players In The Excitation Systems Market?
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
• KONCAR - 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
What Are The Regional Insights Into The Excitation Systems Market?
North America was the largest region in the excitation systems market in 2024. 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.
