Global Excitation Systems Market: Introduction
· The excitation system is used for production of flux by passing current in the field winding. The excitation current is provided by the excitation system. An excitation system consists of an autonomic voltage regulator, exciter, power system stabilizer, and limitation & protection unit.
· These systems are used in synchronous machines. Excitation systems offers reliability under all conditions of service, simplicity of control, ease of maintenance, stability, and quick transient response.
Key Drivers and Restraints of Global Excitation Systems Market
· Increase in the demand for synchronous machines is a major driver of the global excitation systems market. Synchronous machines are gaining popularity owing to their ability of ensuring long-term reliable operations, optimized use of energy, and low maintenance costs.
· Increase in the demand for renewable energy is another key driver of the global excitation systems market. Demand for excitation systems in solar and wind energy sectors is rising, due to the reliability offered by these systems under all conditions as well as simplicity of control, ease of maintenance, and stability of these systems. Thus, increase in the demand for renewable energy is anticipated to drive the global excitation systems market during the forecast period.
· High complexity and high maintenance costs of excitation systems are expected to restrain the global excitation systems market between 2019 and 2027. These systems are highly complex in design, due to which their maintenance cost is high.
Global Excitation Systems Market: Segmentation
· The global excitation systems market can be segmented based on type, controller type, and application
· In terms of type, the global excitation systems market can be segmented into static and brushless. The brushless segment is expected to dominate the global market during the forecast period.
· Based on controller type, the global excitation systems market can be segmented into analog controller and digital controller. The digital controller segment is estimated to account for a significant share of the global market during the forecast period.
· Based on application, the global excitation systems market can be divided into synchronous generators and synchronous machines. The synchronous generators segment is anticipated to register the maximum growth rate during the forecast period.
Global Excitation Systems Market: Regional Segmentation
· Based on region, the global excitation systems market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
· Asia Pacific is expected to dominate the global excitation systems market during the forecast period. Dominance of the region can be ascribed to growing industrialization and urbanization in the region. Furthermore, development of infrastructure related to smart cities is increasing at a rapid pace in the region. This, in turn, is boosting the market in the region.
· China accounted for a leading share of the excitation systems market in Asia Pacific in 2018. This was primarily attributable to rapid growth of the industrial sector in the country in 2018. Furthermore, significant rise in investments is expected in solar and wind energy generation in the country in the near future. This is projected to drive the excitation systems market in China during the forecast period.
· The market in North America is expected to expand at a significant CAGR during the forecast period, due to increasing investments in the development of solar and wind power generation projects in the region. Rise in the demand for green energy and stringent government regulations drive the excitation systems market in the U.S.
· In Europe, a significant number of solar and wind energy projects are ongoing in countries such as Germany, Italy, Spain, and France in order to reduce emissions of greenhouse gases (GHGs). This is expected to propel the excitation systems market in the region during the forecast period.
Comentarios