EXCITATION SYSTEMS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Manufacturers must contend with rising costs of raw materials amidst global supply chain issues. Customers are increasingly seeking more efficient and eco-friendly solutions as well. Technological changes also pose a challenge as older systems become obsolete. Striking a balance between price and performance can be difficult. Additionally, demand fluctuates across application areas like automotive, marine, and renewable energy. Further challenges stem from evolving electric grid infrastructure and intermittent renewable energy sources.

Market Opportunity: Transition to Cleaner Energy Driving Demand for Excitation Systems

The ongoing transition towards cleaner energy means increased demand for excitation systems that support the integration of renewable energy. Growth in electric vehicles and investment in smarter grid networks will spur opportunity. Advancements in power electronics, IoT, and digital controls allow for more innovative product designs. Partnerships across industries can help address new application requirements. Rising investments in rail and marine transport infrastructure also shows the opportunity for the market to grow further.