EXCITATION SYSTEMS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The excitation systems market is estimated to be valued at USD 3.24 billion in 2024 and is expected to reach USD 4.28 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2031. This growth can be attributed to rising investments in the renewables sector and infrastructure development across various countries globally.
The excitation systems market has been growing steadily over the past few years. Excitation systems play a vital role in the operation of generators in power plants by providing stable voltage regulation. They maintain the consistent terminal voltage of the generator regardless of load variations. Improved voltage regulation helps maximize the efficiency of generators and stabilize power grids. Advancements in power electronics and digital control have enabled the development of static excitation systems that offer enhanced voltage control compared to older rotating excitation systems. The growing power generation capacities from renewable sources is also driving the demand for excitation systems that can smoothly integrate variable output from such sources into transmission networks.
Market Dynamics:
The excitation systems market is expected to witness moderate growth over the forecast period owing to factors such as increasing investments in upgrading aging power infrastructure, growing renewable energy integration, and expansion of transmission and distribution networks. However, budgetary constraints faced by utilities in some countries may hamper the market growth. The adoption of smart grid technologies provides new opportunities for advanced excitation systems that offer improved grid stability and power quality. The integration of distributed energy resources is also augmenting the demand for reliable grid-supporting systems. Emerging concepts such as grid-forming capabilities and virtual synchronous machines could disrupt the market with novel solutions. Additionally, the replacement of obsolete rotating excitation panels with static and digital controls presents a key growth avenue.
Key Features of the Study:
Detailed Segmentation-
Excitation Systems Market
Table of Contents
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