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Excitation Systems Market Rises with Growing Reliance on Renewable Energy Sources
Excitation systems play a critical role in maintaining stability and reliable operations of large power generation turbines and generators used across thermal, hydro and renewable energy power plants. They help control the field current and voltage supplied to the generator rotor windings in order to control and adjust generator reactive power output. Excitation systems consist of an automatic voltage regulator (AVR), power amplifier, rotating exciter, slip rings and carbon brush assembly. The AVR regulates the field voltage supplied to the exciter in response to speed, voltage and load variations. The exciter then generates AC voltage which is fed to the generator rotor windings via slip rings and carbon brushes. Proper excitation ensures smooth power generation and transmission across utilities.
Growing adoption of renewable energy sources like wind and solar power across countries is driving demand for excitation systems. As renewable power plants need to adjust active and reactive power output rapidly in response to intermittent wind and solar conditions, advanced static and brushless excitation systems offering quick response are increasingly being deployed. Their ability to optimally control excitation for maximizing energy yields from renewable sources is a key advantage. Additionally, aging conventional power generation infrastructure across regions is necessitating replacement and retrofitting of existing excitation systems with modernized digital versions for improved stability.
The global Excitation Systems market is estimated to be valued at US$ 3.24 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Excitation Systems are ABB, Siemens Energy, General Electric, ANDRITZ Group, Voith Group, Nidec Corporation, KONCAR Group, Emerson, Melrose Industries PLC, Mitsubishi Electric Corporation, WEG, Tenel S.R.O, Basler Electric, Automation Electronics India, Amtech Power Ltd., Reivax, Veo Oy, L S Electric, PLUTON Group, NR Electric Co. Ltd, Birr Machines, SVEA Power, Excitation Engineering Services Ltd, Nelumbo Icona Controls Pvt. Ltd, and FS PROZESSAUTOMATION GmbH.
Growing demand from renewable energy sector is propelling the Excitation Systems Market Demand. Rapid installation of wind and solar capacity worldwide is increasing the need for advanced static and brushless excitation systems for optimizing power yields from intermittent renewable sources.
Geographical expansion into emerging economies in Asia Pacific and Middle East and Africa is another key trend. Major players are undertaking strategic investments and partnerships in these regions to leverage increasing budgetary allocations for upgrading aging power grids and expanding power generation capacity from renewable sources.
Market key trends
Reliance on renewable energy sources for power generation is one of the major trends driving demand for excitation systems. As countries around the world formulate ambitious carbon emission reduction targets and sustainability goals in line with the Paris Agreement, investments in solar and wind energy have been scaling significantly. Advanced excitation systems with quick response capabilities allow smooth integration of variable renewable power into grids. Their capability to optimize excitation and control reactive/active power output as per weather conditions is instrumental for maximizing energy yields from wind turbines and solar plants. The trend of asset life extension and retrofitting of existing power generation plants with digital excitation systems is another key market driver to maintain reliable grid operations. Overall, the global shift towards cleaner energy mixes anchored on renewables is fueling adoption of technologically advanced excitation solutions.
Porter's Analysis
Threat of new entrants: Low economies of scale and high costs of manufacturing specialized products as they require advanced technology deter new players from entering the market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are a few established players in the global market. However, the need for customized solutions gives buyers some negotiating power.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required are commoditized. However, suppliers of some key components have some control over pricing.
Threat of new substitutes: Threat of new substitutes is low as there are no cost-effective alternatives available that can provide similar functionalities.
Competitive rivalry: Intense as the market is consolidated with a few large multinational players differentiating through innovation and customer support.
Geographical Regions: North America accounts for the largest share in the global market in terms of value owing to high demand from utilities and large power projects in the US and Canada. Asia Pacific is expected to be the fastest growing regional market between 2024-2031 due to increasing investments in upgrading T&D infrastructure and expanding renewable energy generation capabilities in China and India.
Geographical Regions: Europe holds the second largest share of the global market driven by implementation of stringent emission norms and focus on upgrading aging power infrastructure in countries like Germany, UK and France. Rising investments to modernize grids and shift towards sustainable energy also drives the demand in countries like Turkey and Poland.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
