PUNE, India, March 27, 2018 /PRNewswire/ --
According to a new market research report "Excitation Systems Market by Type (Static and Brushless), Controller Type (Analog and Digital), Application (Synchronous Generators and Synchronous Motors), and Region (North America, Asia Pacific, Europe) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated USD 2.64 Billion in 2018 to USD 3.12 Billion by 2023, at a CAGR of 3.38%. The market is set to grow owing to rising demand for synchronous machines in end-use application.
Browse 67 Tables and 34 Figures spread through 117 Pages and in-depth TOC on "Excitation Systems Market"
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Brushless excitation segment is expected to be the largest market segment for Excitation Systems Market, by type, during the forecast period.
In brushless excitation systems, the field current is supplied to synchronous machines without using slip rings and carbon brushes. As these systems do not require carbon brushes, losses due to contact resistance are low, thus resulting in low maintenance as compared to static excitation systems. Thus, low maintenance cost as compared to static excitation systems is expected to support the market growth for brushless excitation systems.
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Digital control is expected to be the fastest growing market segment for Excitation Systems Market, by controller type, in 2017
Digital control systems provide a significant improvement in generator performance by improving transient as well as dynamic stability. Easy conversion of analog to digital controls is another key factor that is expected to foster the demand for digital control systems during the forecast period. New product launches with major focus on developing digital control systems is another factor which is anticipated to foster the demand for digital controls during the forecast period.
Asia Pacific is expected to lead the Excitation Systems Market during the forecast period
In this report, the Excitation Systems Market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The Asia Pacific region is expected to lead the Excitation Systems Market during the forecast period. Regional governments in the Asia Pacific are promoting the use of energy-efficient equipment to save electricity. Synchronous motors are expected to play an important role in meeting energy efficiency targets as they are highly efficient in comparison to the induction motor. This factor is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems in the region. Also, rapidly growing renewable energy based capacity additions are expected to support the demand for synchronous machines in the coming years.
For an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players operating in the Excitation Systems Market. These include Basler Electric (US), ABB (Switzerland), GE (US), ANDRITZ AG (Austria), and Rolls Royce Holdings plc (UK).
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