Portland, OR, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global excitation systems market generated $2.1 billion in 2020, and is expected to reach $3.4 billion by 2030, manifesting a CAGR of 4.6% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Increase in demand for synchronous machines from several end-use sectors and surge in investment in power infrastructure activities drive the growth of the global excitation systems market. On the other hand, the complex design and drawbacks of excitation systems hinder the market growth. On the contrary, the growth of the renewable energy sector creates several lucrative opportunities.
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COVID-19 scenario:
- Halt in building new electric utility infrastructures and closure of renewable power plants, grid networks, and other power plants affected the market growth.
- Unavailability of workers and increase in the demand-supply gap hindered the market growth during the pandemic period.
- The COVID-19 vaccination campaign begun in various countries across the world, which is expected to help the market recover from the loss of lockdown.
The report segments the global excitation systems market on the basis of type, end-user, application, controller type, and region.
Based on controller type, the digital segment accounted for the largest market share in 2020, contributing to nearly two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 5.0% from 2021 to 2030. The report also covers the analog segment.
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Based on type, the static segment contributed to the highest market share in 2020, attributing to more than two-thirds of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the rotational segment is expected to manifest the fastest CAGR of 5.1% from 2021-2030.
Based on region, Asia-Pacific, followed by North America, contributed to the highest share in 2020, holding more than one-third of the total share, and is anticipated to maintain dominance throughout the forecast period. On the other hand, Europe is anticipated to portray the fastest CAGR of 5.7% during the forecast period.
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Key players of the global excitation systems market analyzed in the research include Andritz AG, Basler Electric Company, ABB, Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, General Electric, Siemens AG, s.r.o., Voith GmbH & Co. KGaA, Tenel, and WEG Group.
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