COVID-19 IMPACT ANALYSIS ON GLOBAL EXCITATION SYSTEMS MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global Excitation Systems market. In addition, complete analysis of changes in the global Excitation Systems market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. Agriculture, manufacturing, services industries are the major contributors to the global economic growth. Excitation systems account for a wide range of applications in heavy industries, power generation, process industries and other industries. Chemical industry is among the major process and manufacturing industries. According to the International Council of Chemical Associations (ICCA), the chemical industry contributed USD 5.7 trillion to the world’s GDP as of 2017 and supported 120 million jobs all over the world. Moreover, an investment of USD 51 Billion in research & development activities created 1.7 million jobs and contributed USD 92 Billion to the world economy.
MARKET OVERVIEW- GLOBAL EXCITATION SYSTEMS MARKET
MARKET DRIVERS
The global Excitation Systems market is driven by efficiency and long-term reliability. The ability to ensure long-term reliable operations for synchronous machines is one of the major factors expected to drive the growth of the market with other advantages being optimized use of energy, reduced maintenance time, energy saving and power factor correction abilities, which have played a key role in their increasing popularity. Especially, brushless excitation system, which is the fastest growing segment, owing to its advantages like less maintenance and power loss reduction due to the absence of brushes and slip rings is preferred over static excitation type due to its efficiency. Modern large synchronous machines are using brushless excitation systems which is considered as a huge advantage, thus driving the demand for excitation systems
MARKET OPPORTUNITIES
The market is expected to have a new opportunity with an increase in demand for renewable energy. Growing investments in renewable energy plans i.e. growing demand for excitation systems in solar and wind power applications is expected to drive the market during the forecast period. Demand for excitation systems in solar and wind energy sectors is rising, due to the reliability offered by these systems under all conditions as well as simplicity of control, ease of maintenance, and stability of these systems. Thus, an increase in the demand for renewable energy and this factor is expected to provide rising new growth opportunities for the market over the forecast period.
MARKET RESTRAINTS
The market has major restraining factors like the influence of design complexity and high cost. Generator excitation systems are one of the most maintenance-intensive systems. The high complexity and high costs of excitation systems are expected to restrain the global excitation systems market. Power plant reliability is greatly influenced by the maintenance activities carried out on various system equipment. Excitation systems, if not maintained properly, can prove to be a major reason for the unplanned outage of power plants. Hence, in order to prevent such outages, maintenance systems have to be conditioned properly to ensure the proper working of the systems. This will hinder the growth of the excitation systems market.
MARKET GROWTH CHALLENGES
Economic slowdown due to the pandemic hampered the growth of the market to a major extent which has created a major challenge for market growth. The pandemic led to a slowdown in the growth of the power industry as more and more countries resorted to lockdowns to prevent the spread of the disease. The renewable energy industry, which until recently was growing at a rapid pace, witnessed slow growth during the pandemic. This slowdown is mainly due to economic contractions, which have resulted in the reduction of power demand from various end-use industries.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Excitation Systems market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for various Excitation Systems in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
EXCITATION SYSTEMS MARKET SEGMENTAL OVERVIEW
The global Excitation Systems market comprises the different market segments like type, controller type, application, end users and geography.
EXCITATION SYSTEMS MARKET BY TYPE
By type, the Excitation Systems includes key segment of
- DC Excitation System
- AC Excitation System
- Rotating Brushless
- Static Excitation System
AC excitation system is expected to dominate the market over the forecast period. Ac or dc current voltage can be used to excite transducers. The sensor's excitation intensity must be large enough that the smallest change can be monitored which results in a voltage change that is greater than the noise offset and drift. The excitation system includes PSS (Power system stabilizer) AVR (Automatic voltage regulator) processing unit and measuring elements. The current by these systems is called excitation current. The DC or the direct current system consists of two type of exciters the one is primary and second one is pilot exciter; the exciters output is adjusted by an automatic voltage regulator that controls the alternators output terminal voltage. When the field breaker is open the field discharged resistor is connected across the field winding. In a direct current system these two exciters can be driven by a motor or the main shaft. The total voltage of the main exciter is around 400 V. The DC systems are more reliable and are simple to use and don’t have a complex system. In an alternating current system the main exciter is either passive components or self-excited.
EXCITATION SYSTEMS MARKET BY CONTROLLER TYPE
The Excitation Systems market has major controller type in
Automatic Excitation Systems is anticipated to lead the market gaining majority of the market share in 2021 and is expected to maintain its dominance over the estimated time period. Analog exciters are proven to be more reliable system though as this system is getting older this system doesn’t have complexity such as microprocessors but they have some limitations for instance they don’t have memory backups which becomes difficult at times to run diagnosis and get data. A digital exciter has a multi-functional high performance and a compact design in this system control functions of AVR primary and secondary ary circuits and gate phase control functions are digitalized and this system is concentrated to a single unit.
EXCITATION SYSTEMS MARKET BY APPLICATION
The Excitation Systems market has controller type like
- Synchronous motor
- Generators
- Steam generators
- Gas generators
- Hydro generators
- Diesel generator
Synchronous motor is expected to find increasing demand in the market over the forecast period. . A synchronous machine constitutes both synchronous motors as well as synchronous generators. Excitation systems are a key component in many power generating units wanting to achieve reliability of operations stability and fast transient response of their assets. These synchronous machines along with excitation systems ensure the stable and continuous power supply required for efficient plant operation. Thus excitation systems ensure reliable long-term operation of synchronous machines as they influence the operations.
EXCITATION SYSTEMS MARKET BY END USERS
The Excitation Systems market has major end users like
- Heavy Industry
- Power Generation
- Ship Building
Heavy Industry followed by packaging & coating industries are expected to gain increasing demand for Excitation Systems over the estimated time period. . Excitation systems have useful and powerful applications in heavy industries which include industries such as mining aerospace locomotives manufacturing chemical construction oil & gas. Be it synchronous generators or synchronous motors each and every one of them has their unique uses in these industries. Heavy industries that produce large industrial products and provide employment to millions of aspirants around the world including engineers scientists low-skill laborers etc. require constant uses of excitation systems indirectly within generators and motors. The constant increase in population and usage of fossil fuels thus has led the heavy industries to think outside the box and opt for most population health and environment friendly innovations and techniques even for the excitation systems.
EXCITATION SYSTEMS MARKET BY GEOGRAPHY
The global Excitation Systems market is studied for the following region
- North America
- Europe
- Asia-Pacific
- Rest of the world (RoW)
Asia Pacific is anticipated to witness increasing demand for Excitation Systems owing to presence to well established market players Electricity is at the heart of modern economies as it is the prime need of every industry. The power consumption is increasing rapidly due to increasing population with higher income and growing demand for digitally connected devices. China ranks one in power consumption followed by United States. Globally excitation system market is primarily driven by increasing power generation. Asia Pacific is estimated to hold the largest share in the global excitation system market and it is projected to maintain the dominant position during the forecast period. The excitation system market in Asia Pacific region is also anticipated to grow with the highest CAGR of 4.46%. Due to the fact that excitation system is the crucial part of power plant and it provides needed field current to the rotor winding of a generator increasing number of power plants is propelling the demand of excitation systems.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Excitation Systems market is majorly focused on expanding the global growth of Excitation Systems with new product innovation business expansion increasing presence of range of manufacturer operating in Excitation Systems has led the growing demand for the market. Besides the market offers range of products in different application to fulfill the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- ABB Group (Switzerland)
- Siemens (Germany)
- General Electric (United States)
- Emerson Electric (United States)
- ANDRITZ (Austria)
- Amtech Power (India)
- Basler Electrics (United States)
- Birr Machines (Switzerland)
- Mitsubishi Electric (Japan)
- Nidec ASI (Italy)
- Reivax (Canada)
- SVEA Power (Sweden)
RECENT DEVELOPMENT:
August-20: Basler Electric introduced the DECS-450 Digital Excitation Control System as the newest product in the industry leading line of integrated excitation systems. The product offers numerous technological advancements for the control of excitation and monitoring of synchronous generators and motors.
