Alternator Market: Global Size, Share, Growth, Industry Analysis, Trends & Forecast by 2023
Alternators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023 | IMARC Group
The global alternators market has experienced moderate growth in the past few years. The factors facilitating the market growth include growing industrialization, expansion of automobile industries and rising demand for electricity.
As per the latest report by IMARC Group, titled “Alternators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global alternators market reached a value of US$ 16 Billion in 2017. An alternator is an electrical machine which works on the principle of electromagnetic induction. It is made up of two parts, namely, a rotor that consists of field poles and a stator which includes armature conductors. Alternators have found applications in several industries as they can convert mechanical energy or direct current (DC) to alternating current (AC). They are extensively used for generating electricity in the commercial and residential sectors and have also become an integral part of the automotive and mining industries.
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The continuous use of both the conventional and non-conventional sources of energy has been fueling the consumption of alternators for electricity generation across the globe. In addition, rapid industrialization, global population growth and escalating consumption of electricity are strengthening the market growth. Moreover, the growing investments in the construction and telecommunication sectors are providing a boost to the growth of the alternators market. Further, modern day automobiles are equipped with alternators in order to charge the battery and power the electrical system, unlike vintage automobiles which used to employ DC dynamo generators with commutators. With an increase in the sales of luxury cars, the alternators market is anticipated to grow at a rapid pace in the coming years. Owing to these factors, the global alternators market is projected exceed US$ 21 Billion by 2023, expanding at a CAGR of 4.8% during 2018-2023.
• On the basis of types, the market has been divided into permanent magnet alternators, electro-magnet (induction) alternators and others. Amongst these, permanent magnet alternators hold the largest share.
• Based on voltage, 220V-440V alternators account for the majority of the market share, followed by >440V and <220V alternators.
• On the basis of rated power, the market has been segregated into alternators with a power rating of < 1kW, 1kW-5kW, 5kW- 50 kW, <50 kW-500 kW, 500 kW-1500 kW, 1500kW-5000kW and > 5000 kW. Amongst these, alternators with a power rating of 1500 kW-5000 kW represent the leading segment.
• The market has been divided on the basis of applications into industrial applications, automotive and transportation, power generation, standby power, and others. Currently, industrial applications hold the majority of the market share.
• Based on speed, the market has been segmented into low, medium, high and ultra-high-speed alternators. Amongst these, high speed alternators account for the majority of the market share.
• On the basis of weight, low weight alternators dominate the market. The other segments include medium and high weight alternators.
• The market has also been divided on the basis of end-use sectors into the industrial, commercial and residential segments. Presently, the industrial sector is the biggest end-use sector of alternators, holding the majority of the total market share.
• Based on fuel used, fossil fuels, such as diesel, gas, coal, etc., represent the largest segment, followed by natural fuels which include wind, water and solar.
• On a geographical front, Asia Pacific is the leading alternators market, accounting for the dominant share. Other regions include Europe, North America, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined with some of the key players being Stamford, Mecc Alte, Leroy Somer, Valeo, and Denso.
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