Global Alternators Market: Snapshot
Alternators have become an integral part of several industries due to their ability to convert mechanical energy or direct current (DC) to alternating current (AC). They consist of multiple poles and come with varying rotation speeds, both of which determine its output frequency. Alternators are being extensively used in several industrial verticals, such as automotive, power generation, and mining, apart from having commercial and residential applications. Analysts anticipate that the opportunity in the global alternators market is expected to be worth US$ 32.5 bn by the end of 2027 as compared to US$ 22.8 bn in 2018. Between the forecast years of 2019 and 2027, the global alternators market is expected to progress at a CAGR of 4.0%.
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Soaring Demand for Power with Industrialization Bodes Well for Global Market
The rise of the automotive sector the majority of the emerging economies is the primary growth driver for the alternators market. Emerging economies such as China, India, South Africa, Mexico, Taiwan, and Indonesia are undergoing a massive transformation and are on the cusp of being major manufacturers of automobiles for the next few years. Citing this trend, the uptake of alternators is likely to remain high in these countries. The demand for alternators across the globe is also likely to be complemented by the 3% rise in the sales of automobiles across the globe as compared to 2017.
The market is also expected to benefit from the soaring demand for power in recent years. Rising investments in the construction industry and the industrial infrastructure sectors, especially in the upcoming economies, has generated lucrative opportunities for alternators. The burgeoning utility sector and the relentless rise in the overall population have also played a crucial part in the direct and indirect rise in demand for alternators. The strict regulatory framework designed to protect the environment has also created a demand for unconventional sources of power generation such as tapping tidal energy and using windmills. Alternators are also being used for these purposes.
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Application of alternators is seen in industries such as the oil and gas, marine, power plant, stand-by power, mining among others. The report states that the stand-by power industry was the leading segment in 2018. This segment is expected to show its unwavering dominance in the coming years due to increasing demand for stand-by power equipment that requires alternators, in commercial & residential buildings, telecommunication towers, and other industries.
Emerging Economies of Asia Pacific give Global Market Tremendous Scope for Growth
In terms of geography, the global alternators market has been segmented into North America, Europe, Asia Pacific (APAC), South America and Middle-East & Africa (MEA). Though North America held a dominant position in the market in 2015, Asia Pacific is expected to dominate in the coming years. The shift in regional dominance will be due to remarkable growth of the automotive industry in countries such as South Korea and India among others emerging economies of the region. Furthermore, the emergence of several industrial sectors in these countries is also expected to create a demand for alternators in the coming years. The foreseeable economic development and growth of sectors such as telecommunication and railways industry will prove to be instrumental to the dominance of Asia Pacific in the coming years.
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The key players operating in the global alternators market are Some of the leading players in the market are
- Valeo Group
- Denso Corporation
- The Bosch Group
- Mitsuba Corporation
- Mitsubishi Electric Corporation
- Lucas Electrical, Ltd.
- Controlled Power Technologies, Ltd.
- Hella KGaA Hueck & Co.
- ASIMCO Technologies Ltd.
- Hitachi Automotive Systems, Ltd. (Japan)
- Cummins, Inc.,
- Emerson, Electric, Co. among others.
Automotive Sector to Bring Immense Growth Opportunities for the Alternators Market
The escalating utilization of alternative currents in a plethora of industries such as has, industrial manufacturing, automotive, etc will bring good growth prospects for the alternators market during the assessment period of 2019-2027. The benefits attached to the use of alternators will serve as positive growth indicators across the tenure of 2019-2027.
- Alternators are devices that convert mechanical energy to electrical energy. It is a type of electric generator. Alternators are also referred to as synchronous generators. The overwhelming utilization of alternators across a wide range of industries such as mining, oil and gas, power plant, stand-by power, marine, power plant, and others will bring extensive growth opportunities for the alternators market.
- The rising investments in the alternators market by various firms and conglomerates will act as a prominent growth generator. The widening scope of research and development activities among a large number of players will also help in increasing the revenues. Research activities help in discovering novel insights. These insights assist the players to make the alternators more attractive and appealing to the users in terms of features and upgrades. Thus, all these factors sow the seeds of growth across the alternators market.
- The automotive industry is a vital revenue-generator for the alternators market. The growing utilization of alternators in modern vehicles to provide alternating current will turn the tables of growth. The escalating sales of passenger vehicles are directly proportional to the increased demand for alternators.
- The COVID-19 outbreak has a large effect on the growth projections across the alternators market. To contain the rapid spread of the virus, many countries were forced to go into strict lockdowns. These lockdown restrictions led to disruptions across various businesses and sectors. The alternators market is no exception. However, the staggered reopening of economic activities will serve as a growth-boosting factor.
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