Alternators Market to Reach US$ 8 Billion by 2024
by Rahul Rastogi Market Research AnalystAs per the latest report by IMARC Group,
titled “Alternators
Market Report:
Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”,
the global
alternators market size
reached 6 Million Units in 2018. An alternator is a piece of machinery
that works on the principle of electromagnetic induction. It works together
with a battery and utilizes mechanical energy to produce electricity. 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
across several industries as they are employed for generating electricity in
the commercial and residential sectors. They also form an integral part of the
automotive industry as they are utilized in the charging system of vehicles and
for powering the engine.
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Market Trends:
Rapid industrialization, global population growth
and the escalating consumption of electricity are the key factors boosting the
sales of alternators. Furthermore, modern-day automobiles are equipped with
alternators to charge the battery and power the electrical system,
unlike vintage automobiles, which employed 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.
Also, technological advancements in the market are providing an impetus to the
market growth. For instance, the utilization of alternator regenerative control
technology in the automotive industry improves engine fuel consumption. This is
achieved by regenerating power when the vehicle is decelerating and lowering
consumption at other times. Moreover, growing investments in the construction
and telecommunication sectors, especially in the grid infrastructure, are also
contributing to the growth of the market. On account of the aforementioned
factors, the market is expected to reach a volume of more than 8 Million
Units by 2024, growing at a CAGR of 3.3% during 2019-2024.
Market Summary:
· On
the basis of the type, the market has been divided into electro-magnet
(induction), permanent magnet and other types of alternators. Amongst these,
permanent magnet alternators represent the most preferred product type.
· Based
on the voltage, 220V-440V alternators account for the majority of the market
share, followed by >440V and <220V alternators.
· On
the basis of the rated power, the market has been categorized 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. Currently, alternators with a power
rating of 1500 kW-5000 kW represent the leading segment.
· The
market has been classified on the basis of the application into industrial,
automotive and transportation, power generation, standby power, and other types
of applications. At present, industrial applications account for the majority
of the total market share.
· Based
on the speed, the market has been segregated into low, medium, high and
ultra-high-speed alternators. Among these, high speed alternators exhibit a
clear dominance in the market.
· On
the basis of the 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 the end use sectors into
industrial, commercial and residential. Presently, the industrial sector
represents the biggest segment in the market.
· Based
on the fuel used, the market is bifurcated into fossil and natural fuels,
wherein fossil fuels represent the largest segment.
· On
a geographical front, Asia Pacific holds the leading position in the market.
Other regions include Europe, North America, Middle East and Africa, and Latin
America.
· The
competitive landscape of the market has also been examined in the report. Some
of the key players operating in the market include Cummins Inc. (Stamford-Avk),
Mecc Alte SpA, Leroy-Somer, Inc., Valeo Service SAS, DENSO Europe BV and
Hyundai Electric & Energy Systems Co., Ltd. (previously Hyundai Heavy
Industries HHI).
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Created on Dec 17th 2019 04:58. Viewed 483 times.