Alternator Market Size Forecast to Reach $18.5 Billion by 2026

(IT-NEWSWIRE.COM, December 11, 2021 ) Alternator Market Size is forecast to reach $18.5 billion by 2026, at a CAGR of 4.28% during 2021-2026. In the power sector and industrial sector, there is a requirement of devices for energy conversion where the alternators comes into the picture as it converts mechanical energy into electrical energy. In these sectors there is a huge requirement of steam turbines driven alternators to extract thermal energy from pressurized steam and uses it to do mechanical work on a rotating output shaft. The demand for alternators have witnessed a positive growth in the market increasing consumption of alternating current in different sectors, such as automotive, gas, industrial manufacturing and others. Growing investment in grid infrastructure in the developing regions has driven the demand for prime movers to provide electricity for the traction motors (AC or DC) used in power generation. In addition, the adoption of offshore wind energy with advance technology has driven the growth of induction generators as it produces a three phase voltage output. Growing applications of alternators in various industrial verticals such as electric generators, automotive, marine, gas and oil industries, power plants and others has increased the degree of competition in the global alternator market.

Alternator Market Segment Analysis – By Type

The Synchronous alternator segment is growing at a significant market value of 28.16% in 2020 as it is highly used in industrial applications. Generator is to generate commercial frequency current frequently by converting the mechanical energy from the main mover to an AC electrical energy at a specific frequency & voltage. Rapid growth of industrialization has surged the demand for power which is highly augmenting the need for synchronous alternator as it provides power to a grid ranging from 100 kilowatts to several megawatts. The growing energy consumption indicates an increase of industrial growth which in turn has growing need for highly efficient, robust and reliable wind turbines. In addition, the need for synchronous alternators are rising as the extremely harsh environments of the offshore wind farms lead to increased risk of pressure pulsation peaks and vibrations.

Alternator Market Segment Analysis – By End Users

Industrial sector is expected to witness a highest CAGR of 5.11% during the forecast period, owing to the presence of a vast Energy sector globally where the Oil and Gas is a major alternators used in providing reliable power to critical downhole drilling tools and also used as constant source of power replacing batteries. According to the organization of the petroleum exporting countries (OPEC), Kuwait Petroleum Corporation (KPC), increased crude oil production capacity to 4 mb/d in 2020. Here the additional production capacity comes from technically challenging sour and heavy fields. Kuwait has accordingly awarded enhanced technical service agreements with international firms for development of heavy oil. This impacted the growth of steam turbines in power production along with induction generators and prime movers. In addition, The Clean Fuels Project (CFP), started in 2019, transformed Kuwait’s two refineries into a single integrated merchant-refining complex. As part of this integration project, Mina al-Ahmadi refinery shed 120,000 b/d and the Mina al-Abdulla refinery added 184,000 b/d resulting in a net gain of 64,000 b/d with a total of 800,000 b/d refining capacity at the new integrated complex in 2019. All these boosted the growth of the Alternator Market.

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Alternator Market Segment Analysis – By Geography

Alternator Market in Asia-Pacific region held significant market share of 30.10% in 2020. The growth in APAC is chiefly driven by extensive industrial and urbanization activities in countries such as Japan, India, and China accompanied with the rising disposable incomes and prevalence of a luxurious lifestyle have led to a surge in the sales of vehicles over the years. In addition, rising industrialization along with growth in cogeneration offer new opportunities, thereby creating an attractive market for the alternators. Indian government announced in 2019 that it planned to invest $35 billion for reforming the utility sector. The investment focused on infrastructure and technology upgrades of the ailing utilities to make them more efficient and reduce financial losses. In addition, South Korea based Hyundai Motor Group announced in 2019 to invest $34.65 billion in mobility technology and strategic investments by 2025. Additionally it received funds from South Korean government worth 1.7 trillion won to boost autonomous vehicle technology. Investments such as these will open new prospects for alternators in automotive applications.

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Alternator Market Drivers

Growth of alternators in Marine applications:

Increasing government support for navy defense, combined with the robust growth of progressive shipping lines, is expected to boost the use of alternator market trends. The United States government is aggressively investing in upgrading its current naval shipyards and fleet repair and maintenance where the alternators are used in different solutions including the diesel electric propulsion, shaft generator, emergency or harbour applications, thus widening the market landscape. In Germany, inland and ocean shipping lanes are vital transport routes for raw materials entering the country as well as commercial goods exported to Europe and elsewhere. About 95 percent of intercontinental and 62 percent of inter-European commercial transport is done by sea, which helps to alleviate traffic congestion on the roads. Commercial shipping and port operations are critical growth industries for the German economy. The German shipbuilding industry ranks first in Europe and third in the world. German shipyards are experts in the construction of high-tech container vessels and passenger ships. Their designs are spreading across the world and influencing market needs on a global scale, as they have done with container vessels. This is expected to boost the market growth for alternators.

Growth of the automotive industry:

Initiatives from the government for self-sufficiency are attracting the automotive industry growth in developing countries such as India, China and others which in turn has spurred the alternator market as it is used to charge the battery and to power the electrical system in automobiles. Automobile industry is the major contributor of India’s manufacturing GDP in which automotive industry is the largest one. India is the 7th largest producer of automobiles and it is estimated to become the 3rd largest automobile market in the world by 2024. Italy had witnessed about $2.13 M of vehicle sales and registrations as per OICA during 2019. Moreover, According to OICA statistics, Spain has produced about 2,822,355 total vehicles in 2019.

Alternator Market Challenges:

Slowdown of Alternators challenges:

Alternators are used to power the different electrical systems in the cars and keep the battery charged. Alternators eventually slows down and begins to fail and causes variety of different electrical problems and causes breakdown in the cars. This certain slowdown and breakdown problems in the alternators are analyzed to restrain the growth of the market in the forecast period 2020-2026.

Alternator Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Alternator Market. Alternator Market top 10 companies include Cummins Generator Technologies, Mecc Alte Alternators Pty. Ltd., Leroy Somer, Inc., Valeo Service, Denso Corporation, Weg SA, Mitshubishi Electric Corporation, Hitachi Automotive Systems, Ltd., HHI, Bosch Group among others.

Acquisitions/Product Launches

In 2020, Leroy Somer, Inc. announced alternator named “TAL 0473” which features a SHUNT excitation system and an R150 regulator as standard delivering a nominal power between 400 and 660 kVA at 50 Hz.

In 2019, Mecc Alte Alternators Pty. Ltd. Launched new X-type series of alternators which features specialist technologies to create a superior range designed and tested to meet the all the industrial challenges.

Key Takeaways

Surge in the Industrialization along with the growth of automotive sector owing to the rising disposable income has increased the adoption of alternators as they produce alternating current supply and converts mechanical energy into electrical energy.

Major fuels used in the global alternator market are fossil fuels and natural among which fossil fuel segment is expected to witness a highest CAGR of 5.01% the forecast period, owing to major use of diesel, gas, coal and others for the propulsion of the alternators.

APAC is witnessing a major growth in the market owing to the surge in automotive industry and Power sector where the alternators are used to generate the power which are further distributed by the electric power grids.

Key Takeaways

Surge in the Industrialization along with the growth of automotive sector owing to the rising disposable income has increased the adoption of alternators as they produce alternating current supply and converts mechanical energy into electrical energy.

Major fuels used in the global alternator market are fossil fuels and natural among which fossil fuel segment is expected to witness a highest CAGR of 5.01% the forecast period, owing to major use of diesel, gas, coal and others for the propulsion of the alternators.

APAC is witnessing a major growth in the market owing to the surge in automotive industry and Power sector where the alternators are used to generate the power which are further distributed by the electric power grids.

Related Reports:

A. Thermoelectric Generator Market

https://www.industryarc.com/Report/15445/thermoelectric-generator-market.html

B. Synchronous Condenser Market

https://www.industryarc.com/Report/15260/synchronous-condenser-market.html

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Alternator Market Size Forecast to Reach $18.5 Billion by 2026