Alternators refer to devices which convert mechanical energy into electrical energy. The working principle of alternators depends upon Faraday's law of electromagnetic induction in which the current is induced in the conductor surrounded by a magnetic field when there is a relative motion. Alternators find applications in electric generators; automotive, marine, gas and oil industries; power plants; etc. According to the latest report by IMARC Group, titled "Alternators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global alternators market reached a value of US$ 17.2 Billion in 2020.
Due to the increasing consumption of alternating current in different sectors, such as automotive, gas, industrial manufacturing, etc., the demand for alternators has witnessed a positive growth across the globe. Another key growth-inducing factor is the growing investment in grid infrastructure in the developing regions. Apart from this, modern day vehicles are equipped with an alternator which is driven by the engine to provide alternating current. Rising disposable incomes and prevalence of a luxurious lifestyle have led to a surge in the sales of vehicles over the years. Moreover, rising industrialisation along with growth in cogeneration offer new opportunities, thereby creating an attractive market for the alternators. Looking forward, IMARC Group expects the global alternators market to exhibit moderate growth during the next five years.
- Based on type, the market has been segmented as permanent magnet alternators, synchronous alternators and electro-magnet induction based alternators. Currently, synchronous alternators dominate the market, holding the largest share.
- On the basis of voltage, 220-440V alternators represent the largest segment, holding the majority of the market share. 220-440V alternators are followed by >440V and <220V.
- The market has also been segregated on the basis of rated power into < 1, 1kW-5kW, 5kW- 50 kW, <50 kW-500 kW, 500 kW-1500 kW, 1500kW-5000kW and > 5000 kW. Amongst these, the 1500 kW-5000 kW segment accounts for the majority of the market share, representing the leading segment.
- Based on application, industrial applications hold the majority of the market share. They are followed by power generation, standby power, and marine, oil and gas.
- On the basis of speed, the market has been divided into low, medium, high and ultra high speed alternators. Currently, high speed alternators exhibit a clear dominance in the market.
- Based on weight, the market has been categorized into low, medium and high weight alternators, wherein low-weight alternators dominate the market.
- On the basis of end-use segments, the market has been bifurcated into commercial, industrial and residential sectors. Among these, the industrial sector accounts for the majority of the global market.
- On the basis of fuel, the report finds that non-renewable fuels such as fossil fuels, such as diesel, gas, coal, etc., represent the biggest segment. They are followed by natural fuels which includes wind, water, solar, etc.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa and Latin America. Amongst these, Asia Pacific is the leading market accounting for the majority of the market share.
- The competitive landscape of the market has also been examined with some of the key players being Stamford, Leroy Somer, Mecc Alte, Valeo and Denso.
- This report provides a deep insight into the global alternators market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, market segmentation based on type, voltage, rated power, application, speed, weight, fuel type and region. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the alternators market in any manner.
Key Questions Answered in This Report:
- How has the global alternators market performed so far and how will it perform in the coming years?
- What are the key regions in the global alternators market?
- What has been the impact of COVID-19 on the global alternators market?
- Which are the popular product types in the global alternators market?
- What are the major voltage segments in the global alternators market?
- What is the breakup of the global alternators market on rated power basis?
- What is the breakup of the global alternators market on speed basis?
- What is the breakup of the global alternators market on weight basis?
- What are the key application segments in the global alternators market?
- What are the major end-use segments in the global alternators market?
- What are the major fuels used in the global alternators market?
- What is the structure of the global alternators market and who are the key players?
- What is the degree of competition in the global alternators market?