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Growth of alternators in Marine applications and automotive industry are expected to boost the Alternator Market growth
HYDERABAD, TELANGANA, INDIA, September 26, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that 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. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the Alternator Market highlights the following areas –
1. 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.
2. 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.
3. 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.
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1. 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.
2. 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.
3. 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.
The top 5 players in the Alternator industry are –
1. Generator Technologies
2. Mecc Alte Alternators Pty. Ltd.
3. Leroy Somer, Inc.
4. Valeo Service
5. Denso Corporation
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