“Global Alternators Market to reach a market value of USD 31.7 Billion by 2031 growing at a CAGR of 5.2%”
The Global Alternators Market size is expected to reach $31.7 billion by 2031, rising at a market growth of 5.2% CAGR during the forecast period. In the year 2023, the market attained a volume of 23,846.4 thousand units, experiencing a growth of 17.4% (2020-2023).
The construction segment procured a promising growth rate in the market in 2023. Construction machinery and equipment, such as excavators, bulldozers, cranes, and loaders, rely on alternators to supply electrical power for onboard systems, including engines, hydraulics, lights, and control panels. Consequently, the construction segment by end-use industry would generate 19.2% revenue share of the market by 2031. Also, Russia would utilize 1100.7 thousand units of medium voltage alternators by 2031. Alternators are integral to these machines, ensuring reliable operation and performance on construction sites.
EVs and hybrid vehicles are equipped with sophisticated onboard electronics, including infotainment systems, navigation systems, advanced driver assistance systems (ADAS), and climate control systems. These electronics require a stable and reliable electrical power source, which alternators provide by converting mechanical energy from the engine into electrical energy. Thus, because of the rise of EVs and hybrid vehicles, the market is anticipated to increase significantly.
Additionally, alternators play a critical role in transforming wind energy from kinetic to electrical energy, and wind turbines are an essential component of wind energy systems. The growing deployment of wind turbines onshore and offshore to harness wind power for electricity generation drives the demand for alternators. Hydroelectric power plants harness the potential energy of water to generate electricity. Therefore, the market is expanding significantly due to the rapid shift towards renewable energy sources.
However, cost pressures may lead to compromises in product quality as manufacturers seek to reduce production costs. Lower-quality components or materials may be used to cut costs, potentially resulting in inferior products prone to failures or malfunctions. This can damage the reputation of manufacturers and erode customer trust in the reliability of alternators. Thus, intense competition and cost pressures can slow down the growth of the market.
Based on voltage, the market is bifurcated into high and medium. The high segment garnered a significant 33.39% share in the market in 2023. The utilization of high voltage direct current (HVDC) transmission systems for long-distance electricity is on the rise due to their superior efficiency and reduced losses compared to traditional alternating current (AC) transmission systems. High voltage alternators are utilized in HVDC converter stations to convert AC power to DC power and vice versa, enabling the efficient transfer of electricity over long distances.
On the basis of phase, the market is segmented into three phase alternator, two phase alternators, and single-phase alternator. In 2023, the three-phase alternator segment held 50.93% revenue share in the market. Three-phase alternators are extensively used in industrial machinery and equipment to provide electrical power for manufacturing processes, conveyor systems, pumps, compressors, motors, and other industrial applications. They are preferred for their ability to deliver balanced power across three phases, ensuring smooth and efficient operation of industrial equipment in manufacturing plants, factories, refineries, and processing facilities.
By end-use industry, the market is categorized into automotive, power generation, construction, oil & gas, and others. The power generation segment recorded a 26.97% revenue share in the market in 2023. The oil & gas segment registered 2,680.3 thousand units in terms of volume in 2023. Alternators are fundamental components of conventional power plants, including coal-fired, natural gas-fired, and nuclear power plants. These alternators convert mechanical energy from turbines into electrical energy, which is then transmitted through power grids for distribution to homes, businesses, and industries.
By type, the market is bifurcated into brushed alternators, brushless alternators, and permanent magnet alternators. In 2023, the brushed alternators segment witnessed 41% revenue share in the market. Brushed alternators are easier to maintain and repair than brushless alternators. The brushes and commutators in brushed alternators can be readily accessed and replaced when worn out, extending the operational lifespan of the alternator. This ease of maintenance makes brushed alternators suitable for applications where regular servicing and repairs are required, such as in industrial machinery and equipment.
Free Valuable Insights: Global Alternators Market size to reach USD 31.7 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region acquired a 31.2% revenue share in the market. North America is witnessing significant infrastructure development, including constructing roads, bridges, airports, railways, and commercial buildings. The construction industry in North America is experiencing growth due to urbanization, population growth, and economic development. North America is witnessing significant expansion in renewable energy installations, including wind farms, solar parks, and hydroelectric projects.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 21.4 Billion |
| Market size forecast in 2031 | USD 31.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 5.2% from 2023 to 2031 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 419 |
| Number of Tables | 890 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Voltage, Phase, End-Use Industry, Region |
| Country scope |
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| Companies Included | Denso Corporation, Mitsubishi Electric Corporation, Valeo SA, Robert Bosch GmbH, HELLA GmbH & Co. KGaA (FORVIA S.E.), Hitachi, Ltd. (Hitachi Astemo, Ltd.), Cummins, Inc., Prestolite Electric Incorporated (Zhongshan Broad-Ocean Motor Co., Ltd.), Lucas Automotive Aftermarket, BBB Industries, LLC (Clearlake Capital Group, L.P.) |
By Voltage (Volume, Thousand Units, USD Billion, 2020-2031)
By Phase (Volume, Thousand Units, USD Billion, 2020-2031)
By End-Use Industry (Volume, Thousand Units, USD Billion, 2020-2031)
By Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
This Market size is expected to reach $31.7 billion by 2031.
Rise Of Electric Vehicles (Evs) And Hybrid Vehicles are driving the Market in coming years, however, Intense Competition and Cost Pressures restrictions issues restraints the growth of the Market.
Denso Corporation, Mitsubishi Electric Corporation, Valeo SA, Robert Bosch GmbH, HELLA GmbH & Co. KGaA (FORVIA S.E.), Hitachi, Ltd. (Hitachi Astemo, Ltd.), Cummins, Inc., Prestolite Electric Incorporated (Zhongshan Broad-Ocean Motor Co., Ltd.), Lucas Automotive Aftermarket, BBB Industries, LLC (Clearlake Capital Group, L.P.)
In the year 2023, the market attained a volume of 23,846.4 thousand units, experiencing a growth of 17.4% (2020-2023).
The Medium segment is leading the Market by Voltage in 2023, there by achieving a market value of $20.5 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023 there by, achieving a market value of $11.9 billion by 2031, growing at a CAGR of 5.6 % during the forecast period.
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