Market Size of Alternator Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Alternator Market Analysis
The alternator market is expected to register a CAGR of over 5% over the forecast period (2021 - 2026). The demand for the alternator is increasing owing to the growing consumption of alternating current in different sectors, such as oil & gas, industrial manufacturing, and power, among others.
- Growing investment in grid infrastructure across emerging markets is boosting the market's growth positively. For instance, China announced to spend at least 2 trillion yuan (USD 315 billion) to enhance its power grid infrastructure over the 2015-2020 period.
- Moreover, rising demand for turbines and engine and increasing investment in the construction industry are also expected to augment the growth of the market. According to the Construction Industry Federation report, USD 26 billion was invested in building and construction during the year 2018, up 20% on the previous year.
- Furthermore, growing demand for power, from both conventional and non-conventional sources, has been fueling the application of alternators in the power generation sector.
Alternator Industry Segmentation
An alternator is an electrical generator which converts mechanical energy to electrical energy in the form of alternating current (AC). The electromagnetic induction produces electricity in alternators. They are now replacing the DC generators owing to its improved efficiency. Alternators find applications in industrial & commercial, automotive, marine, oil & gas industries, and power plants among others.
| By Type | |
| Gas Engine | |
| Diesel Engine | |
| Gas Turbine | |
| Steam Turbine |
| By Power Range | |
| 1MW-5MW | |
| 5MW-20MW | |
| 20MW-40MW | |
| 300kW-1MW | |
| 60kW-300kW | |
| 1kW-60kW |
| By Application | |
| Oil & Gas | |
| Prime Power | |
| Data Centres | |
| Residential | |
| Industrial and Commercial | |
| Other Applications |
| Geography | |||||||
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| Middle-East & Africa |
Alternator Market Size Summary
The alternator market is experiencing significant growth, driven by the increasing demand for alternating current across various sectors such as oil and gas, industrial manufacturing, and power generation. This growth is further supported by substantial investments in grid infrastructure, particularly in emerging markets like China, which is enhancing its power grid capabilities. The construction industry also plays a crucial role in this expansion, with rising investments contributing to the demand for alternators. The need for reliable power sources, both conventional and non-conventional, is fueling the application of alternators in power generation, with specific requirements in oil and gas projects necessitating robust and durable solutions to withstand extreme environmental conditions.
In the Asia-Pacific region, economic growth, urbanization, and the push for electrification are driving the demand for alternators, particularly in countries like India, China, and Japan. The automotive industry's expansion in these regions further boosts alternator adoption, with innovations such as high-efficiency diodes enhancing performance. The market is characterized by intense competition among numerous regional and international players, prompting strategies like mergers and acquisitions to expand market presence. Notable developments include Leroy-Somer's expansion of its product lines and ABB's acquisition of GE Industrial Solutions, both of which aim to enhance performance and broaden distribution networks in the alternator market.
Alternator Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.3.1 Investment in Grid Infrastructure across Emerging Markets
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1.3.2 Growing Demand for Engines and Turbines
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1.4 Market Restraints
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1.4.1 Volatile Economy
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1.5 Industry Attractiveness - Porter's Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Gas Engine
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2.1.2 Diesel Engine
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2.1.3 Gas Turbine
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2.1.4 Steam Turbine
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2.2 By Power Range
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2.2.1 1MW-5MW
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2.2.2 5MW-20MW
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2.2.3 20MW-40MW
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2.2.4 300kW-1MW
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2.2.5 60kW-300kW
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2.2.6 1kW-60kW
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2.3 By Application
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2.3.1 Oil & Gas
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2.3.2 Prime Power
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2.3.3 Data Centres
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2.3.4 Residential
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2.3.5 Industrial and Commercial
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2.3.6 Other Applications
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 France
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2.4.2.3 United Kingdom
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2.4.2.4 Spain
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2.4.2.5 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 South Korea
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2.4.3.4 India
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Latin America
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2.4.4.1 Mexico
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2.4.4.2 Brazil
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2.4.5 Middle-East & Africa
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Alternator Market Size FAQs
What is the current Alternator Market size?
The Alternator Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Alternator Market?
ABB Ltd., Siemens AG, Cummins Inc., Leroy Somer (Nidec Motor Corporation) and Mecc Alte Spa are the major companies operating in the Alternator Market.
