Alternators Market - Expected to be Worth US$28.9 bn by the End of 2024

Alternators have become an integral part of several industries due to their ability to convert mechanical energy or direct current (DC) to alternating current (AC). They consist of multiple poles and come with varying rotation speeds, both of which determine its output frequency. Alternators are being extensively used in several industrial verticals, such as automotive, power generation, and mining, apart from having commercial and residential applications.

Analysts anticipate that the opportunity in the global alternators market is expected to be worth US$28.9 bn by the end of 2024 as compared to US$20.3 bn in 2015. Between the forecast years of 2016 and 2024, the global alternators market is expected to progress at a CAGR of 4.0%.

The rise of the automotive sector the majority of the emerging economies is the primary growth driver for the alternators market. Emerging economies such as China, India, South Africa, Mexico, Taiwan, and Indonesia are undergoing a massive transformation and are on the cusp of being major manufacturers of automobiles for the next few years.

Citing this trend, the uptake of alternators is likely to remain high in these countries. The demand for alternators across the globe is also likely to be complemented by the 3% rise in the sales of automobiles across the globe as compared to 2014.

Request A Sample Of This Report:
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=6814

The market is also expected to benefit from the soaring demand for power in recent years. Rising investments in the construction industry and the industrial infrastructure sectors, especially in the upcoming economies, has generated lucrative opportunities for alternators.

The burgeoning utility sector and the relentless rise in the overall population have also played a crucial part in the direct and indirect rise in demand for alternators.

The strict regulatory framework designed to protect the environment has also created a demand for unconventional sources of power generation such as tapping tidal energy and using windmills. Alternators are also being used for these purposes.

Application of alternators is seen in industries such as the oil and gas, marine, power plant, stand-by power, mining among others. The report states that the stand-by power industry was the leading segment in 2015.

This segment is expected to show its unwavering dominance in the coming years due to increasing demand for stand-by power equipment that requires alternators, in commercial & residential buildings, telecommunication towers, and other industries.

About TMR

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Contact TMR

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email:sales@transparencymarketresearch.com
Website:http://www.transparencymarketresearch.com

This release was published on openPR.