Wilmington, Delaware, April 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Industrial Low-voltage Alternator Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global industrial low-voltage alternator market generated $1.5 billion in 2022, and is anticipated to generate $3.4 billion by 2032, rising at a CAGR of 8.7% from 2023 to 2032.
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Prime Determinants of Growth
The rising need to meet specific power requirements of industrial machinery, the reliability & durability of low-voltage alternators in harsh industrial environments, and the increasing demand for efficient & sustainable power solutions, driven by global efforts to reduce environmental impact and optimize energy use are the factors expected to drive the growth of the global industrial low-voltage alternator market in the forecast period from 2023 to 2032. However, the low-voltage alternator’s struggle in maintaining high power quality and vulnerability to voltage fluctuations may hamper the market growth in the coming future. On the contrary, the growing emphasis on adopting energy-efficient & environmentally friendly power solutions and the increasing rate of industrialization & infrastructure development in emerging nations are expected to offer remunerative opportunities for the expansion of the industrial low-voltage alternator market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.5 billion |
| Market Size in 2032 | $3.4 billion |
| CAGR | 8.7% |
| No. of Pages in Report | 310 |
| Segments covered | Type, Application, and Region |
| Drivers | Industrial expansion and infrastructure development globally Growing demand for efficient and sustainable power solutions Increased reliability and durability of low-voltage alternators |
| Opportunities | Increasing investments in industrial automation High rate of industrialization & infrastructure development in emerging nations |
| Restraints | Vulnerability to voltage fluctuations |
Type: Three-phase Industrial Low-voltage Alternator Sub-segment to be the Most Dominant During the Forecast Period
The three-phase industrial low-voltage alternator sub-segment accounted for the largest global industrial low-voltage alternator market share of 59.8% in 2022 and is expected to grow at the highest CAGR of 8.9% during the forecast period. This dominance is mainly because three-phase electricity offers superior balance and reliability compared to single-phase power, ensuring a consistent and uninterrupted energy supply to industrial machinery and equipment. Besides, three-phase alternators can generate more power efficiently than their single-phase counterparts, making them ideal for industrial applications with high power demands.
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Application: Electricity Services Sub-segment to Flourish Immensely During the Forecast Period
The electricity sub-segment accounted for the largest global industrial low-voltage alternator market share of 34.3% in 2022 and is expected to grow at the highest CAGR of 9.4% during the forecast period. This dominance majorly is driven by technological innovation, increased environmental consciousness, and increasing energy costs. Advances in materials science and manufacturing have enhanced alternator efficiency and reliability. Besides, the growing demand for sustainable energy solutions pushes industries to adopt these advanced, energy-efficient low-voltage alternators.
Region: North America Market to Hold Major Share by 2032
The industrial low-voltage alternator market in the North America region accounted for the largest share of 37.3% in 2022 and is predicted to continue to maintain its dominance in terms of market share during the forecast period. This growth is mainly owing to the region’s expansive industrial sector demands reliable power generation for growing activities in manufacturing, oil & gas, mining, and construction. Besides, continuous technological enhancements improving alternator efficiency and reliability and an increasing integration of renewable energy sources, making low-voltage alternators essential for sustainable energy systems like wind turbines and solar plants are other factors boosting the regional market growth.
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Leading Players in the Industrial Low-voltage Alternator Market:
Taiyo Electric Co., Ltd.
Soga S.p.A. Sogaenergyteam
linz electric s.p.a.
Nidec Motor Corporation
ENGGA (Yangjiang) Electric Co., Ltd.
DINGOL Power Generation
Cummins Inc.
ABB
FARADAY
Mecc Alte Spa
The report provides a detailed analysis of the key players of the global industrial low-voltage alternator market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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