The global alternators market is projected to rise at a 4.0% CAGR from 2016 to 2024. The market is expected to rise to US$28.9 bn by 2024 from a valuation of US$20.3 bn in 2015.
How is demand for power likely to act as a boon for the alternators industry?
The primary factor behind the growth of the global alternators industry is the growing demand for power owing to burgeoning industrialization. The market is likely to be benefitted by the surging demand for power in the next couple of years. The growing investments in the buildings and construction sector and the infrastructure sector for industries, especially in the developing countries, has presented profitable prospects for alternators. The stringent regulations imposed by governments across the globe has also created a need for unconventional resources for generating power such as using windmills and tapping tidal energy. As a result of this, the employment of alternators is rising at an extensive rate. The application of these alternators in industries such as mining, stand-by power, power plant, marine, and oil and gas.
To cater the needs of the soaring power needs from various industries, manufacturers of alternators are focusing on introducing advanced products with better features. For instance, Prestolite introduced an alternator which has been designed especially for the market for refrigeration and to help sustain the refrigerator in extreme temperature conditions and power fluctuation along with high performance.
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How is volatile economy a danger for the alternators market?
A volatile economic structure has a severe impact on a country’s growth. As a result of this, the economic downturn in many countries has negatively impacted the sales of alternators due to political challenges, changes in the state and national policy, and cut down in the capital outflow. The market is also expected to be stymied by the plummet in the mining and chemical industries along with political tension and rising concerns on global warming.
Which region is expected to surprise manufacturers with lucrative opportunities?
Developing countries of the Asia Pacific region such as Indonesia, Taiwan, Mexico, South Africa, India, and China are undergoing significant transformation and also on the edge of being leading manufacturers of alternators. Asia Pacific is projected to dominate the market in the near future owing to the remarkable progress of the automotive industry in India and South Korea among others. The progress in the railways and telecommunication industry of the countries in Asia Pacific is further expected to bode well for the growth of the market in the region.