Industrial Low-Voltage Alternator Market To Reach $3.4 Billion Globally By 2032 At 8.7% CAGR: Allied Market Research

Wilmington, Delaware, April 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “ Industrial L o w-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:

Type: Three -p hase Industrial Low-voltage A lternator 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 L ow-voltage A lternator M arket:

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of " Market Resea r ch Reports " and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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