LONDON, April 10, 2017 /PRNewswire/ -- The global alternator market is driven by a rising demand for energy efficiency and security, technology advancements, and power demand-supply gap. Growing industrialization in the Asia-Pacific region, the shift toward renewable power generation, and investment in distributed energy will drive market revenues to $5.19 billion by 2020. In a highly fragmented market dominated by relabels, alternator suppliers must look to integrate with power generation original equipment manufacturers (OEMs) to increase revenues, reduce costs, and improve product quality.
"Technology advancements such as the optimisation of speed, eco technology, and customisable solutions are increasing the popularity of distributed energy and fuelling the growth of the global alternator market. To capture these opportunities, power generation OEMs are looking toward enhancing electromechanical performances, increased control, remote monitoring features and applicability in renewable power generation," said Frost & Sullivan Energy & Environment Programme Manager Pritil Gunjan.
Global Alternator Market, Forecast to 2020, new analysis from Frost & Sullivan's Power Generation Growth Partnership Service program, includes an in-depth analysis of the alternator market with a specific focus on growth rate by region, applications, competitive landscape, and future focus for key market players such as Leroy Somer, Cummins, ABB, Mecc Alte, Marathon, and other.
To know more about Frost & Sullivan's research and to sign up for our Growth Strategy Dialogue, a complimentary one-hour interactive session with Frost & Sullivan's thought leaders, please go to: https://go.frost.com/forms/PR_ContactUs?PR=AZ&RS=MC7A14
Economic growth, urbanisation, and the need for electrification have spurred alternator market growth in Asia-Pacific countries like China, India, and Japan. These countries will account for more than 50 percent of all alternator sales by 2020 due to high demand from power generation, cogeneration, and industrial sectors. Other alternator developments include:
- Significant opportunities for alternators in the gas power market due to an increase in renewable power generation and need for flexibility in power generation.
- OEM focus on procuring standardised products so that lead times are shorter and cost savings can be realized through greater economies of scale.
- Demand for low-voltage alternators for emergency and back-up power, while industrial and prime power providers adopt high/medium voltage units.
"The alternator market is ripe for further mergers and acquisitions. Established firms should consider acquiring smaller firms to absorb their technology and expand product portfolios and/or invest in firms from developing nations, which will give market access in restricted markets," noted Gunjan. "Suppliers must identify key challenges and define localization strategies for success in emerging markets."
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-alternator-market-fuelled-by-power-demand-supply-gap-industrialisation-boom-in-emerging-markets-and-new-technologies-300437060.html
SOURCE Frost & Sullivan