Permanent Magnet Alternator Market Size, Share, Growth, and Industry Growth by Type (With Internal Rotor and External Stator and With Internal Stator and External Rotor) By Application (Industrial or Commercial Power Generation, Energy Storage System and Automobile), Regional Forecast To 2031

Updated On: 22 April 2024

PERMANENT MAGNET ALTERNATOR MARKET REPORT OVERVIEW 

• 

• Request a Free Sample to learn more about this report

The global permanent magnet alternator market size expanded rapidly in 2022 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the permanent magnet alternator market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A permanent magnet alternator is a type of electric generator that transforms mechanical energy into electrical energy in the form of alternating current (AC). By charging the battery while the engine is operating, it is employed in contemporary cars to power the electrical system. Faraday's law of electromagnetic induction, which states that current is induced in a conductor that is surrounded by a magnetic field when there is relative motion, has an impact on how the alternator operates.

COVID-19 Impact: Halt in Global Supply Network to Hinder the Market During the Forecast Period

The COVID-19 outbreak has had a big influence on predictions for the global market for permanent magnet alternators. A key factor in the fall in demand for permanent magnet alternators is the stalling of new projects around the world. Global supply networks have been put in danger as global manufacturers have struggled to produce and integrate new technologies while workers have stayed at home. Due to the importance of these systems to automation, the market would be less affected than other markets for non-essential products and services. As a result, no future epidemic could disrupt production because of the increased trend toward automation.

LATEST TRENDS

"Expansion of Automobile Industry in Emerging Nations to Augment the Market Growth"

The massive permanent magnet alternators used for oil and gas applications. Permanent magnet alternators are often utilized in drilling rigs, drilling operations, and delivering power & platform propulsion in offshore applications. Searching for or extracting oil in difficult circumstances can have an impact on the operation of permanent magnet alternators. As a result, permanent magnet alternators tailored to certain oil and gas sectors have been developed. resulting in a rise in demand for permanent magnet alternators in this industry. Also, the demand for permanent magnet alternators in this sector will steadily rise due to the expansion of the automobile industry in emerging nations, driving the market upward.

PERMANENT MAGNET ALTERNATOR MARKET SEGMENTATION 

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

By type, market is segmented into with internal rotor and external stator and with internal stator and external rotor. The with internal rotor type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into industrial or commercial power generation, energy storage system and automobile. The industrial segment will lead the global share through 2031.

DRIVING FACTORS

"Expansion of Gas and Production Industry to Propel the Market Demands "

The value of the market is being driven by the rising demand for permanent magnet alternating current in a number of industries, including the automotive, gas, and industrial production. The expansion of the market is being supported by rising vehicle electrification and rising vehicle production in both emerging and established nations. Another element that affects market value is the permanent magnet alternator's low maintenance requirements, better efficiency, and design qualities that enable it to produce the necessary output in a compact unit. Throughout the anticipated projection period, it is also anticipated that the development of an integrated starter generator (ISG) and a small clutch integrated pulley for permanent magnet alternators & direct start would open up new business prospects.

"Increased Demand for Turbines and Engines to Impel the Market Growth"

The demand for permanent magnet alternators is rising in tandem with the increase in alternating current consumption across various industries. Increased investments in grid infrastructure to improve power, increased demand for turbines and engines as a result of increased investments in the construction industry, and growth in the demand for power from both conventional and non-conventional sources are some of the major factors driving the growth of permanent magnet alternators.

RESTRAINING FACTORS

"Numerous Electric Issues, Requirement of Massive Voltage Supply to Hamper the Market Growth"

The use of permanent magnet alternators, which when they start to fail can lead to numerous electrical issues in the car and breakdowns, and the requirement of massive voltage to supply a fixed amount of power, which results in the high number of insulations, are the factors expected to restrain growth.

PERMANENT MAGNET ALTERNATOR MARKET REGIONAL INSIGHTS

• 

• Request a Free Sample to learn more about this report

"Asia Pacific’s Permanent Magnet Alternator Market to Grow Exponentially with the Forecasted Period"

Leading the market with a sizable proportion is the Asia Pacific region. With the highest CAGR (%) over the anticipated projection period, the area is also expected to keep up its leadership. Due to the presence of such important economies as China and India, the area is notably growing. The reasons boosting the regional market value include the fast industrialization, rising disposable income, expanding automobile industry, and continuous infrastructure development.

The rising demand for commercial vehicles and passenger automobiles throughout the world is what is driving the permanent magnet alternator industry. In the market for permanent magnet alternators, Asia is predicted to hold the biggest market share in 2021, and it is anticipated that this trend will go far into 2023. With the help of western automakers, nations like China, South Korea, and India have become the world's primary centers for the production of automobiles.

The commercial vehicle industry has several opportunities in Asia. India is predicted to be the market with the quickest rate of growth for the manufacture of automobiles as the country's automotive sector continues to grow. South Asia is positioned to overtake North America as the primary car center in the near future because to the availability of cheap labor in that region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Ecoair Corp. (U.S.)
• Unison, LLC (U.S.)
• Gauss Corp. (Italy)
• CMI Integrated Technologies (U.S.)
• Georator Corp. (U.S.)
• Moss Marketing (U.S.)
• Inter Science, Inc. (France)
• Maglev Energy, Inc. (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.