Marine Alternators and Motors Market is to Reach Reach US$ 7.2 Bn by 2026 | CAGR of 5.6%

Global Marine Alternators & Motors Market - Snapshot

Marine alternators are used in modern marine transportation (cargo ships and vessels) and marine tourism (boats, ferries, cruise etc.) to change the mechanical energy into electrical energy. Marine alternators are used to charge the batteries and to power the electrical system when the engine is running. Marine motors are used to change the electrical energy to mechanical energy for over the deck and under the deck application. Alternators use a rotating magnetic field with a stationary armature to reduce the cost, making it simple for operations.

Changing lifestyle of people has created demand for marine tourism and more applications of marine motors and alternators. South Asian countries are gaining popularity in terms of water sports and they are comparatively less costly than water sports in the U.S. and Europe. Trade between countries has increased, creating demand for vessel and cargo ships. High growth in trade will boost the marine alternator and motor market. Many countries are developing the infrastructure for marine vehicles to increase marine trade and leisure activities. Countries such as India have developed inland water transportation which will help in the growth of marine trade activities in the country.

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The global marine alternator and motor market has been segmented on the basis of product, capacity, distribution channel, and geography. Based on product, the market has been segmented into in-marine alternator and marine motor. As compared to alternator, the motor segment is expected to hold major share in the overall marine alternator and motor market. In alternators, diesel generators account for the major share and it will continue to hold a dominant position, whereas in the motor segment, pumps dominate the market due to extensive application over the deck and under the deck. On the basis of capacity, the market has been classified into alternator capacity and motor capacity. In alternator capacity, up to 410 kVA dominated the market due to wide acceptance of small capacity alternator and its wide application in small boats, yachts, and ferries. In motor capacity, below 11 KW dominated the market; however, 11-110 KW will expand at the highest growth among all capacities of motor. Based on distribution channel, distributors dominated the market compared to direct sales. Distributors have a wide presence as compared to manufacturers and it is easy for end-users to approach distributors.

Asia Pacific is likely to be the most attractive region during the forecast period due to the increasing marine tourism and water sports. Manufacturers are keen on entering the Asia Pacific region in order to grab significant market share during the forecast period. Also, Asia Pacific dominated the overall marine alternator and motor market due to the export from Asian countries to the Middle East and North America region. As compared to other regions, Middle East & Africa and South America are expected to have a slower growth rate in the market during the forecast period.

The marine alternator and motor market is fragmented due to the presence of several players. Competition is expected to intensify in the coming years, due to the entry of several local players. Key companies profiled in the research report include ABB Ltd. Danfoss A/S, FelmS.r.l, Hoyer Motors, Lynch Motor, Nidec Corporation, Siemens AG, VEM Group, WEG Industries, American Power Systems, BBB Industries, Caterpillar Inc., Cummins Inc., Mecc Alte, Mitsubishi Corporation, Nidec Corporation, Prestolite Electric Llc, Soga SPA and others.

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