According to a new market report published by Transparency Market Research titled “Marine Alternators & Motors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global marine alternators & motors market is expected to reach US$ 7.2 Bn by 2026, expanding at a CAGR of 5.6% from 2018 to 2026. Asia Pacific held the highest market share in the global marine alternators & motors market in 2017.
Marine alternators use mechanical energy from the spinning pulley to produce electrical energy. Alternators tend to be more reliable than generators, largely because of the difference in how they each use rings and brushes. DC generators use split rings, which cause the brushes to wear more quickly; the brushes rub against the break in the ring. An alternator uses solid rings, which experience less wear and tear.
Various ship operators are utilizing renewable energy, including solar energy, as a storage option in hybrid alternators. Stored solar energy is used during peak hours or at night in marine alternators, thus eliminating the round-the-clock need for conventional marine fuel. Hence, a shift toward usage of hybrid alternators is expected in the near future.
The globalization of trade grew exponentially, facilitated by the container ships that revolutionized the global maritime logistics system. Economic development in emerging economies has changed the geography and structure of international trade and has enhanced the relations between industrial production and regional integration. The global shipbuilding industry set to get more crowded as Latin American shipyards are making their presence felt. Their platforms are not solely produced for local navies, as exporting them is now an objective. It is safe to say that Latin American shipyards will continue to produce vessels and submarines for local navies.
Marine vessel procurement in the defense sector has been expanding over the past few years to maintain the supremacy across the globe and for better national security. The increase in naval vessels is expected to create an impact on the military marine vessel engines market during the forecast period. Asia Pacific is expected to have the highest growth rate during the forecast period due to rise in number of procurements and development of advanced or hybrid alternators by China, India, and South Korea.
China, Japan, and South Korea still dominate the shipbuilding and repair industry in the conventional market segments, with the possible exception of the cruise industry. However, a number of Southeast Asian shipbuilding countries have been boosting their offering by developing shipbuilding and repair facilities in countries such as Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.
In terms of value, the Asia Pacific region dominated the global marine alternators and motors market in 2017. Rise in maritime tourism and growth in inland waterways, and increase in movement of cargo and merchant ships are leading to the growth of the GCC marine alternators and motors market. India and China are the two prominent and highest growing economies of the region leading to increased demand for marine alternators and motors in the Asia Pacific region.
China is one of the biggest exporters of goods in the world which in turn is leading to the growth of the global marine alternators and motors market.By product, the alternators segmentis expected to have the highest CAGR of 6.1% from 2018 to 2026 as alternators produce a large amount of electricity.
Asia Pacific accounted for 47.7% of the global marine alternators & motors market in 2016 and is anticipated to continue its dominance over the forecast timeline. This growth is attributed to the increase in production and sales of ships in this region. The market in Asia Pacific region is witnessing significant growth with highest CAGR due to rapid urbanization and industrialization. The Asia Pacific market is expected to lead other regions in terms of growth over the forecast period.