Global Residential Generators Market is expected to foresee significant growth. North America to lead the growth!
- Vikas Kumar
- September 30, 2021
- ENERGY & POWER, NEWS, Uncategorized
- .Residential Generators Market Size, Residential Generators Market, Residential Generators Market News, Residential Generators Market share, Residential Generators Market trend
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Global Residential Generators Market is expected to reach the market valuation of US$ XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX billion in 2020. Increasing demand for low-cost and diesel-fueled home generators, with major preference for natural gas operated generators, and a surge in number of power outages owing to aging grid infrastructure paired with other external factors and unfavorable weather conditions are the major factor driving the demand for residential generators as a source of power backup in the emerging countries. Manufacturing activities of residential generators halted during the Covid-19, due to nation-wide lockdown measures across many countries and the demand decreased significantly. Global warming has made extreme events common and thus the increasing popularity of portable generators. For example, the Atlantic Hurricane season witnessed 30 named storms between June 1, 2020, to November 30, 2020, which is the highest ever recorded. People living in suburban areas often experience power outages, especially after natural events like storms. In these cases, it is important for all home and offices to be equipped with power generators. Apart from power backup, generators are also used in construction sites, camping, tailgating, barbecues, and other events like runs, fairs, parades etc.
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Covid-19 pandemic has slowed the growth of the home power backup system market including residential generator, as countries around the globe were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities to put all the non-essential operations to halt. This adversely affected the demand for portable generator. Countries that are highly dependent on tourism, such as in the Pacific, are not expected to rebound so quickly in terms of energy demand as their economies could experience an extended shock form Covid-19 pandemic. Tourism receipts were estimated to account for up to 20%-30% of economic activity in countries such as Samoa and Tonga, and tourism is a prime source of employment and foreign exchange for Fiji, Palau, and Samoa.
Based on type, the global residential generators market is segmented into Stationary and Portable. Currently standalone segment dominated the market. However, owing to growing disposable income and availability of low-cost portable generators for residential use would propel the growth of portable residential generators market during the forecast period. Based on fuel type, the global residential generators market is divided into Gasoline, Diesel, Others. Currently Diesel residential generator dominates the market. However, owing to government focus on using alternative fuel sources gasoline and other fuel operated residential generators are expected to witness high growth during the analyzed period. Based on power rating, the market is bifurcated into Less than 4 KW, 4-8 KW, 8-17 KW, More than 17 KW. In 2020, XX segment dominated the market and is expected to maintain its dominance during the forecast period.
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For a better understanding of the market adoption of Residential Generators, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes the largest market for the industry and generated revenue of USD XX billion in 2020. The U.S. Energy Administration reports that in 2016, the average utility customer had 1.3 power interruptions, and their total blackout time averaged four hours. Some of the major players operating in the market include Cummins Inc., Eaton Corporation PLC, Atlas Copco AB, Briggs & Stratton Corporation, Caterpillar Inc., Generac Holdings Inc., Honda Motor Co Ltd, Kohler Co., Champion Power Equipment, Inc., Honeywell International, Inc., etc.
Global Residential Generators Market Segmentation
Market Insight, by Type
Market Insight, by Fuel Type
Market Insight, by Power Rating
- Less than 4 KW
- 4-8 KW
- 8-17 KW
- More than 17 KW
Market Insight, by Region
- North America Residential Generators Market
- United States
- Rest of North America
- Europe Residential Generators Market
- United Kingdom
- Rest of Europe
- Asia Pacific Residential Generators Market
- Rest of Asia-Pacific
- Rest of World Residential Generators Market
Top Company Profiles
- Cummins Inc.
- Eaton Corporation PLC
- Atlas Copco AB
- Briggs & Stratton Corporation
- Caterpillar Inc.
- Generac Holdings Inc.
- Honda Motor Co Ltd
- Kohler Co.
- Champion Power Equipment, Inc.
- Honeywell International, Inc.