The Global Residential Generators Market has been valued at US$ 10.32 billion in 2022 and it is anticipated to reach a valuation of US$ 13.33 billion by 2028 and is anticipated to grow with a healthy CAGR of 4.57% over 2023-2028.
The instability of electricity systems is blamed for the rise in household generators. Moreover, the demand for residential generators market is driven by areas prone to natural catastrophes and abrupt power outages. Generators with a power output of up to 6 kW are the most frequent generators utilized by home end users. Such generators are used in houses in emergency situations to power a range of appliances such as lights, freezers, sump pumps, heaters, TVs, water purifiers, and air conditioners. Tailgating, camping, and a number of other activities all make use of residential generators.
Advanced electrical circuitry and high-tech magnets are used in inverter generators. Inverter generators, as opposed to standard generators, provide pure AC power and are primarily used to power current-sensitive appliances. Inverter generators are gaining traction in the small-scale household generator market. Dual fuel generators combine the benefits of both gas and diesel generators, enhancing backup power system dependability. Dual fuel generators typically run-on gas, but they may also run entirely on diesel in an emergency. To overcome diesel engine pollution restrictions and higher running expenses, some generator manufacturers are embracing dual-fuel technology. As a result, traditional diesel generator sets are being phased out in favor of dual-fuel generators.
Market Drivers:
The industry is likely to be driven by an increase in the number of power outages caused by aging grid infrastructure and harsh weather events. Because energy transmission and distribution infrastructure is the backbone of every country's power industry, aging grid infrastructure is more prone to power outages. Transmission systems that have not been adequately modernized may not be able to handle the extra load and, in some situations, will fail, resulting in a power outage. Transmission and distribution networks in wealthy nations were built a long time ago, and even with regular maintenance, the infrastructure is destined to deteriorate beyond a certain age. Extreme weather is also expected to increase the demand for generators. The electrical system in the United States is prone to unpredictably frequent power outages. As a result, increased expenditures on backup power solutions, as well as expanding consumer awareness of disaster preparedness, will promote market growth.
Market Restraints:
The market's expansion is being held back by generators' limited power-producing capability. generators have a finite amount of electricity and can only be used as a backup to a conventional power supply. The electricity generated by gensets can only be utilized for temporary or emergency purposes and cannot be used to replace utility power. Generators can only manage a certain amount of load; for larger loads, higher-power generators or additional generators are necessary. As the load grows, so does the size of the generator, which has an impact on mobility. Is likely to hamper the market.
Market Recent Developments:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2022 – 2028 |
|
Base Year |
2022 |
|
Forecast Period |
2023 - 2028 |
|
CAGR |
2.25% |
|
Segments Covered |
By Type, Fuel, Power Rating, and Region. |
|
Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Generac Holdings Inc., Cummins Inc., Caterpillar Inc., HIMOINSA, Kirloskar Oil Engines Limited, Kohler Co., Atlas Copco, Siemens AG, Honeywell International Inc, Yamaha Generators, and Others. |
Market Segmentation
The portable generators segment led the residential generators market, and it is expected to continue to develop at the quickest rate over the forecast period. Portable generators are appealing to both manufacturers and customers because of their versatility. In the home generators market in the United States, portable generators are becoming increasingly popular.
Diesel generators are expected to have the largest share of the Global Residential Generators Market. Diesel generators offer a constant supply of electricity. Improved versions of diesel engines are being used in household generator systems in the United States. The high expense of diesel generators, on the other hand, is limiting industry expansion. As a result, the minimal cost of maintenance more than compensates for the original expenditure. Finally, manufacturers are actively focusing generators toward specific clients based on their specific needs.
Natural Gas generators are expected to see rapid growth in the Global Residential Generators Market. Natural gas generator sales are being driven by cost efficiency and lower emissions. On the other hand, people dislike natural gas since it is incredibly explosive and might cause fire danger. Furthermore, because natural gas requires a direct pipeline connection, many users are without fuel.
Power ranging from 4kW-8kW is expected to have the largest share in the Global Residential Generators Market. Pumps, air conditioners, drills, high-pressure washers, and industrial motors are all powered by 4- 8 KW portable generators (up to 3 hp).
North America is expected to have the largest share of the Global Residential Generators Market. The United States and Canada, which are among the region's and world's largest users, account for the majority of the generator market. The generator market in this area is likely to be driven by power disruptions, natural gas network penetration, and high peak-time energy costs.
Asia-Pacific is expected to see rapid growth in the Global Residential Generators Market. The rising manufacturing sector in a number of nations, including Malaysia, China, India, Australia, and South Korea, is expected to drive significant growth in the Asia Pacific. Government measures to deliver power in rural regions are expected to have a significant impact on the growth of the residential gas generators market.
COVID-19 has had an influence on the complete market and also the rate of growth in 2019-2020 as a result of the effect of COVID-19 spreads. Our most up-to-date research, perspectives, and insights on the management issues that matter most to companies and organizations about the market, which is leading through the COVID-19 crisis to risk management and digitizing operations so as to deliver trusted information and experiences to decision-makers. Because governments were required to adopt lockdowns during the primary 1/2 of 2020 as a result of COVID-19, the generator market has stalled. Governments and municipal governments established strict restrictions, and every non-essential activity was suspended. Because end users' operations were halted, this had a negative impact on the generator business.
Market Key Players:
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region