Residential Generators Market: Introduction
Transparency
Market Research delivers key insights on the residential
generators market in the U.S. In terms of revenue, the
residential generators market in the U.S. is estimated to expand at a CAGR of
4.5% during the forecast period, owing to numerous factors, regarding which TMR
offers thorough insights and forecasts in its report on the residential
generators market in the U.S.
The
residential generators market in the U.S. is broadly affected by several
factors, including increase in frequency of power outages due to aging
electrical infrastructure and harsh weather conditions. Furthermore, the
residential generators market in the U.S. is gaining momentum due to rise in
adoption of renewable energy sources in the country.
U.S. Residential Generators Market:
Dynamics
Power
consumption in the U.S. has increased considerably over the past few years.
Strong growth of economy, rise in population, and increase in household income
have boosted the consumption of power in the U.S. Rise in infrastructure
development activities is also fueling the demand for electricity in the
country. A typical household in the U.S. uses air conditioning, electronic
appliances, and consumer electronics.
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Electricity
used in households accounted for 41% of total
end-use energy consumption in 2019; of this, natural gas held 44%
share of the residential sector end-use energy consumption in the year.
Petroleum was the next most-consumed energy source in the residential sector in
the U.S. in 2019. Petroleum includes fuel oil, kerosene, and liquefied petroleum
gas. Natural gas, fuel oil, and LPG are primarily used for space heating, water
heating, electricity powered heating devices, and generators. Electricity is
also used in industrial activities and services; however, sometimes electricity
produced by utilities is not sufficient. This has created scope for generator
sets to bridge the gap between power generation and consumption. Lack of
utility-scale or inconsistent power supply has prompted end users, including
residential, commercial, and industrial sectors, to install generators in their
premises. Thus, rise in demand for power across the U.S. is expected to boost
the sales of residential generators in the country during the forecast period.
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Residential Generators Market: Prominent Segments
In terms of
fuel, natural gas is estimated to be a highly attractive segment of the
residential generators market in the U.S. in 2019. Natural gas powered
residential generators generate lesser noise and emissions as compared to that
generated by other types of generators. Furthermore, natural gas powered
residential generators comply with environmental emission norms. Based on type,
the portable segment held dominant share of the residential generators market
in the U.S. in 2019. The demand for portable residential generators is high
among individual consumers and smaller residential end users in the U.S.
Furthermore, the use of portable residential generators makes them an ideal
addition to any outdoor or indoor activities.
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In terms of
application, standby is estimated to be a highly attractive segment of the
residential generators market in the U.S. during the forecast period. Standby
residential generators are widely used in the country during the power outages
and interruptions in electricity supply from transmission & distribution
networks.
U.S. Residential Generators Market:
Leading Players
Key players
operating in the residential generators market in the U.S. are Generac Holdings Inc., Cummins
Inc., Caterpillar Inc., HIMOINSA, Kirloskar Oil Engines Limited, Kohler Co.,
Atlas Copco, Siemens AG, Honeywell International Inc., Yamaha Generators, Honda
Motor Co., Ltd, and Briggs & Stratton, LLC.
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