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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U.S.
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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