The Global Market for Residential Generators is Forecast to Reach US$11.1 Billion by 2022

Need for Uninterrupted Power Supply to Support Modern Digital Living to Drive the Residential Generators Market, According to a New Report by Global Industry Analysts, Inc.

                                                                                                

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Residential Generators market. The global market for residential generators is forecast to reach US$11.1 billion by 2022 driven by the growing popularity of backup power to energize a house especially against the backdrop of the rising number smart connected homes and buildings where uninterrupted energy supply is almost a sacrosanct need.  

As machines designed to provide temporary electrical power to households during utility power supply outages, residential generators have become highly popular over the years and currently represent a multi-billion dollar market. While by definition, they predominantly serve household power backup needs, demand for residential generators also comes from their use in supplying power at remote locations and from small-scale commercial power backup applications. Residential generators also come in handy during power outages caused by damages to power grids, transmission or distribution infrastructure due to natural calamities, technical malfunctions or manmade disasters. While portable generators are highly popular for low voltage household requirements where they provide managed emergency electricity to select household appliances, fixed standby-generators are predominantly used for high-power backup requirements.

The phenomenal rise in consumption of household electricity over the last three decades, most importantly during mid-90s-mid-2000s as the result of widespread industrialization and urbanization in developed markets and the subsequent gap created between demand and supply of electricity, led to the rapid adoption of residential generators. Current growth in the market is supported by digitalizing lifestyles and the growing number of smart homes and buildings as part of the smart city initiatives being undertaken in most countries worldwide. Smart homes and consumer IoT represent the embodiment of several electronic devices such as smartphones, computing systems, lighting, security systems, HVAC, household appliances, etc., all connected to a create an intelligent self-aware environment. Continuous flow of electricity is therefore vital to keep them operational at any given point of time, even during power outages to ensure uninterrupted communication and exchange of information between connected devices. Fast improving lifestyles, indispensable use of household electronics such as lighting, sump pumps, HVAC, refrigeration, computers, Wi-Fi devices, entertainment devices etc., are pushing up the importance of residential generators. Power outages particularly due to the inability of aging grids to handle energy loads, and legacy transmission and distribution infrastructure that leaks high energy losses, contribute significantly towards the poor quality of electricity supplied. The growth in the market will also benefit from the slow but encouraging recovery of the residential construction market. Gains in home value and prices will encourage construction of new housing units and renovations and upgrades of existing buildings.

As stated by the new market research report on Residential Generators, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.0% over the analysis period, led by factors such as growing population and government focus on smart cities and homes for sustainable living; widespread engineered electrical power shutdown and rolling blackouts in developing economies as a means to cope with electricity demand in excess of utility network capability; growing base of affluent middle class population with an insatiable appetite for electronic living and entertainment and the resulting increase in digital home networks hardwired for pervasive intelligence and ubiquitous connectivity.    

Major players covered in the report include American Honda Motor Co., Inc., Briggs and Stratton Corp, Champion Power Equipment, Inc., Cummins Inc., Eaton Corporation plc, Generac Power Systems, Inc., Harrington Generators International Ltd, Himoinsa, Honeywell International Inc, Kirloskar Electric Company Limited, Kohler Co., MI-T-M Corporation, MTU Onsite Energy, Multiquip Inc., Pramac S.p.A, Scott’s Emergency Lighting & Power Generation, Inc., Wuxi Kipor Power Co. Ltd., Wacker Neuson Corporation, Yamaha Motor Corporation, and  YANMAR CO., LTD., among others

The research report titled “Residential Generators: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), and Latin America (Brazil and Rest of Latin America) and Rest of World.

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