Growing Popularity of Automatic, Intelligent & Smart Generators to Address Frequent Power Outages Drives the Residential Generators Market
The
global market for Residential Generators is forecast to exceed US$11.5 billion
by 2024, driven by growing prominence of smart generators integrated with
smart technologies and connectivity enabling accessible, efficient, and
affordable backup power for the powerless. Given the changing lifestyles,
continued penetration of household electronic appliances, and growing reliance
on smartphones and mobile communication and information technology devices,
there has been and will always be huge demand for uninterrupted electricity
that can power these devices and enable them run even during prolonged power
outages. 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. The need for uninterrupted power supply is essentially crucial
for certain critical applications such as home-based medical equipment, home
heaters at places with extremely low temperatures, and for high-end PCs, etc.
and investments on residential generators to power these products therefore go
beyond temporary economic fluctuations. Although not a major contributor to the
total market value, portable generators have been flavor of the season with
huge number of home and small business owners having taken to these variants
for their uninterrupted power supply needs at homes or small offices. 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.
Future growth in the market will be driven by the increasing
development and commercialization of next-generation generators with advanced
features and capabilities. Smart and connected generators are capable of
advanced capabilities; can be monitored and operated over the Internet; and are
SIM connected for establishing M2M
connectivity with other connected residential electronic equipment. Smart
generators also offer other value added features such as longer running time,
quiet operation, better fuel efficiency, and improved power output. Other
important market growth drivers include the urgent need for reliable and
continuous power supply to fill the gap created between demand and supply of
electricity; digitalization of lifestyles and the growing number of smart
homes and buildings; indispensable use of household electronics such as
lighting, sump pumps, HVAC, refrigeration, computers, Wi-Fi devices,
entertainment devices, etc.; the inability of aging grids to handle energy
loads, and legacy transmission and distribution infrastructure that leaks high energy
losses. The growth in the market will also benefit from increasing shift
towards environment-friendly fuel efficient, and low emission generators
because of increased consumer awareness about environmental issues. Preference
of homeowners to have a noise-free alternate power backup for the home is also
positively influencing the market for residential generators.
As stated by the new market research report on Residential
Generators, Europe represents the largest market worldwide, closely
followed by Asia-Pacific. Supported by factors such as growing population and government
focus on smart cities and homes; and widespread engineered electrical power
shutdown and rolling blackouts in developing economies, Asia-Pacific represents
the fastest growing market with a CAGR of 5.5% over the analysis period. 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 represent
another important growth driver in the region.
Key players in
the market include American Honda Motor Co., Inc., Atlas Copco AB,
Briggs and Stratton Corporation, Caterpillar Inc., Champion Power Equipment,
Inc., Cummins Inc., Generac Power Systems, Inc., Pramac S.p.A, Honeywell
International Inc., Kirloskar Electric Company Limited, Kohler Co., Rolls-Royce
Power Systems AG, MTU Onsite Energy, Siemens Corporation, Westinghouse Electric
Corporation, Wuxi Kipor Power Co. Ltd., Wacker Neuson Corporation, Yamaha Motor
Corporation, and Yanmar Co., Ltd., among others.
The research report titled “Residential
Generators: Market Analysis, Trends and Forecasts” 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.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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