Press release
North America Gasoline Genset Market | Top Manufactures like Cummins, Caterpillar, Generac, Briggs & Stratton, Honda Motor, Kohler Power, Wacker Neuson, Atlas Copco, John Deere, Kirloskar and Honeywell amongst others.
North America Gasoline Genset Market will exceed USD 1.5 Billion by 2024. Growing consumer awareness, increasing power demand, fragile power grid infrastructure, and chronic power outages are among the most influential trends that will stimulate the industry growth. Rising number of power interruptions triggered by extreme weather conditions coupled with increased stringency of emissions norms will further influence the business landscape.
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Class I engines powered gasoline genset market will witness growth of over 5% by 2024. Shifting trends toward purchase of smaller units driven by growing awareness toward emergency preparedness will boost the product adoption. Smaller engines (class I and handheld engines ) has dominated the regional industry as a result to growing inclination toward lower power units.
Notable participants operating in the North America gasoline genset industry include Cummins, Caterpillar, Generac, Briggs & Stratton, Honda Motor, Kohler Power, Wacker Neuson, Atlas Copco, John Deere, Kirloskar and Honeywell amongst others.
The U.S. gasoline genset market is set to witness a growth of over 4% by 2024. Rising frequency and severity of weather-related disasters will encourage the product deployment across the country as an emergency power backup solution. As per a recent study by Edison Electric Institute, over 70% of power outages are caused on account of natural calamities in the country.
The 2-3.5 kVA gasoline genset market is anticipated to surpass an annual sales of 0.8 million units by 2024. The capability of these generators to effectively fulfill consumer power necessities, predominantly across residential households will favor their penetration in the industry. Compact design, operational suitability and light weight are some of the key features that will propel the deployment of these units.
Canada gasoline genset market will witness robust growth owing to growing risk awareness and increasing implementation of preparedness measures among consumers against natural disasters. Persistent power supply outages predominantly on account of freezing rain, high winds and sleet storms which cause damage to power lines and equipment will strengthen product deployment across the country.
The residential gasoline gensets market is set to grow over 4% by 2024. Elevating consumer demand for these units may be attributed to responses to events including grid failures, rolling blackouts, power outages driven by adverse weather conditions etc. For instance 2017 being an extremely active Atlantic hurricane season, witnessed a remarkable surge in demand for these units as a result of hurricanes experienced in Texas, Florida, and Puerto Rico.
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Increasing dependence on electrical and electronic equipment to sustain the daily operations across a multitude of consumers will propel the North America gasoline genset market. Strengthening customer demand for zero downtime and better reliability will continue to drive the prevalent and sturdy adoption of these gensets.
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