Press release
Residential Generators Market Growth: The Shift Toward Backup Power Solutions
Residential generators are electrical equipment that generates power for a variety of applications, including outdoor activities, lighting during social events, power backup in emergency scenarios, power generation in remote construction sites, and temporary camps.
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Asia-Pacific is projected to grow at the highest CAGR of nearly 4.9%, in terms of revenue, during the forecast period.
Asia-Pacific region is expected to witness robust growth. Advancements in the industrial development along with construction sites are expected to boost the demand for portable generators.
The major companies profiled in this report include Atlas Copco AB, Briggs & Stratton Corporation, Caterpillar Inc., Champion Power Equipment, Inc., Cummins Inc., Eaton Corporation PLC, Generac Holdings Inc., Honda Motor Co Ltd, Kohler Co., and Scott's Emergency Lighting.
Environmental regulations imposed by the EPA in North America and Latin America are likely to boost the demand for household gas generators.
Rise in worldwide population is expected to surge the demand for power backup, which is expected to fuel the demand throughout the projection period.
By type, the market is classified into stationary and portable. In 2020, portable fuel type held the largest share of the market, while the stationary segment is projected to grow at the highest CAGR of 4.6%.
By fuel type, the residential generators market is divided into gasoline, diesel and others. The diesel segment accounted for the largest share in 2020, while the gasoline segment is projected to grow at the highest CAGR of 4.9%.
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By power rating, the 4- 8 KW segment accounted for the largest share in 2020, while the 8-17 KW segment is projected to grow at the highest CAGR of 4.9%.
Small and mid-sized generators are included in the portable generators' scope, and they can be used both indoors and outdoors. These generators run on a variety of fuels, including diesel, gasoline, natural gas, and others.
Multiple product developments have resulted from changes in lifestyle and increased need for user-friendly items.
There is an increase in the procurement of these residential generators as a result of expansion of urbanisation in the emerging nations, leading to market expansion, particularly in Asia-Pacific.
The region is predicted to be the largest residential generators market in the world due to rise in population and a continual demand-supply mismatch for power.
Impact Of Covid-19 On The Residential Generators Market
Coronavirus has eased the development of the residential generator market, as nations had to carry out lockdowns during the first half of 2020. Severe rules were given by governments and neighbourhood specialists, and all minor tasks were ended. This antagonistically influenced the residential generator market inferable from the suspension of activities of end users.
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In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the portable generator market, since end-user industries were still not operating at their full capacity.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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