Global Residential Gas Generator Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
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Global Residential Gas Generator Market Overview
"The Residential Gas Generator Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Power generators are devices that convert motive power into electrical power for use in an external circuit. Stationary generators and mobile or portable generators are the two basic types of power generators. These generators run on renewable, diesel, and natural gas fuel. The most used generators are the ones that run on gas. These generators are highly reliable, easily available, and include low service & operational costs.
Drivers: The increasing power outages due to bad weather conditions and natural calamities such as floods, thunderstorms, excessive snowfall, etc. are among major factors fostering the growth of the global residential gas generator market. In addition, the requirement of power in remote areas in some of developing countries, where there is an insufficient distribution of electricity, are among other factors proliferating the demand for such generators.
The adoption of natural gas as a source of energy for residential generators over diesel is increasing due to the growing environmental-related concerns. Natural gas as a fuel is environment-friendly and emits lower amounts of carbon dioxide, sulfur, and nitrogen. Furthermore, natural gas-powered generators operate at a low-frequency noise and do not release odors when compared to those that run on diesel. Moreover, the low price availability and increasing research & development activities focused on improving the functioning and increasing production of generators will contribute to the demand for residential gas generators.
Among upcoming trends, Bluetooth-enabled portable gas generators are expected to fuel target market growth over the coming years. End-users will be able to operate a generator through their smartphone and keep a check on fuel levels, the total activity duration, performance, set reminders for maintenance, etc. In addition, these systems can also help to locate nearby dealers for servicing requirements. These factors will drive consumers to opt for portable gas generators in the coming years, thereby, contributing to global market growth.
Restraints: However, the popularity of inverters and battery-powered generator alternatives in the residential sector can be a factor that restrains this market’s growth.
By Type: The stationery segment is expected to account for the highest revenue share over the foreseeable future. These generators are highly reliable and can fulfill higher requirements of power needs.
By Power Rating: The ‘up to 100 kW’ power segment is projected to account for the majority revenue share when compared to other power rating segments over the years to come.
The market in the Asia Pacific is expected to account for the majority of revenue share over the coming years. Rapid urbanization, growing populations and increasing per-capita incomes among consumers in developing economies such as China, Indonesia, Thailand and India are major factors contributing to market growth.
China's electricity demand is increasing due to its ever-increasing population, economic growth and improved living standards. Markets in Australia and New Zealand are also significant contributors to the market's revenue growth. These countries are affected by an increasing number of power outages and blackouts, resulting in the region's increased adoption of power generators and subsequent market growth.
The markets in North America and Europe are expected to account for significant revenue growth over the next 10 years due to strict policies of curbing the use of generators that contribute to the collective carbon footprint and greenhouse gases that respective governments are adopting in these regions.
Global Residential Gas Generator Market Segmentation:
By Power Rating
- Up to 100 kW
- More than 100 kW
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Cummins Inc.
- Caterpillar Inc.
- Aggreko PLC
- Kirloskar Electric Co. Ltd.
- Himoinsa S.L.
- G.Wilson Inc.
- Briggs & Stratton Corporation
- Generac Power Systems
- Kohler Co
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