#next-generation generators

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.

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