U.S. Residential Generators Market Share, Future Growth, Industry Analysis, Outlook, Insights, Share and Forecasts Report 2030
Residential Generators Market: Introduction
Transparency Market Research delivers key insights on the residential
generators market in the U.S. In terms of revenue,
the residential generators market in the U.S. is estimated to expand at a CAGR
of 4.5% during the forecast period, owing to numerous factors, regarding which
TMR offers thorough insights and forecasts in its report on the residential
generators market in the U.S.
The residential generators market in the U.S. is broadly affected
by several factors, including increase in frequency of power outages due to
aging electrical infrastructure and harsh weather conditions. Furthermore, the
residential generators market in the U.S. is gaining momentum due to rise in
adoption of renewable energy sources in the country.
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U.S. Residential Generators Market: Leading Players
Key players operating in the residential generators market in the
U.S. are Generac
Holdings Inc., Cummins Inc., Caterpillar Inc., HIMOINSA, Kirloskar Oil Engines
Limited, Kohler Co., Atlas Copco, Siemens AG, Honeywell International Inc.,
Yamaha Generators, Honda Motor Co., Ltd, and Briggs & Stratton, LLC.
U.S. Residential Generators Market: Dynamics
Power consumption in the U.S. has increased considerably over the
past few years. Strong growth of economy, rise in population, and increase in
household income have boosted the consumption of power in the U.S. Rise in
infrastructure development activities is also fueling the demand for
electricity in the country. A typical household in the U.S. uses air
conditioning, electronic appliances, and consumer electronics.
Electricity used in households accounted for 41%
of total end-use energy consumption in 2019; of this, natural gas held 44%
share of the residential sector end-use energy consumption in the year.
Petroleum was the next most-consumed energy source in the residential sector in
the U.S. in 2019. Petroleum includes fuel oil, kerosene, and liquefied
petroleum gas. Natural gas, fuel oil, and LPG are primarily used for space
heating, water heating, electricity powered heating devices, and generators.
Electricity is also used in industrial activities and services; however,
sometimes electricity produced by utilities is not sufficient.
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This has
created scope for generator sets to bridge the gap between power generation and
consumption. Lack of utility-scale or inconsistent power supply has prompted
end users, including residential, commercial, and industrial sectors, to
install generators in their premises. Thus, rise in demand for power across the
U.S. is expected to boost the sales of residential generators in the country
during the forecast period.
U.S. Residential Generators Market: Prominent Segments
In terms of fuel, natural gas is estimated to be a highly
attractive segment of the residential generators market in the U.S. in 2019.
Natural gas powered residential generators generate lesser noise and emissions
as compared to that generated by other types of generators. Furthermore, natural
gas powered residential generators comply with environmental emission norms.
Based on type, the portable segment held dominant share of the residential
generators market in the U.S. in 2019. The demand for portable residential
generators is high among individual consumers and smaller residential end users
in the U.S. Furthermore, the use of portable residential generators makes them
an ideal addition to any outdoor or indoor activities.
In terms of application, standby is estimated to be a highly attractive
segment of the residential generators market in the U.S. during the forecast
period. Standby residential generators are widely used in the country during
the power outages and interruptions in electricity supply from transmission
& distribution networks.
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