Residential Generators Market: Current Analysis and Forecast (2021-2027)

Power generation through portable generators can be used only as an alternative to regular power supply form the utility companies. These can be used for temporary and emergency purposes only and cannot replace the power supply from DISCOMS (electricity distributor). Aging grid infrastructure is more vulnerable to power outages as electricity transmission and distribution infrastructure acts as a major backbone of the utility sector in any country/region. Growing number of power outages due to aging power infrastructure and environmental and external factor are the major factor driving the demand for power backup system for households. OEMs around the world are offering hybrid generators that are essentially internal combustion engines combined with a battery. These gensets provide power directly to the engine when the load is high, and the battery provides power when the load is less.

Based on type, the global residential generators market is segmented into Stationary and Portable. Currently standalone segment dominated the market. However, owing to growing disposable income and availability of low-cost portable generators for residential use would propel the growth of portable residential generators market during the forecast period.

Based on fuel type, the global residential generators market is divided into Gasoline, Diesel, Others. Currently Diesel residential generator dominates the market. However, owing to government focus on using alternative fuel sources gasoline and other fuel operated residential generators are expected to witness high growth during the analyzed period.

Based on power rating, the market is bifurcated into Less than 4 KW, 4-8 KW, 8-17 KW, More than 17 KW. In 2020, XX segment dominated the market and is expected to maintain its dominance during the forecast period.

For a better understanding of the market adoption of Residential Generators, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 .

Some of the major players operating in the market include Cummins Inc., Eaton Corporation PLC, Atlas Copco AB, Briggs & Stratton Corporation, Caterpillar Inc., Generac Holdings Inc., Honda Motor Co Ltd, Kohler Co., Champion Power Equipment, Inc., Honeywell International, Inc., etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.