Need for Uninterrupted Power Supply During Severe Weather Conditions and Grid Failures Boosting Residential Generator Sales

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Feb 14, 2024, 12:30 ET

Residential generator market booms with innovation: fuel efficiency, renewables, auto-start. Government incentives spark demand, especially in outage-prone areas. Aging infrastructure and disaster preparedness drive demand in US, Japan, South Korea. Explore our report for insights and success!

NEWARK, Del., Feb. 14, 2024 /PRNewswire/ -- The residential generator market is projected to reach a valuation of US$ 15.0 billion by 2034. The demand for residential generators is expected to rise at a CAGR of 4.1% through 2034.

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Manufacturers are introducing advanced generators with improved features such as automatic startup/shutdown and compatibility with renewable energy sources to cater to the growing demand. Governments offer incentives and subsidies to drive market growth, particularly in areas prone to power outages or unreliable grid infrastructure. However, the high upfront costs, zoning restrictions, and concerns over noise and emissions from traditional fossil fuel-powered generators may hinder market penetration and adoption rates in some regions.

With their lower initial costs and ease of use, the dominance of portable generators contributes to the market's expansion, especially with technological advancements making them more appealing to consumers. With households relying heavily on electricity for essential services and comfort, the demand for residential generators is rising, leading to continuous innovation in the market.

In countries like the United States, Japan, and South Korea, aging power infrastructure and rapid urbanization heighten concerns over grid reliability, leading to increased demand for residential generators. Cultural emphasis on disaster preparedness drives investments in backup power solutions, particularly in Japan and South Korea. Overall, the residential generator market is poised for continued growth as households prioritize energy security and resilience in the face of increasing uncertainties in power supply.

"The residential generator market has a promising future due to the advancing technology, especially in renewable energy integration and smart grid solutions. Manufacturers can leverage the focus on sustainability and energy efficiency to develop eco-friendly generators using alternative fuels and advanced energy storage technologies. The demand for cleaner, efficient, and technologically advanced generators is rising and is expected to drive the market in the coming years," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Key Takeaways from the Market Study

The diesel fuel type generators dominate the market and their sales are expected to rise at a 3.8% CAGR through 2034.
The portable segment leads the market, expanding at a 4.0% CAGR through 2034.
The residential generator market in South Korea has the potential to increase at a 6.7% CAGR through 2034.
The demand for residential generators used in the United Kingdom is predicted to rise at a 5.1% CAGR through 2034.
The market in Japan is projected to inflate at a CAGR of 5.5% through 2034.
The market in China is anticipated to develop at a CAGR of 4.8% through 2034.
The market in the United States is estimated to rise at a 4.4% CAGR through 2034.

Competitive Landscape

The residential generator market has numerous players catering to international and domestic consumers. These players are American Honda Motor Co., Inc., Atlas Copco AB, Briggs and Stratton Corporation, Caterpillar Inc., and Champion Power Equipment, Inc. Manufacturers in the residential generator market are expanding their product portfolios and investing in R&D to introduce advanced generator technologies. Companies are also strengthening their distribution networks, forging strategic partnerships, and investing in marketing initiatives to increase market penetration. They prioritize customer support by offering comprehensive services to ensure optimal performance and customer satisfaction.

Key Companies in the Market

American Honda Motor Co., Inc.
Atlas Copco AB
Briggs and Stratton Corporation
Caterpillar Inc.
Champion Power Equipment Inc.
EATON CORPORATION PLC
Cummins Inc.
KOHLER CO.
GENERAC HOLDINGS INC.
HONDA MOTOR CO., LTD.
Atlas Copco AB
Scott's Emergency Lighting

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Recent Developments

Generators at IFA 2023 are lightweight and safe, making them ideal power solutions for outdoor enthusiasts who prioritize flexibility and eco-friendliness.
On September 5, 2023, FranklinWH Energy Storage integrated the aHub into its Franklin Home Power Solution. This integration linked V2L-enabled EVs and portable generators, creating an energy management system that ensures uninterrupted home operation during grid outages and alleviates homeowner concerns.
BLUETTI's AC2A and AC70 portable generators were introduced on November 2, 2023. They cater to the needs of outdoor enthusiasts for reliable power sources during fall adventures, allowing them to keep their gadgets charged and comforts maintained.

Market Segmentation

By Type:

Stationary
Portable

By Fuel:

Gasoline
Diesel
Gas
Others

By Power Rating:

Less Than 20 kVA
20 kVA - 50 kVA
50 kVA - 100 kVA
More Than 100 kVA

By Region:

Asia Pacific
Europe
North America
Middle East & Africa
Latin America

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About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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