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The residential gas generator market share is expected to increase by USD 691.47 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8%.
This residential gas generator market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers residential gas generator market segmentation by type (stationary and portable) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The residential gas generator market report also offers information on several market vendors, including Aggreko Plc, Briggs and Stratton LLC, Caterpillar Inc., Champion Power Equipment Inc., Cummins Inc., DuroMax Power Equipment, Generac Power Systems Inc., Honda Motor Co. Ltd., Kohler Co., PR INDUSTRIAL Srl, Pulsar Products Inc., Rolls-Royce Plc, WEN Products., Yanmar Holdings Co. Ltd., and Atlas Copco AB among others.
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The growing popularity of gas generators is notably driving the residential gas generator market growth, although factors such as the availability of alternatives may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the residential gas generator industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Residential Gas Generator Market Driver
One of the key factors driving the global residential gas generator market growth is the growing popularity of gas generators. For the last five years, there has been steady growth in demand for gas generators, while the demand for diesel generators has slumped. They are refilled using gas pipelines coming from utilities, unlike diesel that needs to be stored, maintained, and refilled. Most developed countries such as the US and Germany have a well-planned pipeline infrastructure that supplies natural gas. Moreover, natural gas is easier to procure in case of natural calamities such as hurricanes because it is supplied through underground wind- and storm-proof lines. Furthermore, diesel generators emit harmful particles that are detrimental to the environment. This is one of the major reasons that have compelled residential consumers to switch to gas generators, which, in turn, will support the market growth during the forecast period.
Key Residential Gas Generator Market Challenge
One of the key challenges to the global residential gas generator market growth is the availability of alternatives such as power packs. A power pack comprises a battery whose DC output is effectively converted to required AC power using an inverter. When power packs are not in operation, they are in charging mode for later use. Currently, power pack manufacturers, including Luminous, Amaron, and Microtek, have improved their engineering design. Their new power packs house both into a compact unit. This helps end-users to plug and switch the equipment on. Power packs are ideal for residential uses and are expected to give tough competition to portable gas generators. Thus, the market will face a challenging situation from the power pack market during the forecast period.
This residential gas generator market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global residential gas generator market as a part of the global heavy electrical equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the residential gas generator market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the residential gas generator market encompasses successful business strategies deployed by the key vendors. The residential gas generator market is fragmented and the vendors are deploying growth strategies such as technological developments to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The residential gas generator market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the residential gas generator market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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31% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for residential gas generators in North America. However, market growth in this region will be slower than the growth of the market in other regions.
The significant increase in the demand for generators due to the increase in severity and frequency of natural disasters will facilitate the residential gas generator market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 pandemic in the region in 2020 led to a further decline in energy consumption. The US was the most affected country by the pandemic in the region in 2020. With the implementation of lockdown measures, the consumption of electricity witnessed a steep decline in Q1 2020. However, there has been a rise in production activities in various industries, such as manufacturing and automobile, in the region since the beginning of 2021. This has led to an increase in the demand for power generation, which is expected to have a positive impact on the growth of the market in North America during the forecast period.
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The residential gas generator market share growth by the stationary gas generators segment will be significant during the forecast period. The growth is attributed to the high installation of stationary gas generators owing to their operational reliability when addressing high-power requirements that can reach several kilowatts for extended periods.
This report provides an accurate prediction of the contribution of all the segments to the growth of the residential gas generator market size and actionable market insights on post COVID-19 impact on each segment.
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Residential Gas Generator Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8% |
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Market growth 2022-2026 |
$ 691.47 million |
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Market structure |
Fragmented |
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YoY growth (%) |
6.8 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 31% |
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Key consumer countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aggreko Plc, Briggs and Stratton LLC, Caterpillar Inc., Champion Power Equipment Inc., Cummins Inc., DuroMax Power Equipment, Generac Power Systems Inc., Honda Motor Co. Ltd., Kohler Co., PR INDUSTRIAL Srl, Pulsar Products Inc., Rolls-Royce Plc, WEN Products., Yanmar Holdings Co. Ltd., and Atlas Copco AB |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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