Impact of Covid-19 on Global Residential Gas Generator Market

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Impact of Covid-19 on Global Residential Gas Generator Market

For residential consumers, solutions that use battery power packs or inverter technology are cost-effective and more environment-friendly than generators. Therefore, power packs are ideal for residential applications and are estimated to pose a challenge to the global residential gas generator market.

ResidentialGas Generator: Introduction

· Generators can be defined as machines that convert mechanicalenergy into electrical energy. There are two types of generators: mobile orportable generators and stationary generators. Several types of fuels such asdiesel, natural gas, and renewable gas can be used to run generators

· Gas generators are the most common type of generators, designedfor maximum electrical power with high reliability, availability, and lowoperating and service costs

Key Drivers and Restraints of Global Residential Gas GeneratorMarket

· Natural calamities and bad weather are the major reasons forpower outages. Generally, power failures are caused by natural weatherphenomena such as lightning, rain, snow, ice, wind, floods, and severe storms.Such type of natural disasters disrupt the continuous power supply, whichcauses major faults or breakdowns in the power grid. Therefore, residentialconsumers rely on gas generators as their auxiliary power source. Continuouspower requirement and unreliable power supply situation have boosted the demandfor residential gas generators.

· Natural gas is eco-friendly, which is an advantage over dieselgenerators. Natural gas powered gensets release lesser amount of CO2, nitrogen,and sulfur. Furthermore, these gensets make less noise and do not produce anodor when operated. These factors drive the residential gas generators market.Ongoing improvements in gas generator design and production; and the plummetingcost of natural gas are also likely to fuel the adoption of residential gasgenerators.

· Emergence of Bluetooth-enabled portable gas generators is one ofthe key trends that is expected to gain traction in the market during the nextfew years. Bluetooth connectivity enables operators to monitor generators fromremote locations. Additionally, it provides visibility of various parameters suchas average energy consumed, total operation hours, and maintenance reminders.Integration of these portable generators with Bluetooth also helps in checkingfuel levels and performance. These benefits are expected to drive consumerpreference for these generators, thereby driving the market.

· For residential consumers, solutions that use battery powerpacks or inverter technology are cost-effective and more environment-friendlythan generators. Therefore, power packs are ideal for residential applicationsand are estimated to pose a challenge to the global residentialgas generator market.

Global Residential Gas Generator Market: Segmentation

· The global residential gas generator market can be segmented interms of type and power rating

· Based on type, the market can be divided into portable andstationary. The stationary segment accounted for significant share of theglobal residential gas generator market in 2020. Operational reliability ofthese generators in addressing high-power requirements is one of the keyfactors driving the segment.

· In terms of power rating, the global residential gas generatormarket can be classified into up to 100 kW and more than 100 kW. The up to100kW segment dominated the residential gas generator market in 2020. Thistrend is expected to continue during the forecast period. Increase inpopulation across the globe is anticipated to drive the demand for powerbackup. This, in turn, is anticipated to boost the up to 100kW segment duringthe forecast period.

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Global Residential Gas Generator Market: Regional Segmentation

· In terms of region, the global residential gas generator marketcan be segregated into North America, Asia Pacific, Europe, Latin America, andMiddle East & Africa

· Asia Pacific dominated the global residential gas generatormarket in 2020. This trend is estimated to continue during the forecast period,owing to the increase in urbanization in several countries in the region suchas China, India, Indonesia, and Thailand. China is the most populated countryin the world; hence, demand for electricity is very high in the country.China’s fast economic growth and rise in standard of living are major factorsdriving the demand for electricity in the country.

· In terms of revenue, North America and Europe are expected to contributesignificantly to the global residential gas generator market during theforecast period owing to stringent regulations by the EPA regarding emissions.In the U.S., most power outages occur primarily due to the weather and fallingof trees. For example, a powerful storm in the Northeast U.S. on October 29,2017 left more than 1.5 million customers in the dark throughout Maine, NewHampshire, and Massachusetts for up to three days. The lengthy blackoutprompted many communities to cancel trick-or-treating activities, as utilitycompanies brought in crews from other East Coast states to help restoreelectricity faster.

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COVID-19 Impact on the Global Residential Gas Generator Market:-

· Demand for electricity in commercial and industrial sectors hasdeclined significantly during the COVID-19 lockdown and travel restrictions. Asa result, the residential sector has had sufficient electricity. Therefore,demand for gas generators has been limited. Lockdown and travel restrictionshave also affected the supply chain of gas generators. These factors arenegatively affecting the residential gas generator market. However, theresidential gas generator market is projected to gain momentum over the nextcouple of years in all major countries due to easing of lockdowns and travelrestrictions.

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