Residential Generators Market Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
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.
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.
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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. 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.
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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.
