Global Residential Gas Generator Market 2019-2023
About this market
Natural calamities and bad weather are a few of the foremost reasons for power outages. In general, power failures are caused by natural weather phenomena such as lightning, rain, snow, ice, wind, and dust. However, during natural calamities such as floods and severe storms, preventing a major power failure becomes challenging. Such types of natural disasters disrupt the continuous power supply, which causes major faults or breakdowns in the power grid. Therefore, residential consumers rely on gas generators as their auxiliary power source. The continuous power requirement and the unreliable power supply situation have spurred the demand for residential gas generators. Technavio’s analysts have predicted that the residential gas generator market will register a CAGR of more than 9% by 2023.
Growth of residential construction sector in US
The use of electrical appliances has increased with the growing number of residential units resulting in an increase in electricity usage. The need for power backup is becoming essential with the rise in residential construction. Many residential users are adopting portable gas generators, which offer safety, mobility and comfort. The effective and reliable operations of portable gas generators cater to the backup power requirements of users during power outages and reduce the need to install large standby generators.
Availability of alternative
The additional overhead costs related to maintenance, fuel, equipment, storage, facilities, and emission regulations have accelerated the demand for alternative backup solutions. 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 expected to pose a challenge to the global residential gas generator market.
For the detailed list of factors that will drive and challenge the growth of the residential gas generator market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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