Global Residential Gas Generator Market Overview
As per MRFR analysis, the Residential Gas Generator Market Size was estimated at 10.9 (USD Billion) in 2022. The Residential Gas Generator Market Industry is expected to grow from 11.49(USD Billion) in 2023 to 18.5 (USD Billion) by 2032. The Residential Gas Generator Market CAGR (growth rate) is expected to be around 5.43% during the forecast period (2024 - 2032).
Key Residential Gas Generator Market Trends Highlighted
The increasing number of outages as a result of changes in weather patterns, along with the need for backup supply have been attributed as key market drivers for the residential gas generators. In addition, enhancing power grid consistence and robustness in the future also drives the need for more convenient and effective other power sources.
However, prospects in the industry are in the growth of smart home devices, the use of clean energy, and the emergence of sophisticated systems that will enable monitoring and control from a distance. The market system is also witnessing the movement towards more compact and portable units as well as an increasing trend of Avalon of electric generators to use natural gas rather than diesel which is not environmentally friendly and relatively cheap compared to diesel generators.
The most recent changes in the target residential gas generator markets comprise the use of wireless technology and remote-control tools that make it easier for users to manage and monitor their generators remotely. In addition, generators that can provide the necessary auxiliary load for EV charging systems during power outages are in increased demand due to the burgeoning acceptance of electric vehicles.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Gas Generator Market Drivers
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Increasing Demand for Backup Power during Outages
The need for backup power systems is increasing due to extreme weather events, aging electrical infrastructure, and dependence on electricity for critical functions. Residential gas generators are a dependable and effective means of electricity supply during power failure and so protect critical services and sensitive electronic equipment from being disrupted. As the number of power cuts increases in both incidence as well as intensity, backup power is fast becoming a common feature in several households, thus expanding the market for residential gas generators.
Gas generators are advantageous in that they can run continuously for long periods and hence can be utilized to reduce the adverse effects of blackouts on day-to-day activities and important facilities.
Government Incentives and Regulations
Current efforts undertaken by the authorities around the world include formulating policies as well as allocating financial sanctions, all in an attempt to hasten the embrace of renewable energy and lower carbon emissions. While residential gas generators cannot be considered as sources of renewable energy, they can help to lessen fossil fuel consumption. Gas generators may help utilities to manage grid loading and incorporate variable renewable energy resources like solar and wind, by supplying on-site backup electricity if required at peak times.
It is anticipated that the residential gas generator market will be fueled by government support and incentives for the usage of renewable energy and energy-efficient grids.
Advancements in Technology and Innovation
Technological advancements are enhancing the performance, efficiency, and affordability of residential gas generators. Improvements in engine design, fuel efficiency, and emissions control are making gas generators more environmentally friendly and cost-effective to operate. Additionally, the integration of smart technologies, such as remote monitoring and control, is enhancing the user experience and convenience of gas generators. These advancements are making gas generators more attractive to homeowners seeking reliable and user-friendly backup power solutions.
Residential Gas Generator Market Segment Insights
Residential Gas Generator Market Type Insights
The Residential Gas Generator Market is segmented by type into portable generators and standby generators. Portable generators are designed to be easily transported and used in a variety of locations, while standby generators are permanently installed and used to provide backup power in the event of a power outage. The portable generators segment is expected to account for a larger share of the Residential Gas Generator Market revenue over the forecast period. This is due to the growing popularity of outdoor activities and the increasing demand for portable power sources.Portable generators are also becoming increasingly popular as a backup power source for homes and businesses due to their affordability and ease of use. The standby generators segment is also expected to experience significant growth over the forecast period. This is due to the increasing frequency and severity of power outages, as well as the growing demand for reliable backup power sources. Standby generators are also becoming increasingly popular for use in critical applications, such as hospitals and data centers. Overall, the Residential Gas Generator Market is expected to experience significant growth over the forecast period.This growth is being driven by the increasing demand for portable and standby power sources, as well as the growing frequency and severity of power outages.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Gas Generator Market Fuel Type Insights
The Residential Gas Generator Market is segmented by fuel type into Natural Gas and Propane. Natural Gas holds the dominant position in the market, accounting for over 70% of the global revenue. The widespread availability of natural gas pipelines and its cost-effectiveness compared to other fuels contribute to its dominance. Propane, on the other hand, is gaining traction due to its portability and ease of storage. In regions with limited access to natural gas, propane offers a viable alternative for residential gas generators. The growing adoption of propane generators in off-grid and remote areas is expected to drive the growth of this segment in the coming years.
Residential Gas Generator Market Power Output Insights
The Residential Gas Generator Market is segmented by Power Output into 'Up to 5 kW', '5 - 10 kW', '10 - 15 kW', '15 - 20 kW', and 'Over 20 kW'. Among these, the 'Up to 5 kW' segment held the largest market share in 2023, accounting for around 45% of the Residential Gas Generator Market revenue. This dominance is attributed to the rising demand for portable and cost-effective backup power solutions for small homes and apartments. The '5 - 10 kW' segment is projected to witness the highest growth rate during the forecast period, owing to the increasing adoption of gas generators as primary power sources in remote areas and for recreational activities.The '10 - 15 kW' and '15 - 20 kW' segments are expected to hold significant market shares, driven by the growing popularity of gas generators for powering larger homes and small businesses. The 'Over 20 kW' segment is anticipated to contribute a smaller share to the overall market, catering to specialized applications such as industrial backup power and off-grid living.
Residential Gas Generator Market Application Insights
The application segment of the Residential Gas Generator Market is categorized into a primary power source, backup power source, and recreational use. The primary power source segment held the largest market share in 2023, owing to the increasing adoption of gas generators as a primary power source in remote areas and developing economies. The backup power source segment is expected to witness significant growth over the forecast period due to rising demand for reliable backup power during power outages and natural disasters. The recreational use segment is anticipated to grow steadily, driven by the increasing popularity of outdoor activities and the use of gas generators for camping, RVing, and other recreational purposes.
Residential Gas Generator Market Functionality Insights
The Residential Gas Generator Market segmentation by Functionality offers insights into the market's various components. Automatic Transfer Switch (ATS) dominated the market in 2023, accounting for over 55% of the revenue share. Its seamless and automatic operation during power outages makes it a popular choice for residential applications. Manual Transfer Switch (MTS) follows, holding a significant market share of approximately 30%. While less automated than ATS, MTS provides cost-effective backup power solutions. No Transfer Switch holds the remaining market share, catering to basic backup power needs and offering affordability.The market research indicates a growing preference for ATS due to its convenience and reliability, driving its dominance in the market.
Residential Gas Generator Market Regional Insights
The Residential Gas Generator Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of the North American market is attributed to the increasing adoption of residential gas generators in the region, owing to the rising frequency of power outages and extreme weather events. Europe is the second-largest market for residential gas generators, with a significant market share. The growing demand for backup power solutions in the region is driving the growth of the European market.The APAC region is expected to witness the highest growth rate during the forecast period, owing to the increasing urbanization and industrialization in the region. South America and MEA are relatively smaller markets for residential gas generators, but they are expected to grow at a steady pace during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Gas Generator Market Key Players And Competitive Insights
Major players in the Residential Gas Generator Market industry are constantly trying to gain a competitive edge by developing new products and technologies, forming strategic alliances, and expanding their geographic reach. Leading Residential Gas Generator Market players are investing heavily in research and development to introduce innovative products that meet the evolving needs of consumers. The Residential Gas Generator Market Competitive Landscape is characterized by the presence of both global and regional players.
Key players operating in the market are Generac Power Systems, Kohler Co., Briggs & Stratton Corporation, Honda Motor Co., Ltd., and Yamaha Motor Co., Ltd. These companies are focusing on developing advanced technologies, expanding their product portfolios, and strengthening their distribution networks to gain a competitive advantage. Additionally, strategic partnerships and acquisitions are becoming increasingly common in the Residential Gas Generator Market development as companies seek to expand their market reach and gain access to new technologies.
Generac Power Systems, a leading player in the Residential Gas Generator Market industry, has a wide range of residential generators that cater to various power needs. The company offers a comprehensive portfolio of products, ranging from portable generators to fully automatic standby generators. Generac Power Systems has a strong distribution network and a dedicated team of professionals who provide exceptional customer service. The company's commitment to innovation and customer satisfaction has helped it maintain a leading position in the market.
Honeywell International Inc., a competitor in the Residential Gas Generator Market industry, offers a range of residential generators that are designed to provide reliable backup power. The company's generators are known for their durability, efficiency, and ease of use. Honeywell International Inc. has a global presence and a strong distribution network. The company's focus on research and development has enabled it to develop innovative technologies that meet the evolving needs of consumers. Honeywell International Inc.'s commitment to quality and customer satisfaction has helped it gain a strong reputation in the market.
Key Companies in the Residential Gas Generator Market Include
- Firman Power Equipment
- Duromax Power Equipment
- GE Power
- Champion Power Equipment
- Cummins
- Ryobi Technologies
- Westinghouse Electric Corporation
- Kohler
- Yamaha Motor
- Eaton
- Honda Power Equipment
- Ingersoll Rand
- Generac Power Systems
- Briggs Stratton
- Caterpillar
Residential Gas Generator Market Industry Developments
The Residential Gas Generator Market continues to experience steady growth due to rising demand for backup power solutions amidst increasingly frequent and severe weather events. In 2023, the market was valued at USD 11.49 billion, and it is projected to reach USD 18.5 billion by 2032, exhibiting a CAGR of 5.43%. Key market players are focusing on product innovation and strategic partnerships to cater to the evolving needs of customers. Recent advancements include the integration of smart grid technologies and the development of noise-reducing generators. Government initiatives and regulations aimed at promoting energy efficiency and reducing carbon emissions are also driving market growth.
Residential Gas Generator Market Segmentation Insights
- Residential Gas Generator Market Type Outlook
- Portable Generators
- Standby Generators
- Residential Gas Generator Market Fuel Type Outlook
- Residential Gas Generator Market Power Output Outlook
- Up to 5 kW
- 5 - 10 kW
- 10 - 15 kW
- 15 - 20 kW
- Over 20 kW
- Residential Gas Generator Market Application Outlook
- Primary Power Source
- Backup Power Source
- Recreational Use
- Residential Gas Generator Market Functionality Outlook
- Automatic Transfer Switch (ATS)
- Manual Transfer Switch (MTS)
- No Transfer Switch
| Report Attribute/Metric |
Details |
| Market Size 2022 |
10.9(USD Billion) |
| Market Size 2023 |
11.49(USD Billion) |
| Market Size 2032 |
18.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.43% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Firman Power Equipment, Duromax Power Equipment, GE Power, Champion Power Equipment, Cummins, Ryobi Technologies, Westinghouse Electric Corporation, Kohler, Yamaha Motor, Eaton, Honda Power Equipment, Ingersoll Rand, Generac Power Systems, Briggs Stratton, Caterpillar |
| Segments Covered |
Type, Fuel Type, Power Output, Application, Functionality, Regional |
| Key Market Opportunities |
Growing Demand for Backup Power during Outages Increasing Adoption in Remote Areas Surge in Demand for LPG and Natural Gas Generators |
| Key Market Dynamics |
Rising Energy Costs Increasing Demand for OffGrid Power Government Incentives Technological Advancements Shifting Consumer Preferences |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Residential Gas Generator Market was valued at 11.49 Billion USD in 2023 and is expected to reach 18.5 Billion USD by 2032, exhibiting a CAGR of 5.43% during the forecast period.
The Residential Gas Generator Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is the largest market, followed by Europe and Asia Pacific.
Residential gas generators are primarily used for backup power during power outages. They can also be used to power essential appliances and equipment during emergencies.
Some of the key competitors in the Residential Gas Generator Market include Generac, Briggs Stratton, Kohler, Cummins, and Honda.
The key trends in the Residential Gas Generator Market include the increasing demand for backup power, the adoption of smart technology, and the growing popularity of portable generators.
The Residential Gas Generator Market is expected to grow significantly over the forecast period due to the increasing demand for backup power and the growing popularity of smart technology.
The Residential Gas Generator Market faces challenges such as the high cost of generators, the need for proper installation and maintenance, and the potential for noise pollution.
The Residential Gas Generator Market offers opportunities for growth due to the increasing demand for backup power, the adoption of smart technology, and the growing popularity of portable generators.
The key factors driving the growth of the Residential Gas Generator Market include the increasing demand for backup power, the adoption of smart technology, and the growing popularity of portable generators.
The key restraints on the growth of the Residential Gas Generator Market include the high cost of generators, the need for proper installation and maintenance, and the potential for noise pollution.
