The Residential Gas Generator Market is being driven by Growing popularity of gas generators
The Residential Gas Generator Market is expected to grow at a CAGR of 7.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 672 million. In the residential power backup market, there has been a notable shift from traditional gas generators towards alternative solutions, such as battery-powered packs and inverter technology. Factors including fuel and equipment costs, maintenance expenses, storage requirements, and emission regulations have driven this trend. These modern power packs, often referred to as residential energy storage systems, are cost-effective and eco-friendly for homeowners. Equipped with large batteries and inbuilt inverters, these systems offer user-friendly features like AC wall plug-styled outlets and USB ports. Their ease of design, construction, and operation further adds to their appeal.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
282 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.4% |
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Market growth 2025-2029 |
USD 672 million |
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Market structure |
market_structure.ucfirst |
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YoY growth 2024-2025(%) |
6.8 |
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Key countries |
US, Canada, UK, China, Germany, France, Japan, The Netherlands, Italy, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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In the residential sector, gas generators have emerged as a popular alternative to conventional fossil-fuel generators during power outages caused by bad weather or severe weather events like storms. Stationary gas generators, which run on fuels such as natural gas and renewable gas, provide cost-effective mechanical energy that converts to electrical energy for homes. These generators offer an eco-friendly solution with lower carbon emissions compared to diesel gensets and gasoline-powered generators. Natural gas generators are abundant due to natural gas deposits and extra-regional trade agreements, making them a reliable power source for residential areas. However, the use of fuel gas in gas generators still contributes to greenhouse gas emissions, and the integration of battery storage and power packs can help mitigate this issue.
The Residential Gas Generator Market is a significant segment of the larger Global Electrical Components and Equipment Market. This market encompasses companies manufacturing stationary gas genersets, utilizing fuels such as natural gas and renewable gases. The market's size is determined by the consolidated revenue generated from these gas generator manufacturers. Factors driving market growth include power outages due to bad weather or natural disasters, necessitating backup power solutions. The parent market, Electrical Components and Equipment, includes manufacturers of various electrical products, including water heaters and accessories, motors, electrical distribution and protection equipment, small generators, and more. Additionally, rental and leasing services for electrical components and equipment to industrial, commercial, and residential sectors are considered in market analysis.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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