Global Residential Generators Market: Overview
At present, there is an ever-increasing demand for electricity among residential consumers for running electrical and electronic products. Several players in the residential generators market are focused on developing advanced generators to stay competitive in this market. This includes the development of eco-friendly generators to reduce carbon footprint.
The report analyzes the global residential generator market in a ground-up manner including market drivers, restraints, and opportunities that will impact the market’s growth between 2016 and 2024. The report also overviews the regulatory policies that are in the purview of the global residential generators market.
The report presents facts and figures pertaining to the development of the global residential generator market in a chronological order. The analysis of past data and current market trends allow analysts to present a satisfactory opinion of the market’s future. The users of the report therefore receive an analytical view of the global residential generator market that can be used to formulate successful business strategies. Using validated analytical tools such as SWOT analysis and Porter’s Five Forces, the report presents useful insights on the market’s competitive landscape.
Global Residential Generators Market: Drivers and Restraints
The booming construction industry in the emerging economies of Asia Pacific due to economic development is favoring the growth of the residential generators market in this region. New residential buildings are equipped with 100% power back-up for the uninterrupted running of elevators and for residential electrification. The rising disposable income in emerging economies such as India, Brazil, and Saudi Arabia are also anticipated to extend lucrative opportunities for the growth of this market
The development of next-generation generation is a distinguishing trend coming to the fore in the residential generator market. Smart generators are equipped with additional features that are connected to smart devices through the Internet. The other features of smart devices include clean power output, fuel efficiency, longer running times, and quiet operation.
Dynamo, homopolar generator, MHD generator, alternator, induction generator, and other rotating electromagnetic generators are some of the types of electric generators.
In residential applications, automatic home standby generator is used for monitoring utility power supply. Generators turn itself on in the event of an electricity outage and supply power to all the areas in the house that are connected to the equipment. The generator switches off itself when utility power is restored. A home standby generator is equipped with an automatic transfer switch; the switch switches between utility power and generator power depending on if there is a power outage or if it is restored.
Global Residential Generator Market: Regional Overview
The global residential generator market is broadly segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to emerge as a significant regional market for residential generators due to rapid urbanization in the emerging economies of China and India.
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Major Companies Mentioned in Report
Some of the leading companies in the global residential generators market include Generic Holdings Inc., Kohler Company, Multiquip Inc., Generac Power Systems, Yamaha Motor Corp., Cummins Inc., Mi-T-M Corp., Techtronic Industries Co. Ltd., Eaton Corp., Pramac S.p.A., Generac Power Systems, Honda Motor Co. Ltd., TECO-Westinghouse Motor Company, FK Generators and Equipment Ltd., and Stratton Corp. among others.