Residential Gas Generator Market Report Scope & Overview:

The Residential Gas Generator Market size was valued at USD 7.95 billion in 2022 and is expected to grow to USD 18.99 billion by 2030 and grow at a CAGR of 11.5 % over the forecast period of 2023-2030.

Any onsite power system's heart is its generator sets. Sizes ranging from 55 kW to 1300 kW are offered in spark-ignited (stoichiometric and lean-burn) natural gas and dual-fuel engine generator sets. These are appropriate for uses when onsite fuel storage is constrained, there is a steady supply of natural gas available, and/or there are regional environmental factors that favour gaseous-powered machinery. Natural gas engines, alternators and Power Command TM controls are used in the construction of Cummins Natural Gas Generator sets.

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A generator is made up of an engine that burns fossil fuels coupled with an electrical genset. The most affordable, effective, and dependable sources of backup power are gensets. Power gensets are simple to set up and operate. Consequently, are anticipated to be employed in a variety of settings, including as residential, healthcare, telecom, and oil and gas. Inverters and solar energy panels are two alternate emergency power sources that, compared to power generators, are less expensive to operate.

Natural gas is projected to have an edge over diesel generators since it is environmentally benign. Gas, naturally Powered gensets offer the advantages of producing less noise and no odour when operating and emitting less CO2, nitrogen, and sulphur. Gas gensets are used for distributed generation and utilise an internal combustion engine to transform gaseous fuel into usable energy.

MARKET DYNAMICS

KEY DRIVERS:  

• Massive Investment in the Development of Sustainable Energy

• Need for continuous power supply

The need for a dependable and continuous power supply is expected to rise as a result of the multiple expansion in several industrial sectors and the population boom. Information and communication technologies are significantly influencing the expansion of the business since every data centre needs a generator to prevent power outages. Gas-fired generators are also frequently employed in various commercial and industrial applications to supply the rising demand for power. The natural gas generator market is therefore anticipated to have strong expansion throughout the anticipated timeframe.

RESTRAIN:

• Rising investment in renewable energy sources

• High Cost

OPPORTUNITY: 

• Demand for petrol generators has been steadily rising.

CHALLENGES:

• Availability of alternatives such as a power pack

The availability of alternatives like power packs is one of the major obstacles to the expansion of the worldwide residential gas generator industry. An inverter successfully converts a battery's DC output into the necessary AC power in a power pack. Power packs are in the mode of charging while they are not in use. Manufacturers of power packs, such as Luminous, Amaron, and Microtek, have recently enhanced their engineering designs.

IMPACT OF RUSSIA-UKRAINE WAR

Due to supply limitations, sanctions, and sabotage, the Russian invasion of Ukraine caused unheard-of chaos in the global gas markets, which in turn led to record wholesale prices and intense volatility. However, amid the gas crisis, the percentage discrepancies in gas prices between the sectors have decreased. According to the technique, non-domestic clients used to pay 60–70% more than domestic customers, but that has increased to 80% or more amid the gas crisis. Previously between 50 and 60 percent for industrial clients, the value has been about 70 percent throughout the crisis. Additionally, the figure for power producers used to be between 35 and 55%, but has been around 40 percent throughout the crisis (giving support to an opinion held by some) short-term gas transactions were particularly sensitive to the power industry, according to experts).

IMPACT OF ONGOING RECESSION

While natural gas prices fell from $12 to $4 during the recession, gas power consumption actually climbed by 3% as a result of the move from coal to gas. As a result, power generation fell by 5% during that period. Gas currently accounts for 34% of L48 output, up from 28%, and would likely be more affected by a prospective recession given that moving from coal to gas is not as common as it once was and that natural gas-powered power plant burn increased by an average of 1.9 Bcf/d. 2020 YTD Versus 2019.

KEY MARKET SEGMENTATION

By Power Capacity

• 0-100 kVA

• 101-350 kVA

• 351-1000 kVA,

• Above 1000 KVA

By End-User Industry

• Residential

• Commercial

• Industrial

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REGIONAL ANALYSIS

Due to an increase in power outages, particularly in Asia Pacific, the global market for home gas generators is anticipated to expand over the projected period. A generator is made up of an engine that burns fossil fuels coupled with an electrical genset. One of the most affordable, effective, and dependable sources of backup power is a genset. Power gensets are simple to set up and operate.

The main markets in North America for household gas generators are the US and Canada. But the market This region's growth will be less rapid than the market's rise in other areas.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

RECENT DEVELOPMENTS

• In January 2022, Caterpillar unveiled the Cat G3516 natural gas-powered Fast Response generator set, which has been approved for use in both emergency and non-emergency situations by the US EPA.

• Three MTU customised and containerized combination cooling, heat, and power plant (CCHP) trigeneration units were delivered by Rolls-Royce and its distribution partner Knopf & Wallisch (K&W) to ClusterPower, a Romanian cloud service in the month of January 2022. 

• Beginning in October 2021, sales of specific generator types (portable gas-powered generators) will no longer be allowed under a new law enacted by California's state legislators. Portable gas-powered generators with less than 25 horsepower are impacted by the new regulation. These generators can be used to run a refrigerator or other medium-sized appliances.

KEY PLAYERS 

The Major Players are Cummins, Briggs & Stratton Corporation, Kohler, Generac Power Systems, Caterpillar, Rolls-Royce, HIMOINSA, Mahindra Powerol, Genmac, Aggreko, Eaton, Champion Power Equipment, DuroMax Power Equipment, FIRMAN Power Equipment, Westinghouse Electric Corporation and other players

Briggs & Stratton Corporation-Company Financial Analysis