Research Nester has released a report titled “North America Standby Generator Market – Regional Demand Analysis & Opportunity Outlook 2025” which delivers detailed overview of the North America standby generator market in terms of market segmentation by power capacity, fuel, cooling system, distribution channel, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The North America standby generator market is segmented by power capacity into up to 50 kW, 50-150 kW, 151-250 kW, 251-350 kW, 351-450 kW, 451-750 kW, 751-1000 kW and above 1000 kW, out of which, the up to 5o kW segment registered the largest market share of 34.61% in 2019 owing to the growing residential sector in the region. The up to 5o kW segment is further anticipated to attain an absolute $ opportunity of USD 264.3 million during the forecast period, i.e. 2021-2025, and further gain an incremental $ opportunity of USD 64.2 million in the year 2025 as compared to the previous year. Additionally, the segment is also anticipated to grow by a CAGR of 3.3% during the forecast period.
The North America standby generator market is anticipated to gain a CAGR of 3.7% throughout the forecast period owing to the rising need for energy and constant power supply, and the increasing incidences of natural calamities in the form of hurricanes that hampers power supply, is promoting the need for emergency power backup sources, such as standby generators. Additionally, increasing advancements in the development of advanced standby generators, growing collaboration and partnerships of large manufacturing companies, along with the growing number of new product launches are some of the additional factors anticipated to promote towards the growth of the North America standby generator market. The market, which reached a value of USD 5886.6 million in the year 2019, is further expected to grow by 1.55x during the forecast period to attain a value of USD 6339.0 million by the end of 2025. Even though the North America standby generator market is anticipated to dip by 9.63% in the year 2020 from the previous year, yet the market is expected to gain an absolute $ opportunity of USD 850.1 million during the forecast period.
Growing Demand for Uninterrupted Power Supply
There is an increasing need for uninterrupted and reliable power sources from several end users, such as residential, commercial and industries among others backed by the rapid industrialization, increasing population and the rising infrastructure developments in the nations of North America, such as the US and Canada. As a result, the need for the deployment of standby generators as a means of uninterrupted and reliable power source has increased significantly. Additionally, the demand for standby generators in the region can also be attributed to the rising natural calamities in the region. Such factors are anticipated to drive the growth of the North America standby generator market during the forecast period.
However, concerns regarding the high maintenance and installation cost of standby generators, coupled with the increasing stringent government norms for lowering carbon emissions are some of the factors anticipated to hinder the growth of the North America standby generator market.
This report also provides the existing competitive scenario of the North America standby generator market, which includes company profiling of Cummins Inc. (NYSE: CMI), Briggs & Stratton Corporation (OTCMKTS: NGGSQ), AKSA Power Generation (IST: AKSEN), Caterpillar, Inc. (NYSE: CAT), Generac Power Systems, Inc., Rolls-Royce Power Systems AG, Mitsubishi Heavy Industries, Ltd. (TYO: 7011), HIMOINSA S.L., Taylor Power Systems, Inc., and Gillette Generators, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America standby generator market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.