United States (U.S.) Generator Market Highlights Over 2018 - 2025
The United States (U.S.) generator market is estimated to garner a revenue of USD 7216.5 Million by the end of 2025, by growing with a CAGR of 4.0% over the forecast period, i.e., 2021 – 2025. Moreover, in the year 2020, the market registered a revenue of USD 6021.6 Million. The growth of the market can be attributed to the growing power outages in commercial, industrial and residential sectors in the country, and for the growing need for reliable power source, especially amongst the commercial and industrial users. Further, the growing consumption of electricity in the country is also expected to contribute to the market growth in the coming years.
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One of the major factors which is driving the need for reliable power source in the United States is the growing economy. According to the statistics by the Bureau of Economic Analysis of the Government of the United States, the GDP (in current Dollars) in California, New York, and Texas grew from USD 1973511.9 Million, USD 1212485.1 Million, and USD 1237304.0 Million respectively in the year 2010 to USD 3091871.5 Million, USD 1699044.7 Million, and USD 1759734.4 Million respectively in the year 2020.
Moreover, increasing demand for generator sets from the residential and commercial sector, backed by the growing construction witnessed in these two sectors, is also expected to drive the market growth in the coming years.
United States (U.S.) Generator Market Regional Synopsis
Regionally, the United States (U.S.) generator market is segmented into Alaska, Hawaii, Washington, Oregon, California, and the Rest of U.S. The market in California is expected to garner the second-largest market revenue of USD 1804.1 Million by the end of 2025, up from a revenue of USD 1561.3 Million in the year 2020. The growth of the market in the state can be attributed to the growing economical activities and for the rising availability of business organizations. Moreover, growing consumption of electricity across different areas of the state is also anticipated to drive the growth of the market. According to the statistics by the California Energy Commission, the consumption of electricity in Alameda, Contra Costa, Fresno, Los Angeles, Riverside, and Santa Clara touched 10684.08 Million kWh, 9639.41 Million kWh, 7387.26 Million kWh, 66118.67 Million kWh, 15520.13 Million kWh, and 16664.46 Million kWh respectively in the year 2019.
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Alternatively, the market in Washington, which garnered a revenue of USD 151.3 Million in the year 2018, is projected to grow with the highest CAGR of 5.5% during the forecast period.
Growth Drivers and Challenges Impacting the Growth of the United States (U.S.) Generator Market
Growth Drivers
- Growing Construction in both Residential and Commercial Sectors
- Rising Economy in Several Cities of the Country
Challenges
- Stringent Norms Regarding Emissions from Generators
United States (U.S.) Generator Market Segmentation Synopsis
The United States (U.S.) 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, 1000-1500 KW, 1500-2500 KW, 2500-3500 KW, and above 3500 KW. Out of these segments, the 50-150 KW segment is projected to garner the largest revenue of USD 1024.7 Million by the end of 2025. Based on fuel type, the market is segmented into diesel, natural gas, gasoline, hybrid, and others. Amongst these segments, the diesel genset segment registered the largest revenue of USD 3546.6 Million in the year 2018, and is expected to retain the highest market share by the end of 2025. The natural gas generator segment, on the other hand, is projected to grab the second-highest market share during the forecast period and further grow with a CAGR of 4.1% during the forecast period.
The market is further segmented by application into standby, prime & continuous, and peak shaving. Out of these, the standby generator segment garnered the largest revenue of USD 6555.6 Million in the year 2018, and is further expected to grow with the highest CAGR of 4.2% during the forecast period. Moreover, the market is also segmented by end-use industry into residential, commercial, industrial, healthcare facilities, agriculture & food processing, infrastructure/transportation, retail K-12 education, higher education & research, military, municipality, and others. Amongst these, the residential segment is anticipated to garner the largest revenue of USD 1270.1 Million by the end of 2025.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the United States (U.S.) generator market that are included in our report are Cummins Inc., AKSA POWER GENERATION, DEUTZ AG, Siemens AG, Caterpillar Inc., Briggs & Stratton, LLC, Generac Power Systems, Inc., Rolls-Royce plc, Kohler Co., Mitsubishi Heavy Industries, Ltd., Taylor Power Systems, Inc., Gillette Generators, WINCO, Multiquip Inc., and others.
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