May 11, 2020
As per the report titled ‘North America Gasoline Genset Market Size By Power Rating, By Engine Class, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, North America gasoline genset market is projected to surpass USD 1.5 billion by the year 2024.
Growing consumer awareness regarding the benefits of backup power, surging demand for reliable power supply, lack of proper grid infrastructure, and frequent power outages & voltage fluctuations due to extreme weather conditions are driving the growth of gasoline genset industry in North America. Moreover, stringent emission norms are encouraging the adoption of low emission gensets, thereby enhancing the market growth.
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Based on the power rating, 2-3.5 kVA gasoline gensets market segment is estimated to exceed annual sales of 0.8 million units by the year 2024. Optimal energy output for residential households along with compact design, high operational efficiency and lightweight are encouraging the deployment of these units.
Elaborating on the engine class, Class I engines segment is predicted to witness gains of over 5% by the end of the forecast period, owing to growing consumer inclination towards smaller units driven by rising awareness towards emergency preparedness.
Speaking of the end-use spectrum, North America gasoline genet market share from residential segment is anticipated to witness 4% CAGR through 2024. Surging demand for gasoline gensets across the residential sector can be attributed to issues such as power outages, rolling blackouts, and grid failures due to harsh weather conditions. Citing an instance, an upsurge in the demand for gasoline gensets was observed in Texas, Florida, and Puerto Rico as a result of extremely active hurricane season in 2017.
As per the regional analysis, gasoline genset market in the U.S. is reckoned to see a growth of over 4% by the end of the study period. Frequent occurrence and severity of weather-related disasters in the country is bolstering the deployment of emergency power backup solutions such as gasoline gensets.
Meanwhile, Canada gasoline genset market is slated to experience robust growth in the forthcoming years, due growing risk awareness and rising implementation of counter measures among consumers to combat natural disasters. High frequency of power outages due to damage of power lines caused by high winds, freezing rain, and sleet storms will further strengthen the product demand in Canada.
Prominent players in North America gasoline genset market are Kirloskar Oil Engines Limited, Cummins, Kohler Power Group, Briggs & Stratton, Yamaha Motor Pvt. Ltd., Generac, Caterpillar, Honda Motor Co., Ltd., Siemens AG, Atlas Copco., Wacker Neuson SE, Honeywell International, Inc., and John Deere.