Emergency Power Generators Market Report Overview
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The global emergency power generators market size was USD 3888 million in 2022, as per our research, the market is expected to reach USD 7212.28 million in 2031, exhibiting a CAGR of 7.1% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with emergency power generators market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Emergency power generators are devices designed to provide electrical power during situations when the regular power supply is disrupted or unavailable. They are commonly used in various settings, including homes, businesses, hospitals, data centres, and disaster relief operations.
Emergency power generators come in different types, including portable generators and standby generators. The power output of emergency generators can vary significantly. Portable generators usually range from a few hundred watts to several kilowatts, while standby generators can provide power ranging from a few kilowatts to several hundred kilowatts or even megawatts. Fuel Source: Emergency generators can be fuelled by gasoline, diesel, natural gas, or propane. The choice of fuel depends on factors such as availability, cost, and the specific requirements of the generator.
COVID-19 Impact: Pandemic Hampered the Demand for Market
The pandemic led to disruptions in global supply chains, affecting the production and delivery of emergency power generators. Lockdown measures, travel restrictions, and factory closures disrupted the manufacturing and distribution of generators, leading to delays and shortages in the market. The pandemic resulted in reduced demand for power generators in specific sectors. For example, the hospitality industry, including hotels and resorts, experienced significant declines in occupancy rates and event cancellations, leading to decreased demand for backup power solutions. With many businesses implementing remote work policies, the need for backup power generators in office buildings and commercial spaces decreased. This shift reduced the demand for generators in certain segments. The pandemic caused delays in infrastructure projects, including construction and installation projects where power generators are typically required. Uncertainty, budget constraints, and labor shortages contributed to postponed projects and subsequent impacts on the demand for generators.
Latest Trends
"Increasing Demand for Reliable Backup Power to Fuel Market Growth"
With a growing reliance on electricity in various sectors such as healthcare, IT infrastructure, and manufacturing, there is an increasing demand for reliable backup power solutions. Emergency power generators play a crucial role in providing uninterrupted power supply during grid failures or emergencies. Environmental concerns and regulations have prompted a shift towards cleaner and greener power generation options. This trend has influenced the emergency power generator market as well. There is an increasing demand for generators powered by cleaner fuels such as natural gas, propane, or renewable energy sources like solar and wind. Power generators are becoming more sophisticated with the integration of advanced technologies. These include remote monitoring and control systems, intelligent load management, predictive maintenance, and automatic transfer switches. These technologies improve the efficiency, reliability, and ease of operation of emergency power systems.
Emergency Power Generators Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into diesel generator, gas generator, others.
In terms of product, diesel generator is the largest segment.
- By Application Analysis
Based on application, the market can be divided into residential, commercial, industrial.
In terms of application, the largest application is residential.
Driving Factors
"Increasing Adoption in the Residential Sector to Stimulate Market Growth"
The demand for emergency power generators in residential applications has been rising steadily. Homeowners are recognizing the importance of backup power during outages to maintain essential appliances, heating or cooling systems, and security systems. The availability of compact and affordable generator options has further boosted residential adoption. With the growing reliance on electricity for various sectors, including residential, commercial, and industrial, there is a rising demand for uninterrupted power supply.
"Increased Awareness about Generators to Boost Market Growth "
Power generators provide backup power during power outages or grid failures, ensuring continuous operations and preventing financial losses. Power outages can occur due to various reasons, including equipment failure, grid overload, maintenance activities, or extreme weather conditions. As power grids age and electricity demand increases, power outages become more frequent. Power generators act as a reliable backup solution, minimizing disruptions and maintaining productivity. All these factors are driving emergency power generators market growth.
Restraining Factors
"Operating Costs and Maintenance to Restrict Market Growth "
Emergency power generators can be expensive to purchase and install, especially for larger capacity generators or systems with advanced features. The high initial cost can deter some potential buyers or limit the market to customers with substantial budgets. Power generators require regular maintenance, fuel, and operational costs. These ongoing expenses can add up over time, making it a significant consideration for buyers. Additionally, the need for periodic servicing and repairs can cause downtime, affecting the overall reliability of the system.
Emergency Power Generators Market Regional Insights
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"Developed Infrastructure in North America Anticipated to Drive Market Expansion "
North America holds the leading position in emergency power generators market share. The region has a robust infrastructure, including critical sectors such as healthcare, data centres, telecommunications, and emergency services, which heavily rely on uninterrupted power supply during emergencies. The region's vulnerability to natural disasters like hurricanes, earthquakes, and severe storms also drives the demand for power generators.
Key Industry Players
"Adoption Innovative Strategies by Key Players Influencing Market Growth"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.
The top key players in the market are Cummins, Generac Holdings, Caterpillar, Kohler, Multiquip., Honda Motor, Atlas Copco, Eaton, Mitsubishi Heavy Industries, Yanmar, Briggs & Stratton, Wacker Neuson. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.
List of Market Players Profiled
- Cummins
- Generac Holdings
- Caterpillar
- Kohler
- Multiquip.
- Honda Motor
- Atlas Copco
- Eaton
- Mitsubishi Heavy Industries
- Yanmar
- Briggs & Stratton
- Wacker Neuson
Report Coverage
This report examines an understanding of the emergency power generators market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 3888 Million in 2022 |
Market Size Value By |
US$ 7212.28 Million by 2031 |
Growth Rate |
CAGR of 7.1% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global emergency power generators market expected to touch by 2031?
The global emergency power generators market is expected to touch USD 7212.28 million in 2031.
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What CAGR is the emergency power generators market expected to exhibit during 2022-2031?
The emergency power generators market is expected to exhibit a CAGR of 7.1% over 2022-2031.
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Which are the driving factors of the emergency power generators market?
Increasing demand for reliable backup power and growing reliance on electricity are the driving factors of the emergency power generators market.
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Which are the top companies operating in the emergency power generators market?
Cummins, Generac Holdings, Caterpillar, Kohler, Multiquip., Honda Motor, Atlas Copco, Eaton, Mitsubishi Heavy Industries, Yanmar, Briggs & Stratton, Wacker Neuson