Market Research Report
North America Gasoline Gensets Market Size, By Power Rating, By Engine Class, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, COVID-19 Impact Analysis, Price Trend, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||766024|
|Published||Content info||165 Pages
Delivery time: 2-3 business days
|North America Gasoline Gensets Market Size, By Power Rating, By Engine Class, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, COVID-19 Impact Analysis, Price Trend, Competitive Market Share & Forecast, 2021 - 2027|
|Published: July 14, 2021||Content info: 165 Pages||
The North America gasoline gensets market is expected to showcase significant growth by 2027 owing to surging product demand in both commercial and residential settings. Moreover, increasing occurrences of power outages due to harsh weather conditions across North America are anticipated to further support market growth through the forecast period.
Gasoline gensets are portable, which means that they can seamlessly go from residential to construction sites, thereby boosting product outlook. Following the COVID-19 outbreak, government-imposed lockdowns restricted travel, which boosted the need for other leisure travel methods and recreational activities among consumers.
Additionally, increasing popularity of camping and other outdoor activities allowed people to travel in 'covid bubbles' to ensure less risk of exposure. As a result, there was an upsurge in product demand during the pandemic, which has been favorable for market outlook.
Furthermore, prevailing harsh weather conditions in the region have resulted in several incidences of power outages. Thus, to establish a secure power supply to houses and commercial buildings, consumers have been investing in low-maintenance and cost-effective generators. Gasoline gensets typically require less maintenance and are more affordable than other gensets, such as those that run on diesel. Subsequently, there has been a booming demand for these gensets in the region, which has positively influenced industry penetration.
Notably, after the COVID-19 outbreak, there was an unprecedented shift towards virtual work. With people constantly working from home, there was a proliferation in the need for continuous energy supply. Consequently, burgeoning requirement for uninterrupted power propelled the demand for cost-efficient and robust power backup systems, which has enhanced industry adoption in recent years.
The North America gasoline gensets market has been categorized in terms of engine class, power rating, end-use, and country. On the basis of power rating, the market has been categorized into 8 kVA-15 kVA, 15 kVA-20 kVA, 2 kVA-3.5 kVA, 6.5 kVA-8 kVA, 3.5 kVA-5 kVA, <2 kVA, and 5 kVA-6.5 kVA.
The 15 kVA-20 kVA sub-segment is expected to see substantial growth by 2027, progressing at a stable CAGR through the assessment timeframe. Increased deployment across residential and non-residential establishments on account of escalating electricity demand is set to enhance segmental adoption over the following years.
With respect to engine class, the market has been divided into class I engines, class II engines, and handheld engines. The handheld engines sub-segment is anticipated to garner a sizable share in the gasoline gensets market revenue by the end of the forecast period. Wider applicability across multiple industry applications is projected to fuel segmental demand in the coming years.
On the basis of country, the North America gasoline gensets market spans the geographies of the U.S. and Canada. In 2020, Canada accounted for over 20% of the North America gasoline gensets market revenue and is speculated to register notable expansion over 2021-2027.