The U.S. residential generators market, valued at $1.1 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2034. By the end of the forecast period, the market is expected to reach approximately $1.8 billion.
Several factors are driving this growth. One key driver is the increasing frequency of power outages due to extreme weather events, such as severe thunderstorms and heatwaves. These weather disruptions strain the national power grid and increase the demand for both portable and stationary backup generators.
Additionally, the growing need for clean energy solutions is pushing the adoption of eco-friendly generators, particularly natural gas-powered systems. Consumers are becoming more conscious of environmental sustainability, seeking products that reduce emissions and their carbon footprint.
However, the market does face challenges. A slowdown in residential construction, caused by rising mortgage rates, labor shortages, and supply chain issues, may hinder growth. Despite these challenges, the development of more affordable, quieter standby generators presents a promising opportunity for market players.
Related topics:
- Portable Generator Market to Grow 6.25% CAGR, Reaching USD 3.58 Billion by 2030
- Gas Generator Market Set for Significant Growth from 2024 to 2031
- Generator Sales Surge Amid Power Supply Concerns
