February 17, 2022 07:07 ET | Source: Research Nester Research Nester
New York, New York, UNITED STATES
New York, Feb. 17, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the International Energy Agency (IEA), the consumption of electricity in the United States increased from 3717.9 TWh in the year 2001 to 4194.4 TWh in the year 2019. Moreover, the statistics also stated that the final consumption of electricity across industries, residential, and commercial & public services in the year 2018 recorded 66451.0 ktoe, 125689.0 ktoe, and 118002.0 ktoe respectively. Besides this, according to the statistics by the U.S. Energy Information Administration (EIA), in the year 2021, 188000 customers in and around Texas were affected due to a power outage of around 65 hours between 10th and 13th January 2021, caused due to severe weather. On the other hand, in Oklahoma, a similar incident affected 200000 customers. The power outage was for 30 hours and 28 minutes.
Research Nester has recently released a report on “United States (U.S.) Generator Market” which is segmented by power capacity, fuel type, application, end-use industry, and by region. The market is studied for the forecast period, i.e., 2018-2025 and covers brief analysis of the key players operating in the market, along with the major factors that are expected to drive the market growth in the coming years.
The demand for electricity in the United States is soaring at a skyrocketing speed. This is owing to the growing economic activities in the country, especially in the construction and information & communication technology industry. According to the statistics by the United States Census Bureau, the seasonally adjusted annual rate of value of construction put in place in the country increased from USD 805159 Million in July 2010 to USD 1568834 Million in July 2021. Additionally, the statistics also stated that the residential sector witnessed growth in construction value of USD 250519 Million in July 2010, which grew to USD 772963 Million in July 2021.
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On the other hand, according to the statistics by the U.S. Department of Energy, around 3 Million data centers are available in the U.S. which are known to consume a significant amount of electrical energy. The surge in the demand for electricity amongst these end-users, and the rising concern for power outages is expected to raise the adoption of standby power sources, such as generators, and in turn, drive the United States (U.S.) generator market. The market is estimated to garner a revenue of USD 7216.5 Million by the end of 2025, and further grow with a CAGR of 4.0% over the forecast period. In the year 2020, the market registered a revenue of USD 6021.6 Million.
The United States (U.S.) generator market is segmented on the basis of state into Alaska, Hawaii, Washington, Oregon, California, and the Rest of U.S., out of which, the market generated the second-highest market revenue of USD 1561.3 Million in the year 2020, and is further anticipated to garner the second-largest market revenue of USD 1804.1 Million by the end of 2025, by growing with a CAGR of 3.2% during the forecast period. Alternatively, the market in Alaska is expected to grow with the highest CAGR of 5.7% during the forecast period and is further generate a revenue of USD 332 Million by the end of 2025, up from a revenue of USD 326.6 Million in the year 2018.
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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. Amongst these segments, the 50-150 KW segment is projected to garner the largest revenue of USD 1024.7 Million by the end of 2025, and further grow with a CAGR of 3.1% during the forecast period. In California, the segment garnered the highest market revenue of USD 316.3 Million in the year 2018 and is further anticipated to grow with a CAGR of 2.3% during the forecast period. The 751-1000 KW segment, on the other hand, is expected to grow with the highest CAGR of 4.5% during the forecast period. Alternatively, in Alaska, the 151.250 KW segment is anticipated to grow with the second-highest CAGR of 6.7% during the forecast period, while the 50-150 KW segment is predicted to generate the largest revenue of USD 47.1 Million by the end of 2025.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The United States (U.S.) generator market is also segmented by application into standby, prime & continuous, and peak shaving. Amongst these segments, the standby segment is anticipated to garner the largest revenue of USD 6042.5 Million by the end of 2025, and also grow with the highest CAGR of 4.2% during the forecast period. In California, the segment registered the largest revenue of USD 1724.1 Million in the year 2018 and is further projected to grow with the highest CAGR of 3.5% during the forecast period. On the other hand, in Oregon, the standby segment is projected to grow with the highest CAGR of 5.2% during the forecast period.
The United States (U.S.) generator market is further segmented by fuel type, and by end-use industry.
United States (U.S.) Generator Market, Segmentation by Fuel Type
United States (U.S.) Generator Market, Segmentation by End-Use Industry
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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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