U.S. portable generators market to gain remarkable proceeds via product innovations, South Atlantic belt to prominently drive the regional demand
Publisher : Fractovia | Published Date : 2018-05-17Request Sample
The growth prospect of U.S. portable generators market seems to be quite pronounced with the country facing severe power outages prompted by weather disruptions, rolling blackouts, security concerns, and grid failures. According to a report conjointly put forth by U.S. Department of Energy and President’s Council of Economic Advisers in the year 2013, severe weather is claimed to be the leading cause of power disturbances in America. Reportedly, within the span of 2003-2012 the nation has experienced nearly 679 extensive power outages due to severe weather. Not just that, over this period the weather-related power disorders were estimated to have cost American economy an inflation of approximately USD 18 billion to 33 billion. Amidst this backdrop, U.S. portable generators industry is undoubtedly sending out waves of anticipation for a significant change in the energy spectrum.
South Atlantic Portable Generators Market Size, By Power Rating, 2017 & 2024 (‘000 Units)
Since the business space is highly competitive, regional companies have been bending over backwards on product innovations via major investment in technology platforms. A vital instance testifying the declaration is Generac Power Systems’ recent introduction of CO-SENSE™ at the National Hardware Show in Las Vegas, this year. This groundbreaking technology brought forth by the well-established U.S. portable generators market player, claims to protect portable generator user against CO poisoning. The inherent technology reportedly feature a patent-pending algorithm that trips the generator immediately as soon as the carbon monoxide level reaches unsafe levels.
In this regard, it is prudent to mention that the impetus behind the new wave of innovations that U.S. portable generators market is characterized by, mainly stems from the freshly revised portable generator safety standards. That is to say, PGMA (The Portable Generator Manufacturers’ Association) has recently announced its updated G300-2018 portable generators Safety and Performance standard. An enhanced version of its predecessor ANSI/PGMA G300-2015, the revised standardization solely grounds on CO safety by virtue of a cost-effective comprehensive methodology that claims that operating generators indoors can save up to 99% reduction in death. This particular regulation is expected to gain a mass acceptance across entire U.S. portable generators market, as it has already received a green signal from ANSI. Experts’ believe the CO sensing technology adds further value to this standard, as it would not only lead to cutthroat innovations but also environmentally viable ones.
In sync with the sustainability march, a transformative trend has been already observed in U.S. portable generators market over the recent years. Say for instance, altE Store, a leading distributor of renewable energy equipment based out of Boxborough, MA, has recently made it to the headlines with its new range of solar powered portable generators. In a bid to establish its stance in the expanding U.S. portable generators industry, the company has introduced its new product line to address the exponentially growing needs of the customers. There is a dire need to install portable solar power generators in areas where uninterrupted power supply is absolutely a mandate but are facing frequent power cuts subject to extreme weather fluctuations. Considering the case of altE itself, following the catastrophic hurricane in 2017, it has left no stone unturned to start its own line of mobile power generators to remain in pace with the market demand.
South Atlantic region was reported to be one of the most highly impacted regions of the hurricane in 2017, which undeniably has acted as a catalyst in proliferating the market trends in this particular turf. The paramount stance of South Atlantic belt in the entire U.S. portable generators industry is quite coherent from the estimation that forecasts that the annual shipments of the regional market would exceed 400,000 units by 2024. Unpredictable power disorders subject to sever natural disasters like Atlantic hurricane is claimed to be the primary factor stimulating the regional market trends. Taking the case of 2017 when Irma struck Florida which led to prolonged power cut, reportedly affected almost 64 percent of the overall electric utility domains of the state. Apart from South Atlantic belt, North East coast of US portable generators market is likely to witness appreciable growth at 5% CAGR over 2017-2024. New York, Pennsylvania, and New Jersey would be the major revenue grounds.
Increasing demand for uninterrupted reliable power supply has undeniably up surged the Americans’ dependency on back-up solutions during power cuts. This in consequence, has fundamentally amplified portable generator industry share in U.S. The strict regulatory backup promoting lower CO emissions is further opening new growth avenues for the industry space. Inherently stimulated by the sustainability trends, U.S. portable generators industry is certain to emerge as one of the most opportunistic business grounds in the coming decade. In terms of commercialization, Global Market Insights, Inc. forecasts the overall portable generators market in U.S. to exceed a valuation of USD 1.5 billion by 2024.
