North America Gasoline Genset Market Size, Share, Growth Analysis, By Power Rating(<2 kVA, 2 kVA - 3.5 kVA), By Engine Class(Handheld Engine, Class I Engines), By End-Use(Residential, Commercial) - Industry Forecast 2024-2031

North America Gasoline Genset Market size was valued at USD 1.20 billion in 2022 and is poised to grow from USD 1.25 billion in 2023 to USD 1.74 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The gasoline genset market in North America has been exhibiting steady growth driven by various factors including increasing demand for reliable backup power solutions, growing construction activities, and rising awareness regarding emergency preparedness, particularly in regions prone to natural disasters. A genset, or generator set, refers to a device used to generate electrical power by converting mechanical energy into electrical energy. Gasoline gensets utilize gasoline as a fuel source to power internal combustion engines, which in turn produce electricity. One of the key drivers of the gasoline genset market in North America is the need for backup power solutions, especially in residential and commercial settings. Instances of power outages due to extreme weather conditions, aging grid infrastructure, or other factors have highlighted the importance of having reliable backup power sources. Gasoline gensets offer a convenient and relatively affordable solution for providing backup power during such outages. Moreover, the construction industry plays a significant role in driving demand for gasoline gensets. These generators are commonly used in construction sites where access to grid power may be limited or unavailable. They provide the necessary power to operate tools and equipment, thereby facilitating smooth operations at construction sites. With ongoing infrastructure development projects across North America, the demand for gasoline gensets in the construction sector is expected to remain robust. Another factor contributing to market growth is the increasing emphasis on emergency preparedness, particularly in regions susceptible to natural disasters such as hurricanes, tornadoes, and earthquakes. Homeowners, businesses, and local authorities are increasingly investing in backup power solutions to ensure continuity of operations during emergencies. Gasoline gensets are often preferred due to their portability, ease of use, and availability of fuel. Despite the positive outlook, the North America gasoline genset market faces certain challenges. One such challenge is the growing popularity of alternative power sources such as natural gas, propane, and diesel generators. These alternatives may offer certain advantages over gasoline gensets, such as lower fuel costs, longer run times, and reduced emissions. Additionally, environmental concerns regarding emissions from gasoline-powered engines are prompting some users to explore cleaner alternatives.

Top-down and bottom-up approaches were used to estimate and validate the size of the North America Gasoline Genset Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

North America Gasoline Genset Market Segmental Analysis

The North America gasoline genset Market is segmented into three major segments i.e. by Power Rating, Engine Class, End-use. Based on power rating the market is segmented as, <2 kVA, 2 kVA - 3.5 kVA, 3.5 kVA - 5 kVA, 5 kVA - 6.5 kVA, 6.5 kVA - 8 kVA, 8 kVA - 15 kVA, 15 kVA - 20 kVA. Based on engine class the market is segmented as, handheld engine, class I engines, class II engines. Based on end-use the market is segmented as, residential, commercial, construction.

Drivers of the North America Gasoline Genset Market

The North America gasoline genset market has experienced notable growth in recent years, driven by various factors such as increasing demand for reliable backup power solutions, particularly in regions prone to natural disasters like hurricanes and wildfires. One key market driver is the growing emphasis on disaster preparedness and resilience in both residential and commercial sectors. With frequent occurrences of extreme weather events, businesses and homeowners are increasingly recognizing the importance of having backup power sources to ensure uninterrupted operations and maintain essential services during power outages. Gasoline gensets offer a convenient and cost-effective solution due to their portability, ease of use, and widespread availability of fuel.

Restraints in the North America Gasoline Genset Market

However, despite the growing demand, the market also faces significant restraints, with one notable factor being the environmental concerns associated with gasoline-powered generators. As governments and environmental agencies intensify efforts to reduce greenhouse gas emissions and combat climate change, there is increasing pressure to transition towards cleaner and more sustainable energy alternatives. Gasoline gensets are known for their relatively high emissions of pollutants such as carbon monoxide, nitrogen oxides, and particulate matter, which contribute to air pollution and adverse health effects. Stringent regulations regarding emissions standards and noise pollution could potentially hinder the growth of the gasoline genset market, particularly in environmentally conscious regions.

Market Trends of the North America Gasoline Genset Market

In terms of trends, one prominent development in the North America gasoline genset market is the growing adoption of advanced technologies to enhance performance, efficiency, and reliability. Manufacturers are increasingly incorporating features such as electronic fuel injection, digital controllers, and automatic transfer switches to improve fuel efficiency, reduce emissions, and enable seamless integration with smart grid systems. Moreover, there is a rising demand for hybrid and dual-fuel gensets that can operate on multiple fuel sources, providing greater flexibility and resilience in power generation. Additionally, the integration of IoT (Internet of Things) capabilities enables remote monitoring, diagnostics, and predictive maintenance, thereby optimizing operational efficiency and minimizing downtime. These technological advancements are expected to drive the evolution of the gasoline genset market in North America, catering to the evolving needs of customers and regulatory requirements alike.