Every year, thousands of people in North America purchase an electric generator to protect themselves, their families, and businesses during emergencies, but what does 2022 hold the generator industry?
Increased customer awareness, higher power demand, low cost, and operational benefits have proven to be great draws for the at-home and portable generator industries since 2017, with the market boasting a $2.01 billion profit trajectory. However, with the pandemic and worldwide lockdowns soon following, how has the previous prediction for growth from 2017 to 2022 been affected? Recently on MarketWatch, it is said that the generator industry has grown at a 3.66% rate. Not insignificant, but not completely unaffected by supply chain and manufacturing problems. Still, prime and continuous portable generators are expected to account for the maximum share of this growing market, with home and business owners looking for dependable and constant power in case of the worst emergencies. This is especially true during natural disasters that seem to have grown in intensity over the last few years,one notable mention being the winter storm that hit Texas early in 2021.
Looking to the Future
Recent Third Quarter reports in leading generator manufacturing companies point towards some interesting trends in the industry ahead as we close out 2021 and welcome 2022. For example, Generac recently acquired Chilicon Power, a designer, and provider of grid-interactive technology for the solar market which could point towards efficient or green-energy generator developments. They also acquired Off Grid Energy, a designer and manufacturer of industrial-grade energy storage systems that could lead to interesting developments in high-efficiency generators for both commercial and residential markets.
Whatever the future holds, Automated Home Generators will be up to date with new trends, the latest maintenance, and upkeep techniques, and our trusted high-quality customer service to provide our community with dependable access to energy in the best and worst of times!