The company has future-proofed its products by aligning each
of its segments with the most vital consumer needs of the next five
years
MOUNTAIN VIEW, California,
Sept. 2, 2015 /PRNewswire/
-- Based on its recent analysis of the natural gas generator
set market, Frost & Sullivan recognizes Generac Power Systems
(Generac) with the 2014 North American Frost & Sullivan Company
of the Year Award. Generac has grown in the highly competitive
natural gas generator set market with its mix of visionary
excellence, strong customer relations, and top brand equity.
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Generac is likely to experience protracted growth in the
segments of commercial, industrial, mobile, and engine-powered
gensets. To expand its footprint, it acquired Gen-Tran, a transfer
switch expert, and Ottomotores, a generator manufacturer in the
power range of 15kW to 2500kW. It went on to acquire Tower Light, a
lighting tower manufacturer, and Baldor Electric Co.'s generator
business. These companies have extended Generac's growth
opportunities for the next 10 to 20 years.
Meanwhile, Generac's entire residential product line was
enriched with the introduction of a lower-priced unit, PowerPact,
as well as a premium unit, Synergy, which includes a variable speed
engine and advanced electronic control system. The innovations
offer user-friendly products.
Additionally, its remote monitoring capabilities have expanded
beyond the regular interface to cater to cellular-based
applications. This includes maintenance and service alerts to a
range of devices such as mobile phones, tablets, and any form of a
computer interface.
Generac's natural gas industrial products have emerged as
significant, cost-effective alternative to incumbent diesel-powered
generator sets. It enlarged its natural gas portfolio by launching
products up to 400kW. More recently, the company invested in mobile
natural gas generators that deliver power to remote oil & gas
locations using the resources on site. They not only diminish the
need to haul diesel fuel, but also decrease flaring. This has
placed the company at the forefront of the market and sets it apart
from competitors.
"Generac's smart maneuvering in the market has earned it more
than a 70 percent share of the residential home standby segment,"
said Frost & Sullivan Research Manager Lucrecia Gomez. "Moreover, the oil and gas
vertical presents it with attractive long-term growth
opportunities, especially for its natural gas generator set
business."
Generac has established a strong distribution network comprised
of nearly 5,500 dealers and distributors across North America. The company's year-on-year
growth in the number of dealers was remarkable, with almost 550
dealers added in 2013 and an aggregate of 1,100 since early
2012.
The company complements this large distributor network with
support services provided through product and part replacements,
24/7 technical support, ready access to dealers anywhere in
North America, and dedicated
customer service representatives. With a growing market, the
company has shown that it is truly a force to be reckoned with in
the North American market for natural gas generators.
Furthermore, recognizing the value of being cost competitive,
the company has successfully benchmarked the best
price-to-performance value for its entire line of generator
products. Importantly, the products are versatile enough to operate
on a number of fuels, such as natural gas, liquid propane, or
diesel with the Bi-Fuel™ solution. Its product price range is among
the best offered in the industry.
"Generac has proven repeatedly that its targeted approach to the
market has enhanced its expertise," noted Gomez. "With over 250
specialized engineers, the company has the most formidable line up
of industry-wide expertise."
Each year, Frost & Sullivan presents this award to the
company that has demonstrated excellence in terms of growth
strategy and implementation. The award recognizes a high degree of
innovation with products and technologies, and the resulting
leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies
in a variety of regional and global markets for demonstrating
outstanding achievement and superior performance in areas such as
leadership, technological innovation, customer service and
strategic product development. Industry analysts compare market
participants and measure performance through in-depth interviews,
analysis and extensive secondary research to identify best
practices in the industry.
About Generac (NYSE: GNRC)
Generac Power Systems (NYSE: GNRC) is a leading global supplier
of backup power and prime power products, systems, and
engine-powered tools. Back in 1959, our founder was committed to
designing, engineering, and manufacturing the first affordable
backup generator. Fifty-five years later, the same dedication to
innovation, durability and excellence has resulted in the company's
ability to expand its industry-leading product portfolio into homes
and small businesses, on job sites, and in industrial and mobile
applications across the globe. Generac offers backup and prime
power systems up to 100 MW, and uses a variety of fuel sources to
support power needs for our customers. We are proud to be named the
Frost & Sullivan 2014 North American Natural Gas Generator Set
Company of the Year.
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