Frost & Sullivan Recognizes Generac Power Systems with 2014 Company of the Year Award
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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