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Overview and Scope
The home standby gensets also called generators for house usage can effortlessly transfer the process of supplying power to the home in the event of a power outage and then cease when the power is restored. It is used to provide power to households that experience regular power outages.
Sizing and Forecast
The home standby gensets market size has grown strongly in recent years. It will grow from <b>$4.46 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. </b> The growth in the historic period can be attributed to increase in power reliability, rise in extreme weather events, rise in aging electrical infrastructure, increased power dependency, increase in healthcare needs.
The home standby gensets market size is expected to see strong growth in the next few years. It will grow to <b>$6.82 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. </b> The growth in the forecast period can be attributed to increasing home electrification, increasing climate change and natural disasters, increasing aging population, increasing energy transition, rising energy resilience. Major trends in the forecast period include smart technology integration, natural gas and propane fuel options, enhanced transfer switches, whole-house backup, portable standby generators.
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Segmentation & Regional Insights
The home standby gensets market covered in this report is segmented –
1) By Product Type: Air Cooled, Liquid Cooled
2) By Fuel Type: Natural Gas, Diesel, Other Fuel Types
3) By Phase Type: Single Phase, Three Phase
<b>North America</b> was the largest region in the home standby gensets market in 2023. The regions covered in the home standby gensets market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Rapid urbanization is expected to propel the growth of the home standby gensets market going forward. Urbanization refers to the population shifted to the urban areas. Home standby generators are directly connected to the home’s electrical system and can provide continuous power for days if required. The rapid urbanization had increased the use of home standby gensets as most of the urban people will be in need of home standby gensets. For instance, according to United Nations, department of economic and social affairs, the world’s population living in urban areas is expected to project at 68% by 2050, where 90% of this increase is taking place in African and Asia regions. Therefore, rapid urbanization is driving the growth of the home standby gensets market.
Key Industry Players
Major companies operating in the home standby gensets market include <b> Cummins Inc., Briggs & Stratton Corp., Generac Holdings Inc., Caterpillar Inc., Honeywell International Inc., Eaton Corporation plc, Mahindra Powerol Ltd., Powerica Limited, HIMOINSA Yanmar Company, Ashok Leyland Ltd., Kirloskar Oil Engines Limited, Siemens AG, Kohler Co. Inc., Rolls-Royce Power Systems AG, MTU Onsite Energy GmbH, DuroMax Power Equipment, Atlas Corp., Doosan Portable Power, Gelec HK Limited, Aurora Generators Inc., J.C. Bamford Excavators Limited, RID GmbH, Nationstar Mortgage Holdings Inc., JS Power Solutions Pvt. Ltd., Champion Power Equipment Inc., Westinghouse Electric Corporation, Yamaha Motor Co. Ltd., Honda Motor Co. Ltd., Subaru Corporation, WEN Products Inc., Pulsar Products Inc., Buffalo Corporation, SUMEC Group </b>
The home standby gensets market report table of contents includes:
1. Executive Summary
2.Home Standby Gensets Market Characteristics
3. Home Standby Gensets Market Trends And Strategies
4. Home Standby Gensets market analysis
5.Home Standby Gensets Market Size And Growth
6. Home Standby Gensets Segmentation
7.Home Standby Gensets Regional And Country Analysis
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27.Home Standby Gensets Competitive Landscape And Company Profiles
28.Home Standby Gensets Key Mergers And Acquisitions
29.Home Standby Gensets Future Outlook and Potential Analysis
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