The Business Research Company’s report on the Home Standby Gensets Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the home standby gensets market’s growth in recent years?
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.
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How does the future projection of the home standby gensets market size compare to its historical growth?
The home standby gensets market size has grown strongly in recent years. It will grow from $4.75 billion in 2024 to $5.11 billion in 2025 at a compound annual growth rate (CAGR) of 7.6%. 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 $7.3 billion in 2029 at a compound annual growth rate (CAGR) of 9.3%. 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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Which key players are shaping the future of the home standby gensets market?
Major companies operating in the home standby gensets market include 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., RID GmbH, 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
What trends will propel the growth and evolution of the home standby gensets market?
Major companies operating in the home standby gensets market are increasing their focus on introducing high-power generators, such as the Home Energy Storage System product series, to gain a competitive edge in the market. A home energy storage system (HESS) consists of integrated devices that store energy produced from renewable sources like solar panels or the electrical grid for residential use. These systems allow homeowners to optimize energy consumption, enhance energy independence, and lower electricity expenses. For instance, in September 2024, Generac Holdings, a US-based manufacturer of backup power generation products, launched PWRcell 2 and PWRcell 2 MAX. The PWRcell 2 offers 18 kWh capacity and 10 kW max continuous power, sufficient to start various home loads, including a 5-ton A/C unit, while the upcoming PWRcell 2 MAX will provide 11.5 kW max power with the ability to handle loads over 200A LRA. Both systems integrate seamlessly with Generac’s generators, ensuring reliable backup during extended outages by recharging while powering the home. They also feature native integration with Ecobee smart thermostats for efficient home energy management, helping homeowners monitor and save on energy costs. The PWRcell 2 will be available by year-end, with the PWRcell 2 MAX launching in mid-2025.
Which regions are expected to become dominant players in the home standby gensets market?
North America was the largest region in the home standby gensets market in 2024. 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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What are the emerging key segments in the home standby gensets market, and how are they evolving?
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
Subsegments:
1) By Air Cooled: Portable Air Cooled Generators, Stationary Air Cooled Generators
2) By Liquid Cooled: Residential Liquid Cooled Generators, Commercial Liquid Cooled Generators
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How is the home standby gensets market defined, and what are its core characteristics?
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.
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