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Home Standby Gensets Market Size By Power Rating (≤ 10 kVA, > 10 kVA - 50 kVA, > 50 kVA - 100 kVA, > 100 kVA), By Fuel (Diesel, Gas), By Phase (Single Phase, Three Phase), By Product (Air Cooled, Liquid Cooled) & Forecast, 2023 - 2032
- Report ID: GMI3308
- Published Date: Feb 2023
- Report Format: PDF
Industry Statistics
Home Standby Gensets Market size exceeded USD 7 billion in 2022 and is projected to expand at more than 6.5% CAGR from 2023 to 2032, due to rising prominent government projects for the housing sector.
The soaring intensity of weather-related disasters around the world has pushed the use of standby gensets in home settings. On account of sleet storms, freezing rain, and high winds that damage power lines and equipment and cause power supply interruptions extending from a few hours to several weeks, the product demand has significantly increased, especially in North America. For instance, in December 2022, the U.S. witnessed a heavy winter storm that caused blizzards and power outages in thousands of households, increasing the need for commercial gensets and generator sets in residential areas.
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Furthermore, rapid industrialization and the surging requirement for adequate power supply are driving the demand for generators. Supportive government programs, including smart city projects and real estate ventures, are forecast to favor the business outlook. To cite an instance, in May 2022, Pennsylvania’s largest city Philadelphia launched SmartBlockPHL as part of the SmartCityPHL program in partnership with US Ignite, the city corporation, communications firm Juganu, and telecom expert Comcast. The smart city project aims to gather real-time data to understand the urban environment.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | 7.3 Billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6.8% |
| 2032 Value Projection: | 14.2 Billion (USD) |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 595 |
| Tables, Charts & Figures: | 1,309 |
| Segments covered: | Power Rating, Fuel, Phase, Product |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Availability of green alternatives may restrain industry growth
The greater use of renewable energy sources for power generation may hamper the home standby gensets market expansion. Renewable and alternative energy sources, such as battery backups, solar power, wind energy, and bioenergy, are gaining popularity as people are opting for green alternatives. Moreover, portable and easy-use gensets are also preferred over standby generators owing to their mobility. Nonetheless, the booming housing sector as a result of massive investments in the residential sector is poised to aid market players in overcoming this issue.
≤ 10 kVA gensets to gain prominence as an economical emergency power solution
In terms of power rating, the ≤ 10 kVA segment accounted for over 30% share of the home standby gensets market in 2022. These gensets are primarily installed in regular apartments and small houses to meet basic power requirements and serve as an affordable emergency power solution. These gensets are also capable of connecting to a home gas line and thus, eliminate the need for fuel tanks and reduce the product price, which is likely to favor the segment outlook.
Significant utilization in residential areas to accelerate three-phase gensets uptake
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Home standby gensets market size from the three phase segment is anticipated to surpass more than USD 4 billion by 2032. The substantial use of three-phase generators in large residential buildings, such as bungalows, mansions, and luxury residences, has encouraged companies to introduce advanced solutions. In September 2022, Caterpillar launched Cat XQ2280 with an 1825 kW rating and a three-phase brushless alternator.
Easy availability of fuel to help diesel standby gensets market record high revenues
With respect to fuel, the home standby gensets market from diesel segment is primed to depict nearly 6% gains between 2023 and 2032. The primary advantages of diesel-fueled standby gensets include excellent performance, simple fuel availability, and the capacity to provide an affordable power source, and thus, have notable industry potential. To cite an instance, in June 2022, Cummins, a power generation solution manufacturer, launched its new Twinpack rental power diesel generator that does not need Diesel Particulate Filter, follows EPA standards, and has low emission.
Widespread uptake in residential settings to push the air-cooled home standby gensets demand
In terms of product, the home standby gensets market from air cooled segment is expected to showcase more than 6.5% growth rate through 2032. These systems meet the electrical needs of the residential sector as they have a simple structure, less air requirement, low fuel consumption, minimal risks of frost cracking, and low maintenance. For instance, in January 2022, Briggs & Stratton and Generac introduced the new 26kW air-cooled generator model, which features 33% more power and costs half the amount of liquid-cooled gensets.
Positive government emphasis on building smart cities to boost industry progression across Europe
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Europe home standby gensets market held over 15% of the revenue share in 2022. The ongoing paradigm shift in people's dependency on electronics and electrical appliances as well as favorable government initiatives to bolster smart home deployment is foreseen to impel regional market growth. For instance, in May 2022, the European Commission selected 100 European cities for its Smart Cities Mission that are also eligible for around USD 378 million in funding under the Horizon Europe initiative.
Increased investment toward product innovation to foster the industry outlook
Top companies operating in the home standby gensets market are Cummins, Kohler Co., Kirloskar, Generac Power Systems, Rolls-Royce plc, Caterpillar, Eaton, Mahindra POWEROL, Champion Power Equipment, Ashok Leyland, Powerica Limited, HIMOINSA, Gillette Generators, PR INDUSTRIAL, and HIPOWER. These firms primarily focus on product innovation to stay ahead in the competitive scenario. For instance, in July 2022, HIPOWER Systems, a Yanmar Group company, introduced new models as part of the HNI spark-ignited standby series that range from 80 kW to 150 kW. These models are created for healthcare, data management, or other installations requiring standby gensets.
Impact of COVID-19 on the home standby gensets market trends
The COVID-19 pandemic significantly improved the demand for home standby gensets. The coronavirus outbreak led to strict lockdowns and hampered power supply in commercial and industrial sectors while causing a shift in working trends in the residential and industrial sectors. This resulted in high residential load demand and outages in the electricity grid, which propelled product adoption. For instance, Generac Power Systems, a provider of home generators, reported a 50% increase in revenue in the initial phase of the pandemic. Additionally, the rental and second-hand sales of home generators are set to further stimulate industry expansion.
The home standby gensets market research report includes in-depth coverage of the industry with estimates & forecasts in terms of “Units” & “USD” from 2019 to 2032, for the following segments:
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Market Insights, By Power Rating
- ≤ 10 kVA
- > 10 kVA - 50 kVA
- > 50 kVA - 100 kVA
- > 100 kVA
Market Insights, By Fuel
- Diesel
- Gas
- Others
Market Insights, By Phase
- Single Phase
- Three Phase
Market Insights, By Product
- Air Cooled
- Liquid Cooled
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Europe
- Russia
- UK
- Germany
- France
- Spain
- Austria
- Italy
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- Philippines
- Middle East
- Saudi Arabia
- UAE
- Qatar
- Turkey
- Iran
- Oman
- Africa
- Egypt
- Nigeria
- Algeria
- South Africa
- Angola
- Kenya
- Mozambique
- Latin America
- Brazil
- Mexico
- Argentina
- Chile