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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, 2024 - 2032

  • Report ID: GMI3308
  • Published Date: Feb 2023
  • Report Format: PDF

Home Standby Gensets Market Size

Home Standby Gensets Market size exceeded USD 7.9 billion in 2023 and is projected to expand at more than 6.7% CAGR from 2024 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.
 

Home Standby Gensets Market

To understand key trends  

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.
 

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.
 

Home Standby Gensets Market Analysis

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.
 

Home Standby Gensets Market Share, By Phase

To understand key trends  

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.
 

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.
 

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of home standby gensets crossed USD 7.9 billion in revenue in 2023 and is set to progress at more than 6.7% gains through 2032 owing to the soaring intensity of weather-related disasters globally.
The < 10 kVA segment clocked over 30% of the global market share in 2022 due to the widespread use of these gensets in small houses to meet basic power requirements as an affordable emergency power solution.
The air cooled segment is poised to showcase more than 6.5% growth rate between 2023 and 2032 as a result of its easy structure, low fuel consumption, less air requirement, and minimal risks of frost cracking.
Europe held over 15% of the revenue share in 2022 on account of the ongoing paradigm shift in people's dependency on electronics and electrical appliances in the region.

Home Standby Gensets Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 1309
  • Countries covered: 36
  • Pages: 595
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