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Home Standby Gensets Market Analysis
- Report ID: GMI3308
- Published Date: Feb 2023
- Report Format: PDF
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 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.
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.
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.
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Home Standby Gensets Market Scope
