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Home Standby Gensets Market Size
- 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.
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 Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Home Standby Gensets Market Size in 2023: | USD 7.9 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 6.7% |
| 2032 Value Projection: | USD 14.2 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 595 |
| Tables, Charts & Figures: | 1,309 |
| Segments covered: | Power Rating, Fuel, Phase, Product |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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.
Frequently Asked Questions (FAQ) :
Home Standby Gensets Market Scope
