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Home Standby Gensets Market worth over $14 Bn by 2032
- Published Date: February 7, 2023
Home Standby Gensets Market size is set to surpass USD 14 billion by 2032, according to a new research report by Global Market Insights Inc.
The report identifies substantial investments across the real estate sector as the chief driver of the industry trends. The surging focus on the development of residential structures, especially apartments and duplexes across North America and Europe, is bolstering product adoption. For instance, in July 2022, the U.S. Department of Treasury launched new measures to offer affordable housing in minor communities through the American Rescue Plan (ARP). Another factor bolstering product use is the booming number of senior nursing and housing facilities.
Ability to control higher electricity loads to accelerate > 10 kVA - 50 kVA rating gensets
The > 10 kVA - 50 kVA capacity home standby gensets market is slated to depict more than 6.5% growth rate through 2032. The widespread use of these units to run everyday equipment, including water heaters, well pumps, and several kitchen appliances, is likely to promote product penetration. 50 kVA generators can handle high electrical loads while also addressing the regular electricity deficits for up to 25 hours of run time, and thus, serve as efficient prime or backup power sources.
Low carbon footprint to increase gas-fueled gensets industry share
In terms of fuel, the home standby gensets market from gas segment recorded a valuation of over USD 2.5 billion in 2022. These gensets produce less NOx and particulate matter than their counterparts, which is driving segment expansion. Moreover, strict government regulations to control carbon emissions, such as the Clean Energy Programs by the U.S. EPA to encourage the adoption of renewable resources and clean technologies are also supporting industry dynamics.
Better affordability to push the use of single-phase gensets
The single-phase segment contributed to about 60% of the home standby gensets market revenue in 2022. The segment outlook is expected to improve as a result of the widespread utilization of these units to provide backup power to residential facilities as they are affordable, compact, and lightweight, which makes them suitable for powering simpler appliances and electric systems that do not require constant high voltage.
Browse key industry insights spread across 595 pages with 1276 market data tables & 33 figures & charts from the report, “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), COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Reliability of liquid-cooled standby genset to shape industry outlook
The liquid cooled home standby gensets market size valued at USD 3.5 billion in 2022. The efficacy of water-cooled gensets in handling heat with more reliability, capacity, and less noise is driving product adoption, especially in larger residential buildings with heavy-load appliances. This has encouraged market players to innovate liquid-colling technology for generators. For instance, in April 2022, Edina, a power generation expert, launched its battery energy storage system solution with liquid cooling that can reduce energy consumption by 30%.
North America home standby gensets market to benefit from harsh weather conditions
The North America industry is primed to expand at nearly 7.5% CAGR through 2032. The region may emerge as a major hub for this industry owing to conventional power supply networks and an increase in natural disasters. In May 2022, the U.S. government launched the Building the Better Grid initiative, which was aimed at improving the aging grid and infrastructure in light of increasing power outages caused by extreme weather conditions.
Soaring efforts to maintain on-site power supply to enhance the competitive scenario
The strategic landscape of the home standby gensets market is anticipated to witness a series of promising mergers and partnerships by industry participants. For instance, in November 2022, Cummins, Inc., a power generation product manufacturer, inked a partnership agreement with Exergy Energy, a specialist in power backup solutions. As part of the deal, Cummins’ power system solutions, including generator sets, energy storage systems, and switching equipment, were purposed to enable the client location to run operations when the grid was down or during peak demand.
Some key companies profiled in the report include Kirloskar, Cummins, Kohler Co., Rolls-Royce plc, Mahindra POWEROL, Caterpillar, Eaton, Generac Power Systems, and Champion Power Equipment, among others.