Home Standby Gensets Market size is anticipated to surpass USD 8.5 billion by 2027, as reported in the latest study by Global Market Insights Inc.
Rising frequency and intensity of extended power disruptions due to unexpected weather conditions and grid inadequacy are set to drive the home standby gensets industry statistics. Increasing significance of reliable & uninterrupted electricity supply to constantly operate crucial power equipment across the residential buildings will accelerate the product deployment. Diminishing resilience of the transmission & distribution grid infrastructure together with growing awareness of consumers toward emergency power backup will further complement the industry outlook.
The outspread of coronavirus also known as COVID-19 accompanied by the threat of third wave hitting the major economies may further result in ceasing of overall industry operations on account of implementation of lockdowns and stringent curfews by respective governments. However, rising demand for swift construction activities for development of improvised residential healthcare establishments has triggered the demand for gensets as an essential electricity supply source. Urgency to deliver continuous power supply to the home quarantine centers to respond to the increased count of COVID-infected patients will enhance the industry share.
Rising consumer focus toward uninterrupted power supply will foster the global home standby gensets industry growth
50 kVA - 100 kVA rated gensets, in 2020 accounted for over 15% of the global home standby gensets market share. These units are most suited for residential applications including well pumps, kitchen appliances, electric hot water heaters, and bigger central AC systems. The ability of these units to handle bigger loads and to power basic and essential electronic products and multiple other systems will positively influence the market trends. The prominence of these gensets can be substantially attributed to multi-use capacity, suited for variable end-user requirements, fueling the product deployment.
Browse key industry insights spread across 424 pages with 854 market data tables & 31 figures & charts from the report, “Home Standby Gensets Market Statistics By Power Rating (< 10 kVA, 10 kVA - 50 kVA, 50 kVA - 100 kVA, > 100 kVA), Fuel (Diesel, Gas), Phase (Single Phase, Three Phase), Product (Air Cooled, Liquid Cooled), Industry Analysis Report, Regional Analysis, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Shifting customer awareness toward emergency preparedness will accelerate the market forecasts
Single phase home standby gensets market share is anticipated to witness a significant growth on account of growing customer awareness toward power solutions for emergency backup along with inability of the legacy power grid infrastructure to sustain heavy loads. These units are majorly applicable for small or mid-sized houses or residential buildings on account of their operational suitability for small power ranges together with reasonably low maintenance requirements.
Rising investments in residential and non-residential infrastructure development by government and private organizations will fuel the product adoption
Nigeria home standby gensets market share is projected to expand at a CAGR of over 9% from 2021 to 2027. Inadequate T&D energy networks, surging population growth, and elevated electricity costs are the factors driving the product demand across the nation. These units are progressively deployed across the residential sector to deliver a cost-effective energy source and a reliable back-up. Rising investments in infrastructure development by government and private organizations will positively influence the nation’s home standby gensets industry dynamics.
The eminent players operating across the global home standby gensets market are focusing on introducing products integrated with advanced technologies via strategic partnerships, mergers & acquisitions, and joint ventures. Key manufacturers include Briggs & Stratton, Cummins, Generac, Caterpillar, Kirloskar, Honeywell, Rolls-Royce Power Systems, Eaton, Champion, Ashok Leyland, Mahindra Powerol, HIMOINSA, Kohler, and Powerica amongst others.