Home Standby Gensets Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
Home Standby Gensets Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030

Home Standby Gensets Market Share, Size, Trends, Industry Analysis Report, By Phase (Single Phase, Three Phase); By Fuel (Diesel, Gas, Others); By Product; By Power Rating (< 10 kVA, 10 kVA - 50 kVA, 50 kVA - 100 kVA, > 100 kVA; By Region; Segment Forecast, 2022 - 2030

  • Published Date:Jun-2022
  • Pages: 113
  • Format: PDF
  • Report ID: PM2231
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Outlook

The global home standby gensets market was valued at USD 4.81 Billion in 2021 and is expected to grow at a CAGR of 8.3% during the forecast period. A home standby genset is an immediate backup generator permanently installed next to a residence to provide reliable backup power in a power outage or grid breakdown. Introducing strict regulatory criteria to encourage the adoption of energy-efficient appliances and increased consumer expenditure on high-end technologies would boost the product adoption.

Home Standby Gensets Market SizeKnow more about this report: Request for sample pages

For instance, according to the World Economic Forum, India has one of the world's fastest-growing economies. Consumer spending is expected to increase fourfold by 2030. By 2030, India's economy would shift from one dominated by the poor to the middle class. By 2030, the income group will account for 75% of all consumer spending.

Additionally, the expansion of the home standby gensets business is projected to be aided by substantial economic transformations brought about by rising urbanization. According to the United Nations' Our World in Data, more than 4 billion people live in cities worldwide. In addition, by 2050, more than two-thirds of the world's population is predicted to live in cities. Around 7 billion people are expected to live in urban areas by 2050. People tend to move from rural to urban regions as they get wealthy.

By 2050, urban regions are expected to house 68 percent of the world's population (an increase from 54% in 2016). In fact, by 2050, only a few countries are anticipated to have rural population proportions larger than urban. Several countries in Sub-Saharan Africa, Asia, Pacific Island States, and Latin America, including Guyana, are among them. In 2050, India (which is forecast to be the world's most populated country) is expected to have only 53% of its population living in cities.

Thus, the rising urbanization will propel the market demand for home standby gensets as the people will face changes in living standards in the urban areas, boosting the market growth during the forecast period. However, the high cost associated with the home standby gensets is restraining the home standby gensets industry growth.

Home Standby Gensets MarketKnow more about this report: Request for sample pages

Industry Dynamics

Growth Drivers
The home standby gensets market has observed substantial developments over the last few decades supported by various factors such as the presence of significant players worldwide and their strategies, such as establishing the production plant, mergers and acquisitions, partnerships, collaborations, and product launches, among others. All approaches adopted by the major players have increased the market demand for home standby gensets, boosting the market growth during the forecast period.

For instance, in March 2021, Eaton, a power management firm, acquired Tripp Lite. It is a prominent provider of power source products for data centers, industrial, medical, and communications applications in the Americas, rack electrical distribution units, voltage regulators, and enclosures. Eaton's objective is to use power management technologies and services to improve people's lives and the environment.

Further, in October 2021, Generac Power Systems announced the launch of the "Guardian 26kW Home Standby Generator". It produces 26 KW of high power and saves thousands of dollars on purchase and installation. Thus, the product's launch and other strategies had boosted home standby gensets market growth.

Report Segmentation

The market is primarily segmented based on power rating, fuel, phase, product, and region.

By Power Rating

By Fuel

By Phase

By Product

By Region

  • < 10 kVA
  • 10 kVA - 50 kVA
  • 50 kVA - 100 kVA
  • > 100 kVA
  • Diesel
  • Gas
  • Others
  • Single Phase
  • Three Phase
  • Air Cooled
  • Liquid Cooled
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Know more about this report: Request for sample pages

Insight by Power Rating

Based on the power rating segment, the < 10 kVA segment is expected to be the most significant revenue contributor in the global home standby gensets market in 2021 and is expected to retain its dominance in the foreseen period. The availability of gensets with a power rating of 10 kVA to serve as a cost-effective emergency power option for average users would encourage their use in smaller houses and apartments.

These generators can reliably power common household appliances such as a refrigerator, sump pump, furnace, freezer, lights, television, and microwave oven, increasing demand for gensets. In addition, insufficient power supply, frequent outages, rising consumer expenditure, and tightening emissions restrictions will shape the global home standby gensets market for 10 kVA home standby gensets during the following years.

Geographic Overview

In terms of geography, North America had the highest share in 2021. The home standby gensets market for the North American region is anticipated to grow significantly due to the presence of significant players and rising natural calamities in the region. Local utilities in California and Texas have seen a huge rise in backup power, resulting in significant and numerous power shutoff occurrences to reduce the risk of wildfires.

Similar situations have resulted in a large increase in home standby gensets system shipments within the specified timeframe. In addition, the major shift in using these generators from a supplementary power source to a basic necessity in many families is expected to boost regional market statistics. Moreover, Asia Pacific is expected to witness a high CAGR in the global market in 2021. This rise can be related to the region's fast urbanization and significant economic transformation. Business expansion will be accompanied by a shift in reliance on electrical and electronic products, simulating product deployment among commercial and residential users.

Competitive Insight

Some of the major players operating in the global market include Ashok Leyland, Champion Power Equipment, DuroMax Power Equipment, Eaton Corporation, Honeywell International Inc., Kirloskar Oil Engines Limited, Mahindra Powerol, Powerica Ltd., SDMO Industries, and Siemens AG.

Home Standby Gensets Market Report Scope

Report Attributes

Details

Market size value in 2021

USD4.81 Billion

Revenue forecast in 2030

USD 9.66 Billion

CAGR

8.3% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Power Rating, By Fuel, By Phase, By Product, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Ashok Leyland, Champion Power Equipment, DuroMax Power Equipment, Eaton Corporation, Honeywell International Inc., Kirloskar Oil Engines Limited, Mahindra Powerol, Powerica Ltd., SDMO Industries, and Siemens AG.